Bank of New York Mellon Corp Increases Stake in First Commonwealth Financial (FCF)

Bank of New York Mellon Corp lifted its holdings in First Commonwealth Financial (NYSE:FCF) by 1.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,410,700 shares of the bank’s stock after purchasing an additional 22,901 shares during the period. Bank of New York Mellon Corp’s holdings in First Commonwealth Financial were worth $21,879,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. A.R.T. Advisors LLC purchased a new stake in shares of First Commonwealth Financial in the 1st quarter worth approximately $152,000. Bank of Montreal Can purchased a new stake in shares of First Commonwealth Financial in the 2nd quarter worth approximately $188,000. Waldron LP purchased a new stake in shares of First Commonwealth Financial in the 1st quarter worth approximately $21,209,000. Citigroup Inc. lifted its position in shares of First Commonwealth Financial by 448.1% in the 1st quarter. Citigroup Inc. now owns 16,937 shares of the bank’s stock worth $239,000 after purchasing an additional 13,847 shares during the period. Finally, Swiss National Bank lifted its position in shares of First Commonwealth Financial by 4.8% in the 1st quarter. Swiss National Bank now owns 169,800 shares of the bank’s stock worth $2,399,000 after purchasing an additional 7,800 shares during the period. 68.71% of the stock is owned by hedge funds and other institutional investors.

NYSE:FCF opened at $16.30 on Friday. First Commonwealth Financial has a 52 week low of $12.92 and a 52 week high of $17.91. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.88 and a quick ratio of 0.88. The company has a market cap of $1.65 billion, a P/E ratio of 19.88 and a beta of 0.99.

First Commonwealth Financial (NYSE:FCF) last posted its earnings results on Tuesday, July 24th. The bank reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.07. First Commonwealth Financial had a net margin of 22.17% and a return on equity of 10.81%. The company had revenue of $89.98 million during the quarter, compared to analysts’ expectations of $82.38 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. equities analysts anticipate that First Commonwealth Financial will post 1.06 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 17th. Investors of record on Friday, August 3rd were given a dividend of $0.09 per share. The ex-dividend date was Thursday, August 2nd. This represents a $0.36 dividend on an annualized basis and a yield of 2.21%. First Commonwealth Financial’s payout ratio is 43.90%.

Several brokerages have recently weighed in on FCF. Raymond James reaffirmed a “hold” rating on shares of First Commonwealth Financial in a research report on Friday, September 7th. Sandler O’Neill began coverage on shares of First Commonwealth Financial in a research report on Thursday, August 30th. They issued a “hold” rating and a $18.00 price target for the company. Zacks Investment Research raised shares of First Commonwealth Financial from a “hold” rating to a “buy” rating and set a $17.00 price target for the company in a research report on Wednesday, May 30th. DA Davidson initiated coverage on shares of First Commonwealth Financial in a research report on Thursday, August 23rd. They issued a “neutral” rating and a $18.00 price target for the company. Finally, Boenning Scattergood reissued a “hold” rating on shares of First Commonwealth Financial in a research report on Wednesday, July 25th. Nine equities research analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and a consensus target price of $16.83.

About First Commonwealth Financial

First Commonwealth Financial Corporation, through its subsidiary First Commonwealth Bank, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection, IRA accounts, and automated teller machine (ATM) services, as well as Internet, mobile, and telephone banking services.

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Institutional Ownership by Quarter for First Commonwealth Financial (NYSE:FCF)

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