Wakefield Asset Management LLLP Makes New Investment in First Commonwealth Financial Corporation $FCF

Wakefield Asset Management LLLP acquired a new stake in First Commonwealth Financial Corporation (NYSE:FCF) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 68,055 shares of the bank’s stock, valued at approximately $1,160,000. Wakefield Asset Management LLLP owned about 0.07% of First Commonwealth Financial at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in shares of First Commonwealth Financial by 12.6% during the 1st quarter. Royal Bank of Canada now owns 188,826 shares of the bank’s stock worth $2,935,000 after buying an additional 21,108 shares during the period. AQR Capital Management LLC lifted its position in First Commonwealth Financial by 15.0% during the first quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock worth $3,024,000 after acquiring an additional 25,310 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of First Commonwealth Financial by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,483 shares of the bank’s stock worth $940,000 after acquiring an additional 2,952 shares during the period. Millennium Management LLC grew its position in shares of 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 purchasing an additional 336,775 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of First Commonwealth Financial by 9.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank’s stock worth $3,776,000 after purchasing an additional 21,839 shares during the period. 72.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler initiated coverage on First Commonwealth Financial in a report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 target price for the company. Keefe, Bruyette & Woods increased their target price on shares of 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. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Thursday, January 22nd. Finally, Raymond James Financial set a $20.00 price target on First Commonwealth Financial and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.75.

First Commonwealth Financial Trading Up 0.0%

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

First Commonwealth Financial (NYSE:FCF) last released its earnings results on Wednesday, January 28th. The bank reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. The firm had revenue of $137.82 million for the quarter, compared to analyst estimates of $135.63 million. First Commonwealth Financial had a net margin of 20.88% and a return on equity of 10.43%. The business’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same period last year, the firm earned $0.35 EPS. Analysts predict that First Commonwealth Financial Corporation will post 1.45 EPS for the current fiscal year.

First Commonwealth Financial Announces Dividend

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

First Commonwealth Financial declared that its board has initiated a stock buyback plan on Monday, December 1st that allows the company to buyback $25.00 million in shares. This buyback authorization allows the bank to reacquire up to 1.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO James R. Reske sold 2,072 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $17.58, for a total transaction of $36,425.76. Following the completion of the sale, the chief financial officer directly owned 85,492 shares in the company, valued at $1,502,949.36. This represents a 2.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jane Grebenc sold 18,598 shares of First Commonwealth Financial stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $18.85, for a total value of $350,572.30. Following the completion of the transaction, the executive vice president owned 158,975 shares in the company, valued at approximately $2,996,678.75. This represents a 10.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,742 shares of company stock valued at $421,683 in the last three months. 2.17% of the stock is owned by insiders.

About First Commonwealth Financial

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.