Bartlett & CO. Wealth Management LLC Buys 393,681 Shares of First Commonwealth Financial Corporation $FCF

Bartlett & CO. Wealth Management LLC lifted its stake in First Commonwealth Financial Corporation (NYSE:FCF) by 102.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 779,194 shares of the bank’s stock after purchasing an additional 393,681 shares during the period. Bartlett & CO. Wealth Management LLC owned 0.75% of First Commonwealth Financial worth $13,285,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of First Commonwealth Financial in the 2nd quarter valued at $411,000. Voya Investment Management LLC boosted its holdings in First Commonwealth Financial by 393.5% in the first quarter. Voya Investment Management LLC now owns 161,216 shares of the bank’s stock valued at $2,505,000 after acquiring an additional 128,547 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in First Commonwealth Financial in the first quarter worth about $230,000. Nuveen LLC bought a new stake in First Commonwealth Financial during the 1st quarter worth about $5,077,000. Finally, Vest Financial LLC lifted its position in First Commonwealth Financial by 24.9% during the 2nd quarter. Vest Financial LLC now owns 118,422 shares of the bank’s stock valued at $1,922,000 after purchasing an additional 23,622 shares during the period. Institutional investors own 72.58% of the company’s stock.

Insider Transactions at First Commonwealth Financial

In related news, CFO James R. Reske sold 1,965 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $16.52, for a total transaction of $32,461.80. Following the completion of the sale, the chief financial officer directly owned 82,383 shares of the company’s stock, valued at approximately $1,360,967.16. This represents a 2.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael P. Mccuen bought 3,090 shares of the company’s stock in a transaction on Friday, November 21st. The shares were bought at an average price of $16.19 per share, for a total transaction of $50,027.10. Following the completion of the acquisition, the executive vice president directly owned 62,111 shares in the company, valued at approximately $1,005,577.09. This trade represents a 5.24% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have sold 5,673 shares of company stock worth $93,275. 2.17% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FCF. Piper Sandler started coverage on shares of First Commonwealth Financial in a research report on Wednesday. They set an “overweight” rating and a $21.00 price target for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Wednesday, October 8th. DA Davidson downgraded First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Zacks Research lowered First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 30th. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.90.

First Commonwealth Financial Stock Down 1.2%

Shares of NYSE:FCF opened at $17.26 on Friday. The company has a 50 day moving average price of $16.24 and a two-hundred day moving average price of $16.58. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $1.79 billion, a PE ratio of 12.50 and a beta of 0.82. First Commonwealth Financial Corporation has a 52 week low of $13.54 and a 52 week high of $18.28.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Tuesday, October 28th. The bank reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.02). First Commonwealth Financial had a net margin of 20.00% and a return on equity of 10.12%. The firm had revenue of $135.98 million during the quarter, compared to analyst estimates of $136.30 million. During the same period last year, the firm earned $0.31 EPS. Analysts forecast that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current year.

First Commonwealth Financial declared that its board has initiated a share buyback program on Monday, December 1st that permits the company to buyback $25.00 million in shares. This buyback authorization permits the bank to reacquire up to 1.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

First Commonwealth Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 7th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Friday, November 7th. First Commonwealth Financial’s dividend payout ratio is 39.13%.

First Commonwealth Financial Company 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.