PNC Financial Services Group Inc. Buys 918 Shares of First Commonwealth Financial Corporation (NYSE:FCF)

PNC Financial Services Group Inc. grew its stake in shares of First Commonwealth Financial Corporation (NYSE:FCF) by 5.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,715 shares of the bank’s stock after buying an additional 918 shares during the period. PNC Financial Services Group Inc.’s holdings in First Commonwealth Financial were worth $260,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCF. LPL Financial LLC boosted its holdings in First Commonwealth Financial by 10.7% during the fourth quarter. LPL Financial LLC now owns 32,879 shares of the bank’s stock worth $556,000 after buying an additional 3,170 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in First Commonwealth Financial by 17.3% during the fourth quarter. Wells Fargo & Company MN now owns 75,028 shares of the bank’s stock worth $1,269,000 after buying an additional 11,064 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in First Commonwealth Financial by 6.1% during the fourth quarter. Envestnet Asset Management Inc. now owns 27,458 shares of the bank’s stock worth $465,000 after buying an additional 1,588 shares during the last quarter. Bank of Montreal Can boosted its holdings in First Commonwealth Financial by 6.2% during the fourth quarter. Bank of Montreal Can now owns 17,932 shares of the bank’s stock worth $303,000 after buying an additional 1,048 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in First Commonwealth Financial during the fourth quarter worth about $1,103,000. Institutional investors own 72.58% of the company’s stock.

Insider Transactions at First Commonwealth Financial

In related news, CFO James R. Reske sold 2,190 shares of First Commonwealth Financial stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $16.66, for a total value of $36,485.40. Following the sale, the chief financial officer owned 90,246 shares of the company’s stock, valued at approximately $1,503,498.36. This trade represents a 2.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.17% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on FCF. Keefe, Bruyette & Woods reduced their target price on First Commonwealth Financial from $19.00 to $18.00 and set a “market perform” rating on the stock in a report on Friday, May 2nd. Wall Street Zen upgraded First Commonwealth Financial from a “sell” rating to a “hold” rating in a report on Saturday, August 2nd. Finally, Royal Bank Of Canada dropped their price target on First Commonwealth Financial from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Thursday, May 1st. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.90.

First Commonwealth Financial Trading Down 1.5%

NYSE FCF opened at $16.70 on Friday. The firm has a market cap of $1.75 billion, a P/E ratio of 12.85 and a beta of 0.84. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.93 and a quick ratio of 0.93. The stock’s 50-day moving average is $16.42 and its 200-day moving average is $15.92. First Commonwealth Financial Corporation has a one year low of $13.54 and a one year high of $19.96.

First Commonwealth Financial (NYSE:FCF) last released its quarterly earnings results on Tuesday, July 29th. The bank reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The company had revenue of $131.33 million for the quarter, compared to analyst estimates of $125.88 million. First Commonwealth Financial had a return on equity of 9.71% and a net margin of 18.94%. During the same quarter last year, the firm posted $0.37 earnings per share. Sell-side analysts anticipate that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current fiscal year.

First Commonwealth Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Friday, August 8th will be given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend is Friday, August 8th. First Commonwealth Financial’s dividend payout ratio (DPR) is currently 41.54%.

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.