Waldron Private Wealth LLC Reduces Stake in First Commonwealth Financial Corporation $FCF

Waldron Private Wealth LLC lowered its stake in First Commonwealth Financial Corporation (NYSE:FCF) by 4.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,151,545 shares of the bank’s stock after selling 53,403 shares during the quarter. First Commonwealth Financial makes up 0.8% of Waldron Private Wealth LLC’s investment portfolio, making the stock its 27th largest position. Waldron Private Wealth LLC’s holdings in First Commonwealth Financial were worth $19,415,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of First Commonwealth Financial by 2.4% in the second quarter. State Street Corp now owns 4,734,957 shares of the bank’s stock worth $76,848,000 after buying an additional 112,731 shares in the last quarter. Franklin Resources Inc. increased its holdings in First Commonwealth Financial by 0.5% during the 3rd quarter. Franklin Resources Inc. now owns 3,943,604 shares of the bank’s stock worth $67,238,000 after acquiring an additional 21,061 shares during the period. First Trust Advisors LP lifted its stake in First Commonwealth Financial by 67.6% in the 2nd quarter. First Trust Advisors LP now owns 3,597,925 shares of the bank’s stock worth $58,394,000 after purchasing an additional 1,451,544 shares in the last quarter. Millennium Management LLC boosted its holdings in First Commonwealth Financial by 112.9% in the 3rd quarter. Millennium Management LLC now owns 1,091,740 shares of the bank’s stock valued at $18,614,000 after purchasing an additional 578,893 shares during the period. Finally, Bartlett & CO. Wealth Management LLC grew its position in shares of First Commonwealth Financial by 102.1% during the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 779,194 shares of the bank’s stock valued at $13,285,000 after purchasing an additional 393,681 shares in the last quarter. Hedge funds and other institutional investors own 72.58% of the company’s stock.

Analysts Set New Price Targets

FCF has been the subject of several research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of First Commonwealth Financial in a research note on Thursday, January 22nd. Raymond James Financial set a $20.00 price objective on First Commonwealth Financial and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Keefe, Bruyette & Woods lifted their target price on shares of First Commonwealth Financial from $19.00 to $20.00 and gave the company a “market perform” rating in a research report on Thursday, January 29th. Finally, Piper Sandler started coverage on shares of First Commonwealth Financial in a report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.75.

Insiders Place Their Bets

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

First Commonwealth Financial Price Performance

FCF opened at $17.24 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1.76 billion, a P/E ratio of 11.81 and a beta of 0.79. The stock has a 50-day moving average price of $17.73 and a 200-day moving average price of $17.04. First Commonwealth Financial Corporation has a 12-month low of $13.54 and a 12-month high of $19.08.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings data 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. The company had revenue of $137.82 million for the quarter, compared to analysts’ expectations of $135.63 million. First Commonwealth Financial had a return on equity of 10.43% and a net margin of 20.88%.First Commonwealth Financial’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. Equities analysts predict that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 6th were issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Friday, February 6th. First Commonwealth Financial’s payout ratio is presently 36.99%.

First Commonwealth Financial announced that its Board of Directors has authorized a stock buyback plan on Monday, December 1st that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the bank to reacquire up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

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.