Susquehanna International Group LLP Cuts Stock Holdings in First Commonwealth Financial Corporation $FCF

Susquehanna International Group LLP trimmed its stake in First Commonwealth Financial Corporation (NYSE:FCF) by 82.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,982 shares of the bank’s stock after selling 64,443 shares during the period. Susquehanna International Group LLP’s holdings in First Commonwealth Financial were worth $284,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FCF. Penn Capital Management Company LLC grew its stake in First Commonwealth Financial by 3.6% in the 2nd quarter. Penn Capital Management Company LLC now owns 28,189 shares of the bank’s stock worth $573,000 after buying an additional 971 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of First Commonwealth Financial in the 2nd quarter worth $32,000. Bank of New York Mellon Corp purchased a new stake in shares of First Commonwealth Financial during the 2nd quarter valued at $22,028,000. Bill Few Associates Inc. raised its position in shares of First Commonwealth Financial by 3.6% during the 2nd quarter. Bill Few Associates Inc. now owns 26,167 shares of the bank’s stock valued at $532,000 after buying an additional 905 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of First Commonwealth Financial by 95.4% during the 1st quarter. Bank of America Corp DE now owns 559,989 shares of the bank’s stock worth $9,845,000 after acquiring an additional 273,351 shares during the last quarter. 72.58% of the stock is owned by hedge funds and other institutional investors.

First Commonwealth Financial Price Performance

Shares of First Commonwealth Financial stock opened at $20.55 on Wednesday. First Commonwealth Financial Corporation has a 52-week low of $15.00 and a 52-week high of $22.34. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of 12.61 and a beta of 0.74. The company has a fifty day moving average of $20.95 and a 200-day moving average of $19.24. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.92.

First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $139.42 million for the quarter, compared to analysts’ expectations of $137.48 million. First Commonwealth Financial had a net margin of 22.62% and a return on equity of 10.79%. Equities research analysts expect that First Commonwealth Financial Corporation will post 1.73 EPS for the current year.

First Commonwealth Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, August 7th. First Commonwealth Financial’s dividend payout ratio (DPR) is 34.36%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FCF shares. Piper Sandler reiterated an “overweight” rating and issued a $25.00 target price (up from $21.00) on shares of First Commonwealth Financial in a research report on Thursday, July 30th. Royal Bank Of Canada raised their price target on First Commonwealth Financial from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Raymond James Financial reaffirmed an “outperform” rating and set a $24.00 price target on shares of First Commonwealth Financial in a research note on Friday, July 31st. Weiss Ratings reiterated a “buy (b)” rating on shares of First Commonwealth Financial in a report on Friday, August 14th. Finally, Keefe, Bruyette & Woods increased their price objective on First Commonwealth Financial from $21.00 to $24.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, First Commonwealth Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.25.

Insider Activity at First Commonwealth Financial

In other news, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $21.85, for a total value of $45,273.20. Following the transaction, the chief financial officer owned 75,132 shares in the company, valued at approximately $1,641,634.20. The trade was a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 6,216 shares of company stock valued at $126,972 in the last quarter. 1.90% of the stock is currently owned by insiders.

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.