State of Alaska Department of Revenue Decreases Stock Position in First Commonwealth Financial Co. (NYSE:FCF)

State of Alaska Department of Revenue decreased its position in shares of First Commonwealth Financial Co. (NYSE:FCF) by 2.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,233 shares of the bank’s stock after selling 1,642 shares during the period. State of Alaska Department of Revenue owned approximately 0.06% of First Commonwealth Financial worth $998,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. CWM LLC grew its holdings in First Commonwealth Financial by 451.1% during the 2nd quarter. CWM LLC now owns 1,995 shares of the bank’s stock valued at $28,000 after buying an additional 1,633 shares in the last quarter. Quest Partners LLC purchased a new stake in First Commonwealth Financial during the 2nd quarter valued at $34,000. Innealta Capital LLC purchased a new stake in First Commonwealth Financial during the 2nd quarter valued at $51,000. nVerses Capital LLC bought a new stake in First Commonwealth Financial in the third quarter worth $72,000. Finally, Algert Global LLC bought a new position in First Commonwealth Financial during the second quarter valued at $142,000. 72.58% of the stock is owned by institutional investors.

First Commonwealth Financial Trading Down 1.2 %

Shares of NYSE FCF opened at $16.27 on Tuesday. First Commonwealth Financial Co. has a 1-year low of $12.30 and a 1-year high of $19.01. The business has a fifty day moving average price of $16.84 and a 200 day moving average price of $15.38. The stock has a market capitalization of $1.67 billion, a P/E ratio of 10.99 and a beta of 0.83. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.91.

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

First Commonwealth Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Friday, November 8th. First Commonwealth Financial’s dividend payout ratio is currently 35.14%.

Insider Transactions at First Commonwealth Financial

In other First Commonwealth Financial news, EVP Michael P. Mccuen bought 2,919 shares of First Commonwealth Financial stock in a transaction that occurred on Monday, September 23rd. The shares were bought at an average cost of $16.99 per share, with a total value of $49,593.81. Following the transaction, the executive vice president now directly owns 57,623 shares of the company’s stock, valued at approximately $979,014.77. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Piper Sandler dropped their price target on shares of First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Keefe, Bruyette & Woods boosted their price objective on First Commonwealth Financial from $16.00 to $18.00 and gave the company a “market perform” rating in a report on Thursday, July 25th. StockNews.com lowered First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada lifted their price target on shares of First Commonwealth Financial from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Janney Montgomery Scott downgraded First Commonwealth Financial from a “buy” rating to a “neutral” rating and increased their price target for the stock from $16.00 to $19.00 in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, First Commonwealth Financial has a consensus rating of “Hold” and an average target price of $17.30.

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.