The Alaska State Department of Revenue reduced its stake in First Commonwealth Financial Co. (NYSE: FCF – Get a rating) by 2.5% in the first quarter, Participation channel reports. The institutional investor held 65,547 shares of the bank after selling 1,670 shares during the quarter. The Alaska State Department of Revenue’s holdings in First Commonwealth Financial were worth $993,000 when it was last filed with the SEC.
Other hedge funds have also recently increased or reduced their stakes in the company. Artemis Investment Management LLP bought a new position in shares of First Commonwealth Financial during the 4th quarter at a value of $7,274,000. Assenagon Asset Management SA increased its stake in shares of First Commonwealth Financial by 542.6% during the 4th quarter. Assenagon Asset Management SA now owns 386,816 shares in the bank valued at $6,224,000 after purchasing an additional 326,622 shares last quarter. Yousif Capital Management LLC bought a new position in shares of First Commonwealth Financial during the 4th quarter at a value of $1,414,000. Jennison Associates LLC bought a new position in shares of First Commonwealth Financial during the 4th quarter at a value of $1,348,000. Finally, Victory Capital Management Inc. increased its holding in shares of First Commonwealth Financial by 17.1% during the 4th quarter. Victory Capital Management Inc. now owns 522,185 shares of the bank valued at $8,402,000 after purchasing an additional 76,233 shares last quarter. Institutional investors hold 68.56% of the company’s shares.
Shares of FCF opened at $13.70 on Wednesday. The company has a market capitalization of $1.29 billion, a PE ratio of 10.30 and a beta of 1.00. First Commonwealth Financial Co. has a one-year low of $12.36 and a one-year high of $17.63. The company has a debt ratio of 0.17, a current ratio of 0.89 and a quick ratio of 0.89. The company’s fifty-day moving average price is $13.56 and its 200-day moving average price is $15.08.
First Commonwealth Financial (NYSE: FCF – Get a rating) last announced its results on Tuesday, April 26. The bank reported EPS of $0.29 for the quarter, missing the consensus estimate of $0.30 per ($0.01). The company posted revenue of $92.15 million in the quarter, versus a consensus estimate of $93.91 million. First Commonwealth Financial had a return on equity of 11.51% and a net margin of 32.00%. The company’s revenue fell 4.8% from the same quarter last year. In the same quarter last year, the company achieved EPS of $0.41. Analysts expect First Commonwealth Financial Co. to post 1.35 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 20. Investors of record on Friday, May 6 received a dividend of $0.12. This represents an annualized dividend of $0.48 and a yield of 3.50%. The ex-dividend date was Thursday, May 5. This is an increase from First Commonwealth Financial’s previous quarterly dividend of $0.12. First Commonwealth Financial’s dividend payout ratio (DPR) is 36.09%.
A number of research analysts have weighed in on the stock recently. StockNews.com assumed coverage of First Commonwealth Financial shares in a Thursday, March 31 report. They have placed a “holding” rating on the stock. B. Riley cut his price target on First Commonwealth Financial shares from $19.00 to $18.00 in a Tuesday, April 12 report. Three research analysts gave the stock a hold rating and three gave the company a buy rating. According to data from MarketBeat.com, First Commonwealth Financial currently has a consensus rating of “Moderate Buy” and an average target price of $18.50.
Profile of the Commonwealth’s First Financial Corporation (Get a rating)
First Commonwealth Financial Corporation, a financial holding company, provides various retail and corporate banking services in the United States. Its consumer services include personal checking accounts, interest-bearing checking accounts, savings and health savings accounts, insured money market accounts, debit cards, investment certificates, interest rate certificates of deposit fixed and variable loans, mortgages, secured and unsecured installment loans, construction and home loans, safe deposit boxes, credit cards, lines of credit with overdraft protection, IRA accounts and automated teller machine (ATM) services ), as well as internet, mobile and telephone banking.
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