Teacher Retirement System of Texas Lowers Holdings in First Commonwealth Financial Co. (NYSE:FCF)

Posted by on Jun 12th, 2023

Teacher Retirement System of Texas decreased its holdings in First Commonwealth Financial Co. (NYSE:FCF – Get Rating) by 4.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 61,406 shares of the bank’s stock after selling 3,099 shares during the period. Teacher Retirement System of Texas’ holdings in First Commonwealth Financial were worth $858,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Thrivent Financial for Lutherans grew its holdings in First Commonwealth Financial by 9.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 915,321 shares of the bank’s stock valued at $11,752,000 after buying an additional 75,407 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of First Commonwealth Financial by 730.3% in the fourth quarter. Victory Capital Management Inc. now owns 357,477 shares of the bank’s stock valued at $5,258,000 after purchasing an additional 314,425 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in First Commonwealth Financial by 3.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,160 shares of the bank’s stock worth $561,000 after buying an additional 1,404 shares during the last quarter. ProShare Advisors LLC grew its position in shares of First Commonwealth Financial by 14.8% in the fourth quarter. ProShare Advisors LLC now owns 14,740 shares of the bank’s stock valued at $206,000 after purchasing an additional 1,901 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in First Commonwealth Financial by 3.5% during the fourth quarter. First Trust Advisors LP now owns 349,047 shares of the bank’s stock worth $4,877,000 after purchasing an additional 11,933 shares during the last quarter. Hedge funds and other institutional investors own 69.47% of the company’s stock.

First Commonwealth Financial Stock Down 1.5 %

First Commonwealth Financial stock opened at $14.19 on Monday. The stock’s fifty day simple moving average is $12.40 and its 200-day simple moving average is $13.67. The firm has a market capitalization of $1.46 billion, a P/E ratio of 10.36 and a beta of 0.95. First Commonwealth Financial Co. has a twelve month low of $11.32 and a twelve month high of $16.53. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.15.

First Commonwealth Financial (NYSE:FCF – Get Rating) last announced its quarterly earnings data on Tuesday, April 25th. The bank reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. First Commonwealth Financial had a net margin of 27.75% and a return on equity of 13.53%. The business had revenue of $117.60 million during the quarter, compared to the consensus estimate of $123.86 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The company’s revenue for the quarter was up 27.3% compared to the same quarter last year. As a group, equities analysts expect that First Commonwealth Financial Co. will post 1.68 earnings per share for the current fiscal year.

First Commonwealth Financial Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 19th. Investors of record on Friday, May 5th were issued a dividend of $0.125 per share. This is an increase from First Commonwealth Financial’s previous quarterly dividend of $0.12. This represents a $0.50 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend was Thursday, May 4th. First Commonwealth Financial’s dividend payout ratio (DPR) is currently 36.50%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Stephens upgraded First Commonwealth Financial from an “equal weight” rating to an “overweight” rating and set a $14.00 price target for the company in a research note on Friday, May 19th. StockNews.com started coverage on First Commonwealth Financial in a research report on Thursday, May 18th. They issued a “sell” rating on the stock. Finally, Raymond James cut First Commonwealth Financial from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $15.60.

Insider Buying and Selling at First Commonwealth Financial

In other First Commonwealth Financial news, Director Ray T. Charley purchased 3,900 shares of the firm’s stock in a transaction that occurred on Friday, March 17th. The shares were acquired at an average cost of $12.85 per share, for a total transaction of $50,115.00. Following the completion of the purchase, the director now owns 325,074 shares of the company’s stock, valued at approximately $4,177,200.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.85% of the company’s stock.

First Commonwealth Financial Profile

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First Commonwealth Financial Corp. is a holding company, which engages in the provision of consumer and commercial banking services. The firm is also involved in providing trust and wealth management services and offers insurance products. The company was founded on November 15, 1982 and is headquartered in Indiana, PA.

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

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