Pinebridge Investments L.P. decreased its holdings in First Commonwealth Financial (NYSE:FCF) by 8.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 42,115 shares of the bank’s stock after selling 3,840 shares during the quarter. Pinebridge Investments L.P.’s holdings in First Commonwealth Financial were worth $653,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. A.R.T. Advisors LLC purchased a new position in First Commonwealth Financial in the first quarter worth $152,000. Waldron LP purchased a new position in shares of First Commonwealth Financial in the first quarter valued at $21,209,000. Citigroup Inc. increased its position in shares of First Commonwealth Financial by 448.1% in the first quarter. Citigroup Inc. now owns 16,937 shares of the bank’s stock valued at $239,000 after buying an additional 13,847 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of First Commonwealth Financial in the second quarter valued at $188,000. Finally, Swiss National Bank increased its position in shares of First Commonwealth Financial by 4.8% in the first quarter. Swiss National Bank now owns 169,800 shares of the bank’s stock valued at $2,399,000 after buying an additional 7,800 shares in the last quarter. Hedge funds and other institutional investors own 68.71% of the company’s stock.
First Commonwealth Financial stock opened at $16.79 on Wednesday. The stock has a market cap of $1.68 billion, a P/E ratio of 20.48 and a beta of 1.00. First Commonwealth Financial has a 52 week low of $12.06 and a 52 week high of $17.91. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.88 and a quick ratio of 0.88.
First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings data on Tuesday, July 24th. The bank reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. The firm had revenue of $89.98 million during the quarter, compared to analysts’ expectations of $82.38 million. First Commonwealth Financial had a return on equity of 10.81% and a net margin of 22.17%. During the same quarter last year, the business posted $0.21 EPS. sell-side analysts forecast that First Commonwealth Financial will post 1.06 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 17th. Shareholders of record on Friday, August 3rd were paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend was Thursday, August 2nd. First Commonwealth Financial’s payout ratio is 43.90%.
A number of brokerages have recently weighed in on FCF. ValuEngine upgraded First Commonwealth Financial from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. DA Davidson began coverage on First Commonwealth Financial in a research report on Thursday, August 23rd. They issued a “neutral” rating and a $18.00 price target for the company. Zacks Investment Research upgraded First Commonwealth Financial from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research report on Wednesday, August 1st. Boenning Scattergood restated a “hold” rating on shares of First Commonwealth Financial in a research report on Wednesday, July 25th. Finally, Sandler O’Neill began coverage on First Commonwealth Financial in a research report on Thursday, August 30th. They set a “hold” rating and a $18.00 price objective for the company. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $16.43.
About First Commonwealth Financial
First Commonwealth Financial Corporation, through its subsidiary First Commonwealth Bank, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, 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.
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