Texas Permanent School Fund Corp lowered its position in First Commonwealth Financial Co. (NYSE:FCF – Free Report) by 1.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 90,594 shares of the bank’s stock after selling 1,642 shares during the period. Texas Permanent School Fund Corp’s holdings in First Commonwealth Financial were worth $1,146,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in First Commonwealth Financial by 10.4% in the first quarter. BlackRock Inc. now owns 15,208,918 shares of the bank’s stock worth $189,047,000 after acquiring an additional 1,433,284 shares in the last quarter. State Street Corp boosted its holdings in First Commonwealth Financial by 13.7% in the first quarter. State Street Corp now owns 4,622,773 shares of the bank’s stock worth $57,461,000 after acquiring an additional 555,443 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in First Commonwealth Financial by 8.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,447,581 shares of the bank’s stock worth $34,193,000 after acquiring an additional 199,077 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of First Commonwealth Financial by 14.7% in the first quarter. Geode Capital Management LLC now owns 1,954,448 shares of the bank’s stock worth $24,294,000 after purchasing an additional 249,926 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of First Commonwealth Financial by 4.1% in the first quarter. Bank of New York Mellon Corp now owns 1,535,816 shares of the bank’s stock worth $19,090,000 after purchasing an additional 60,534 shares during the last quarter. Institutional investors own 66.73% of the company’s stock.
Insiders Place Their Bets
In other First Commonwealth Financial news, EVP Carrie L. Riggle sold 7,563 shares of the firm’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $13.21, for a total value of $99,907.23. Following the completion of the sale, the executive vice president now directly owns 46,309 shares of the company’s stock, valued at $611,741.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.85% of the company’s stock.
First Commonwealth Financial Stock Performance
First Commonwealth Financial (NYSE:FCF – Get Free Report) last issued its quarterly earnings results on Tuesday, October 24th. The bank reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.01). The business had revenue of $164.71 million for the quarter, compared to analysts’ expectations of $123.21 million. First Commonwealth Financial had a net margin of 25.57% and a return on equity of 13.85%. During the same period in the previous year, the business posted $0.37 earnings per share. As a group, sell-side analysts forecast that First Commonwealth Financial Co. will post 1.65 earnings per share for the current year.
First Commonwealth Financial Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, November 17th. Shareholders of record on Friday, November 3rd were given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date was Thursday, November 2nd. First Commonwealth Financial’s dividend payout ratio is currently 33.78%.
Analyst Ratings Changes
FCF has been the subject of several analyst reports. StockNews.com downgraded First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Royal Bank of Canada lowered their price objective on First Commonwealth Financial from $15.00 to $14.00 and set an “outperform” rating for the company in a research note on Thursday, October 26th.
First Commonwealth Financial Company Profile
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.
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