Assenagon Asset Management S.A. Sells 9,741 Shares of First Commonwealth Financial Co. (NYSE:FCF)

Assenagon Asset Management S.A. trimmed its position in First Commonwealth Financial Co. (NYSE:FCF) by 9.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 98,717 shares of the bank’s stock after selling 9,741 shares during the quarter. Assenagon Asset Management S.A.’s holdings in First Commonwealth Financial were worth $1,693,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in First Commonwealth Financial by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 6,987,929 shares of the bank’s stock worth $96,503,000 after acquiring an additional 233,955 shares during the last quarter. American Century Companies Inc. increased its stake in First Commonwealth Financial by 29.9% during the second quarter. American Century Companies Inc. now owns 1,673,201 shares of the bank’s stock worth $23,107,000 after acquiring an additional 384,892 shares during the last quarter. Bank of New York Mellon Corp increased its stake in First Commonwealth Financial by 2.9% during the second quarter. Bank of New York Mellon Corp now owns 1,209,436 shares of the bank’s stock worth $16,702,000 after acquiring an additional 33,759 shares during the last quarter. First Commonwealth Financial Corp PA increased its stake in First Commonwealth Financial by 6.9% during the first quarter. First Commonwealth Financial Corp PA now owns 960,725 shares of the bank’s stock worth $13,373,000 after acquiring an additional 61,823 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in First Commonwealth Financial by 4.3% during the first quarter. Russell Investments Group Ltd. now owns 296,524 shares of the bank’s stock worth $4,128,000 after acquiring an additional 12,313 shares during the last quarter. 72.58% of the stock is owned by institutional investors.

First Commonwealth Financial Stock Up 0.2 %

Shares of NYSE FCF opened at $16.47 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 11.13 and a beta of 0.83. The stock has a 50 day moving average price of $16.84 and a 200 day moving average price of $15.34. First Commonwealth Financial Co. has a 52-week low of $12.24 and a 52-week high of $19.01.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Tuesday, October 29th. The bank reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). The firm had revenue of $121.21 million during the quarter, compared to analysts’ expectations of $119.47 million. First Commonwealth Financial had a net margin of 21.87% and a return on equity of 11.19%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. Sell-side analysts expect that First Commonwealth Financial Co. will post 1.44 earnings per share for the current year.

First Commonwealth Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $0.52 dividend on an annualized basis and a yield of 3.16%. First Commonwealth Financial’s dividend payout ratio is currently 35.14%.

Insiders Place Their Bets

In related news, EVP Michael P. Mccuen bought 2,919 shares of the stock in a transaction on Monday, September 23rd. The stock was bought at an average price of $16.99 per share, for a total transaction of $49,593.81. Following the completion of the acquisition, the executive vice president now directly owns 57,623 shares in the company, valued at approximately $979,014.77. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.97% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FCF. Janney Montgomery Scott cut First Commonwealth Financial from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $16.00 to $19.00 in a research note on Monday, July 29th. Piper Sandler dropped their target price on First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday. StockNews.com lowered First Commonwealth Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Keefe, Bruyette & Woods boosted their target price on First Commonwealth Financial from $16.00 to $18.00 and gave the company a “market perform” rating in a research report on Thursday, July 25th. Finally, Royal Bank of Canada boosted their target price on First Commonwealth Financial from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, First Commonwealth Financial has a consensus rating of “Hold” and a consensus price target of $17.30.

About First Commonwealth Financial

First Commonwealth Financial Corporation, a financial holding company, provides various consumer and commercial banking services in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings and health 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.