Alps Advisors Inc. bought a new stake in shares of First Commonwealth Financial (NYSE:FCF) in the third quarter, HoldingsChannel.com reports. The fund bought 29,671 shares of the bank’s stock, valued at approximately $479,000.
Several other hedge funds and other institutional investors have also made changes to their positions in FCF. First Trust Advisors LP increased its holdings in First Commonwealth Financial by 47.0% in the 3rd quarter. First Trust Advisors LP now owns 132,243 shares of the bank’s stock valued at $2,134,000 after acquiring an additional 42,279 shares during the last quarter. Calamos Advisors LLC bought a new stake in First Commonwealth Financial in the 3rd quarter valued at $278,000. Huntington National Bank bought a new stake in First Commonwealth Financial in the 3rd quarter valued at $170,000. Atria Investments LLC bought a new stake in First Commonwealth Financial in the 3rd quarter valued at $358,000. Finally, Northern Trust Corp increased its holdings in First Commonwealth Financial by 3.3% in the 2nd quarter. Northern Trust Corp now owns 1,603,929 shares of the bank’s stock valued at $24,877,000 after acquiring an additional 50,811 shares during the last quarter. 68.68% of the stock is owned by institutional investors and hedge funds.
FCF has been the topic of a number of research reports. Zacks Investment Research downgraded shares of First Commonwealth Financial from a “buy” rating to a “hold” rating in a report on Wednesday, September 26th. Sandler O’Neill upgraded shares of First Commonwealth Financial from a “hold” rating to a “buy” rating in a report on Thursday, October 25th. ValuEngine upgraded shares of First Commonwealth Financial from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Boenning Scattergood upgraded shares of First Commonwealth Financial from a “neutral” rating to an “outperform” rating and set a $14.00 target price on the stock in a report on Thursday, October 25th. Finally, B. Riley upgraded shares of First Commonwealth Financial from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $18.00 to $16.00 in a report on Thursday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $16.67.
In other First Commonwealth Financial news, Director Ray T. Charley bought 4,000 shares of First Commonwealth Financial stock in a transaction dated Monday, October 29th. The shares were purchased at an average cost of $12.90 per share, for a total transaction of $51,600.00. Following the acquisition, the director now directly owns 280,041 shares in the company, valued at approximately $3,612,528.90. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.42% of the company’s stock.
First Commonwealth Financial stock opened at $13.99 on Friday. First Commonwealth Financial has a twelve month low of $12.01 and a twelve month high of $17.91. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $1.36 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 1.64 and a beta of 1.08.
First Commonwealth Financial (NYSE:FCF) last posted its earnings results on Tuesday, October 23rd. The bank reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). First Commonwealth Financial had a return on equity of 11.00% and a net margin of 22.65%. The business had revenue of $83.57 million during the quarter, compared to the consensus estimate of $84.76 million. During the same quarter last year, the firm earned $0.22 earnings per share. On average, equities analysts forecast that First Commonwealth Financial will post 1.03 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 16th. Stockholders of record on Friday, November 2nd will be issued a $0.09 dividend. The ex-dividend date is Thursday, November 1st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.57%. First Commonwealth Financial’s dividend payout ratio (DPR) is presently 43.90%.
First Commonwealth Financial declared that its Board of Directors has approved a stock repurchase plan on Tuesday, October 23rd that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 1.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
COPYRIGHT VIOLATION NOTICE: “29,671 Shares in First Commonwealth Financial (FCF) Purchased by Alps Advisors Inc.” was first posted by Macon Daily and is the sole property of of Macon Daily. If you are reading this report on another website, it was illegally stolen and reposted in violation of US & international copyright and trademark laws. The legal version of this report can be viewed at https://macondaily.com/2018/11/09/29671-shares-in-first-commonwealth-financial-fcf-purchased-by-alps-advisors-inc.html.
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.
See Also: Price to Earnings Ratio (PE) Basics
Want to see what other hedge funds are holding FCF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Commonwealth Financial (NYSE:FCF).
Receive News & Ratings for First Commonwealth Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Commonwealth Financial and related companies with MarketBeat.com's FREE daily email newsletter.