Wakefield Asset Management LLLP Acquires New Stake in First Commonwealth Financial Corporation $FCF

Wakefield Asset Management LLLP bought a new position in shares of First Commonwealth Financial Corporation (NYSE:FCF) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 68,055 shares of the bank’s stock, valued at approximately $1,160,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. First Trust Advisors LP lifted its stake in shares of First Commonwealth Financial by 67.6% in the second quarter. First Trust Advisors LP now owns 3,597,925 shares of the bank’s stock worth $58,394,000 after acquiring an additional 1,451,544 shares during the period. Franklin Resources Inc. lifted its position in shares of First Commonwealth Financial by 22.5% in the 2nd quarter. Franklin Resources Inc. now owns 3,922,543 shares of the bank’s stock worth $63,663,000 after purchasing an additional 719,680 shares during the period. Bartlett & CO. Wealth Management LLC boosted its stake in shares of First Commonwealth Financial by 102.1% in the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 779,194 shares of the bank’s stock valued at $13,285,000 after purchasing an additional 393,681 shares during the last quarter. Edgestream Partners L.P. bought a new position in First Commonwealth Financial during the second quarter worth $5,633,000. Finally, Millennium Management LLC lifted its holdings in First Commonwealth Financial by 700.8% in the first quarter. Millennium Management LLC now owns 384,829 shares of the bank’s stock valued at $5,980,000 after buying an additional 336,775 shares during the period. Institutional investors and hedge funds own 72.58% of the company’s stock.

First Commonwealth Financial Stock Performance

Shares of FCF opened at $16.99 on Wednesday. First Commonwealth Financial Corporation has a one year low of $13.54 and a one year high of $19.08. The company has a market cap of $1.73 billion, a PE ratio of 11.63 and a beta of 0.79. The stock has a 50-day moving average of $17.78 and a 200-day moving average of $17.11. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.92.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Wednesday, January 28th. The bank reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. First Commonwealth Financial had a return on equity of 10.43% and a net margin of 20.88%.The business had revenue of $137.82 million for the quarter, compared to analyst estimates of $135.63 million. During the same quarter in the prior year, the company earned $0.35 earnings per share. The company’s quarterly revenue was up 14.2% on a year-over-year basis. On average, equities research analysts predict that First Commonwealth Financial Corporation will post 1.45 EPS for the current fiscal year.

First Commonwealth Financial announced that its board has approved a stock repurchase program on Monday, December 1st that allows the company to buyback $25.00 million in shares. This buyback authorization allows the bank to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

First Commonwealth Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, February 6th were issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Friday, February 6th. First Commonwealth Financial’s dividend payout ratio (DPR) is currently 36.99%.

Insiders Place Their Bets

In other First Commonwealth Financial news, CFO James R. Reske sold 2,072 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $17.58, for a total transaction of $36,425.76. Following the transaction, the chief financial officer owned 85,492 shares in the company, valued at approximately $1,502,949.36. This represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Jane Grebenc sold 18,598 shares of the company’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $18.85, for a total transaction of $350,572.30. Following the transaction, the executive vice president owned 158,975 shares in the company, valued at approximately $2,996,678.75. The trade was a 10.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 22,742 shares of company stock worth $421,683. 2.17% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FCF. Keefe, Bruyette & Woods lifted their price objective on First Commonwealth Financial from $19.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, January 29th. Piper Sandler began coverage on First Commonwealth Financial in a report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 target price for the company. Weiss Ratings reissued a “buy (b-)” rating on shares of First Commonwealth Financial in a research note on Thursday, January 22nd. Finally, Raymond James Financial set a $20.00 price objective on shares of First Commonwealth Financial and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.75.

First Commonwealth Financial Profile

First Commonwealth Financial Corporation, headquartered in Indiana, Pennsylvania, is a bank holding company whose primary subsidiary is First Commonwealth Bank. Established in 1889 as Indiana National Bank, the company has grown through a combination of organic expansion and strategic acquisitions to build a diversified platform of commercial banking, retail banking and wealth management services.

First Commonwealth offers a comprehensive suite of financial products, including deposit accounts, personal and business lending solutions, mortgage origination and servicing, treasury management, and trust and investment services.