First Commonwealth Financial Co. (NYSE:FCF) Stake Reduced by EMC Capital Management

EMC Capital Management trimmed its stake in First Commonwealth Financial Co. (NYSE:FCF) by 81.8% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 2,873 shares of the bank’s stock after selling 12,950 shares during the quarter. EMC Capital Management’s holdings in First Commonwealth Financial were worth $49,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of FCF. CWM LLC lifted its position in First Commonwealth Financial by 451.1% in the 2nd quarter. CWM LLC now owns 1,995 shares of the bank’s stock valued at $28,000 after purchasing an additional 1,633 shares during the last quarter. Quest Partners LLC bought a new stake in shares of First Commonwealth Financial during the second quarter valued at approximately $34,000. Innealta Capital LLC acquired a new position in shares of First Commonwealth Financial during the second quarter worth approximately $51,000. nVerses Capital LLC bought a new position in First Commonwealth Financial in the 3rd quarter worth approximately $72,000. Finally, Algert Global LLC acquired a new stake in First Commonwealth Financial in the 2nd quarter valued at approximately $142,000. Institutional investors and hedge funds own 72.58% of the company’s stock.

First Commonwealth Financial Stock Performance

NYSE:FCF opened at $16.47 on Friday. The company has a 50-day moving average of $16.84 and a 200-day moving average of $15.34. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 11.13 and a beta of 0.83. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. First Commonwealth Financial Co. has a twelve month low of $12.24 and a twelve month high of $19.01.

First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, October 29th. The bank reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). The business had revenue of $121.21 million for the quarter, compared to the consensus estimate of $119.47 million. First Commonwealth Financial had a return on equity of 11.19% and a net margin of 21.87%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.39 earnings per share. Analysts forecast that First Commonwealth Financial Co. will post 1.44 earnings per share for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 8th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date is Friday, November 8th. First Commonwealth Financial’s payout ratio is 35.14%.

Analyst Ratings Changes

FCF has been the topic of a number of research analyst reports. Piper Sandler lowered their price target on First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday. Royal Bank of Canada boosted their price target on shares of First Commonwealth Financial from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. StockNews.com cut shares of First Commonwealth Financial from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods raised their price objective on shares of First Commonwealth Financial from $16.00 to $18.00 and gave the company a “market perform” rating in a research note on Thursday, July 25th. Finally, Janney Montgomery Scott downgraded First Commonwealth Financial from a “buy” rating to a “neutral” rating and upped their target price for the stock from $16.00 to $19.00 in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.30.

Insider Transactions at First Commonwealth Financial

In related news, EVP Michael P. Mccuen purchased 2,919 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was acquired at an average price of $16.99 per share, for a total transaction of $49,593.81. Following the transaction, the executive vice president now directly owns 57,623 shares of the company’s stock, valued at $979,014.77. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.97% of the stock is owned by insiders.

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.