JPMorgan Chase & Co. Acquires 111,586 Shares of First Commonwealth Financial Corporation $FCF

JPMorgan Chase & Co. increased its holdings in First Commonwealth Financial Corporation (NYSE:FCF) by 17.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 760,796 shares of the bank’s stock after purchasing an additional 111,586 shares during the quarter. JPMorgan Chase & Co. owned 0.73% of First Commonwealth Financial worth $12,972,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Amalgamated Bank increased its holdings in shares of First Commonwealth Financial by 2.5% in the second quarter. Amalgamated Bank now owns 29,654 shares of the bank’s stock worth $481,000 after buying an additional 716 shares during the period. Bank of Montreal Can boosted its holdings in First Commonwealth Financial by 3.4% during the 2nd quarter. Bank of Montreal Can now owns 22,304 shares of the bank’s stock valued at $362,000 after acquiring an additional 730 shares during the period. PNC Financial Services Group Inc. grew its position in First Commonwealth Financial by 4.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 17,801 shares of the bank’s stock worth $304,000 after acquiring an additional 802 shares during the last quarter. Police & Firemen s Retirement System of New Jersey increased its stake in First Commonwealth Financial by 4.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 23,028 shares of the bank’s stock worth $374,000 after purchasing an additional 1,032 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in First Commonwealth Financial by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 300,680 shares of the bank’s stock valued at $4,880,000 after purchasing an additional 1,068 shares during the last quarter. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at First Commonwealth Financial

In other First Commonwealth Financial news, CFO James R. Reske sold 2,072 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $16.74, for a total value of $34,685.28. Following the completion of the transaction, the chief financial officer owned 80,311 shares in the company, valued at approximately $1,344,406.14. This represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jane Grebenc sold 18,598 shares of the business’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $18.85, for a total transaction of $350,572.30. Following the sale, the executive vice president owned 158,975 shares in the company, valued at approximately $2,996,678.75. This trade represents a 10.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,635 shares of company stock valued at $417,719 in the last three months. Corporate insiders own 2.17% of the company’s stock.

First Commonwealth Financial Stock Up 0.2%

Shares of First Commonwealth Financial stock opened at $17.85 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.17. First Commonwealth Financial Corporation has a 12-month low of $13.54 and a 12-month high of $19.08. The company has a market cap of $1.82 billion, a P/E ratio of 12.23 and a beta of 0.79. The company’s fifty day simple moving average is $17.77 and its two-hundred day simple moving average is $17.10.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results on Wednesday, January 28th. The bank reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. First Commonwealth Financial had a net margin of 20.88% and a return on equity of 10.43%. The firm had revenue of $137.82 million for the quarter, compared to analyst estimates of $135.63 million. During the same quarter in the previous year, the firm posted $0.35 EPS. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. Research analysts anticipate that First Commonwealth Financial Corporation will post 1.45 EPS for the current year.

First Commonwealth Financial declared that its Board of Directors has initiated a share repurchase plan 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 plans are generally 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. Shareholders of record on Friday, February 6th were issued a dividend of $0.135 per share. The ex-dividend date was Friday, February 6th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.0%. First Commonwealth Financial’s dividend payout ratio is 36.99%.

Analyst Upgrades and Downgrades

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