Quest Partners LLC Buys Shares of 2,494 First Commonwealth Financial Co. (NYSE:FCF)

Quest Partners LLC bought a new stake in First Commonwealth Financial Co. (NYSE:FCF) during the second quarter, HoldingsChannel reports. The institutional investor bought 2,494 shares of the bank’s stock, valued at approximately $34,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System raised its position in First Commonwealth Financial by 72.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 92,972 shares of the bank’s stock valued at $1,294,000 after purchasing an additional 38,990 shares during the period. BNP Paribas Financial Markets grew its stake in shares of First Commonwealth Financial by 137.7% in the first quarter. BNP Paribas Financial Markets now owns 68,729 shares of the bank’s stock worth $957,000 after acquiring an additional 39,811 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of First Commonwealth Financial in the fourth quarter worth $1,066,000. Buckingham Capital Management Inc. acquired a new position in shares of First Commonwealth Financial in the first quarter worth $407,000. Finally, Rafferty Asset Management LLC grew its stake in shares of First Commonwealth Financial by 62.5% in the fourth quarter. Rafferty Asset Management LLC now owns 128,096 shares of the bank’s stock worth $1,978,000 after acquiring an additional 49,267 shares in the last quarter. Hedge funds and other institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Stock Performance

Shares of FCF stock opened at $17.50 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm has a fifty day moving average price of $16.67 and a 200 day moving average price of $14.57. The company has a market cap of $1.79 billion, a P/E ratio of 10.87 and a beta of 0.83. First Commonwealth Financial Co. has a 12 month low of $11.16 and a 12 month high of $19.01.

First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. First Commonwealth Financial had a net margin of 23.39% and a return on equity of 12.14%. The firm had revenue of $120.20 million during the quarter, compared to the consensus estimate of $118.34 million. During the same quarter in the previous year, the firm posted $0.42 earnings per share. The company’s revenue was down 1.8% compared to the same quarter last year. Sell-side analysts predict that First Commonwealth Financial Co. will post 1.44 earnings per share for the current fiscal year.

First Commonwealth Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 2nd were paid a $0.13 dividend. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.52 annualized dividend and a yield of 2.97%. First Commonwealth Financial’s dividend payout ratio is presently 32.30%.

Analyst Ratings Changes

Several equities analysts have commented on FCF shares. StockNews.com upgraded shares of First Commonwealth Financial from a “sell” rating to a “hold” rating in a research note on Saturday, May 25th. Piper Sandler boosted their price target on shares of First Commonwealth Financial from $14.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Royal Bank of Canada boosted their price target on shares of First Commonwealth Financial from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Janney Montgomery Scott downgraded shares of First Commonwealth Financial from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $16.00 to $19.00 in a research note on Monday, July 29th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of First Commonwealth Financial from $16.00 to $18.00 and gave the stock a “market perform” rating in a research note on Thursday, July 25th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.50.

First Commonwealth Financial Profile

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.