First Commonwealth Financial Corporation $FCF Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lessened its stake in shares of First Commonwealth Financial Corporation (NYSE:FCF) by 54.0% during the 2nd quarter, Holdings Channel reports. The firm owned 613,323 shares of the bank’s stock after selling 719,250 shares during the quarter. Wellington Management Group LLP’s holdings in First Commonwealth Financial were worth $12,469,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently modified their holdings of FCF. Public Employees Retirement System of Ohio purchased a new position in shares of First Commonwealth Financial during the second quarter worth $32,000. EverSource Wealth Advisors LLC boosted its stake in shares of First Commonwealth Financial by 2,250.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock worth $42,000 after buying an additional 2,498 shares during the last quarter. Smithfield Trust Co acquired a new stake in First Commonwealth Financial during the fourth quarter worth about $51,000. TD Private Client Wealth LLC grew its holdings in First Commonwealth Financial by 20.7% during the fourth quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank’s stock worth $61,000 after acquiring an additional 621 shares during the period. Finally, iSAM Funds UK Ltd purchased a new position in First Commonwealth Financial during the third quarter valued at approximately $85,000. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO James Reske sold 2,072 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $21.25, for a total value of $44,030.00. Following the completion of the sale, the chief financial officer owned 73,060 shares of the company’s stock, valued at approximately $1,552,525. This trade represents a 2.76% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 6,216 shares of company stock valued at $131,779 in the last ninety days. 1.90% of the stock is owned by corporate insiders.

First Commonwealth Financial Price Performance

Shares of NYSE FCF opened at $21.39 on Tuesday. The firm has a 50-day simple moving average of $21.02 and a 200-day simple moving average of $19.32. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 13.12 and a beta of 0.74. First Commonwealth Financial Corporation has a 52 week low of $15.00 and a 52 week high of $22.34.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. First Commonwealth Financial had a net margin of 22.62% and a return on equity of 10.79%. The firm had revenue of $139.42 million for the quarter, compared to analyst estimates of $137.48 million. On average, equities analysts predict that First Commonwealth Financial Corporation will post 1.73 earnings per share for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were given a $0.14 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.6%. First Commonwealth Financial’s dividend payout ratio is 34.36%.

Analysts Set New Price Targets

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

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.