State of New Jersey Common Pension Fund D Sells 69,437 Shares of First Commonwealth Financial Co. (NYSE:FCF)

State of New Jersey Common Pension Fund D cut its position in First Commonwealth Financial Co. (NYSE:FCF) by 32.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,033 shares of the bank’s stock after selling 69,437 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in First Commonwealth Financial were worth $2,003,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Texas Permanent School Fund Corp grew its position in shares of First Commonwealth Financial by 1.0% in the 1st quarter. Texas Permanent School Fund Corp now owns 89,097 shares of the bank’s stock valued at $1,240,000 after acquiring an additional 887 shares during the period. Louisiana State Employees Retirement System lifted its stake in First Commonwealth Financial by 1.8% in the 2nd quarter. Louisiana State Employees Retirement System now owns 51,300 shares of the bank’s stock valued at $708,000 after purchasing an additional 900 shares during the last quarter. Inspire Investing LLC grew its holdings in First Commonwealth Financial by 4.0% during the first quarter. Inspire Investing LLC now owns 25,775 shares of the bank’s stock worth $359,000 after purchasing an additional 995 shares during the period. ProShare Advisors LLC increased its position in First Commonwealth Financial by 6.3% during the first quarter. ProShare Advisors LLC now owns 20,434 shares of the bank’s stock worth $284,000 after buying an additional 1,217 shares during the last quarter. Finally, CWM LLC raised its stake in First Commonwealth Financial by 451.1% in the second quarter. CWM LLC now owns 1,995 shares of the bank’s stock valued at $28,000 after buying an additional 1,633 shares during the period. 72.58% of the stock is currently owned by institutional investors and hedge funds.

First Commonwealth Financial Trading Down 2.1 %

Shares of First Commonwealth Financial stock opened at $17.13 on Friday. First Commonwealth Financial Co. has a 52-week low of $11.16 and a 52-week high of $19.01. The stock has a market cap of $1.75 billion, a PE ratio of 10.65 and a beta of 0.83. The firm has a 50-day moving average of $16.72 and a 200-day moving average of $14.59. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. First Commonwealth Financial had a net margin of 23.39% and a return on equity of 12.14%. The firm had revenue of $120.20 million for the quarter, compared to analyst estimates of $118.34 million. During the same quarter in the prior year, the business posted $0.42 EPS. The business’s revenue was down 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that First Commonwealth Financial Co. will post 1.44 EPS for the current year.

First Commonwealth Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, August 2nd were given a dividend of $0.13 per share. The ex-dividend date was Friday, August 2nd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.04%. First Commonwealth Financial’s payout ratio is 32.30%.

Analyst Ratings Changes

Several brokerages have recently commented on FCF. Royal Bank of Canada lifted their target price on First Commonwealth Financial from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Piper Sandler upped their price objective on shares of First Commonwealth Financial from $14.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. StockNews.com raised shares of First Commonwealth Financial from a “sell” rating to a “hold” rating in a research report on Saturday, May 25th. Keefe, Bruyette & Woods lifted their target price on shares of First Commonwealth Financial from $16.00 to $18.00 and gave the stock a “market perform” rating in a report on Thursday, July 25th. Finally, Janney Montgomery Scott cut shares of First Commonwealth Financial from a “buy” rating to a “neutral” rating and increased their price target for the company from $16.00 to $19.00 in a report on Monday, July 29th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, First Commonwealth Financial presently has an average rating of “Hold” and an average target price of $17.50.

About First Commonwealth Financial

First Commonwealth Financial Corporation, a financial holding company, provides various consumer and commercial banking services in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings and health savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection, IRA accounts, and automated teller machine (atm) services, as well as internet, mobile, and telephone banking services.