Wellington Management Group LLP Sells 719,250 Shares of First Commonwealth Financial Corporation $FCF

Wellington Management Group LLP cut its holdings in First Commonwealth Financial Corporation (NYSE:FCF) by 54.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 613,323 shares of the bank’s stock after selling 719,250 shares during the period. Wellington Management Group LLP owned 0.61% of First Commonwealth Financial worth $12,469,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Weiss Asset Management LP bought a new stake in First Commonwealth Financial in the 1st quarter worth approximately $1,751,000. UBS Group AG boosted its position in shares of First Commonwealth Financial by 103.0% during the 4th quarter. UBS Group AG now owns 210,197 shares of the bank’s stock valued at $3,544,000 after acquiring an additional 106,654 shares during the last quarter. Bank of America Corp DE boosted its position in shares of First Commonwealth Financial by 95.4% during the 1st quarter. Bank of America Corp DE now owns 559,989 shares of the bank’s stock valued at $9,845,000 after acquiring an additional 273,351 shares during the last quarter. Intech Investment Management LLC grew its holdings in shares of First Commonwealth Financial by 147.1% in the fourth quarter. Intech Investment Management LLC now owns 239,641 shares of the bank’s stock valued at $4,040,000 after purchasing an additional 142,645 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of First Commonwealth Financial by 453.3% in the first quarter. Renaissance Technologies LLC now owns 215,591 shares of the bank’s stock valued at $3,790,000 after purchasing an additional 176,626 shares in the last quarter. 72.58% of the stock is currently owned by institutional investors.

Insider Transactions at First Commonwealth Financial

In related news, CFO James Reske sold 2,072 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $21.25, for a total value of $44,030.00. Following the transaction, the chief financial officer owned 73,060 shares of the company’s stock, valued at $1,552,525. This represents a 2.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 6,216 shares of company stock valued at $131,779 over the last quarter. 1.90% of the stock is owned by corporate insiders.

First Commonwealth Financial Trading Up 0.2%

NYSE FCF opened at $21.39 on Tuesday. The company’s 50-day moving average price is $21.02 and its 200-day moving average price is $19.32. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The stock has a market cap of $2.16 billion, a PE ratio of 13.12 and a beta of 0.74. First Commonwealth Financial Corporation has a 12 month low of $15.00 and a 12 month high of $22.34.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings data on Tuesday, July 28th. The bank reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. The company had revenue of $139.42 million during the quarter, compared to analyst estimates of $137.48 million. First Commonwealth Financial had a net margin of 22.62% and a return on equity of 10.79%. Equities research analysts forecast that First Commonwealth Financial Corporation will post 1.73 earnings per share for the current year.

First Commonwealth Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were issued a $0.14 dividend. The ex-dividend date was Friday, August 7th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.6%. First Commonwealth Financial’s payout ratio is presently 34.36%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Royal Bank Of Canada upped their price target on shares of First Commonwealth Financial from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Raymond James Financial restated an “outperform” rating and issued a $24.00 target price on shares of First Commonwealth Financial in a report on Friday, July 31st. Keefe, Bruyette & Woods upped their target price on shares of First Commonwealth Financial from $21.00 to $24.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Piper Sandler reissued an “overweight” rating and set a $25.00 price objective (up from $21.00) on shares of First Commonwealth Financial in a research note on Thursday, July 30th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First Commonwealth Financial in a research report on Friday, August 14th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.25.

First Commonwealth Financial Company Profile

First Commonwealth Financial Corporation, headquartered in Indiana, Pennsylvania, is a bank holding company whose primary subsidiary is First Commonwealth Bank. Established in 1889 as Indiana National Bank, the company has grown through a combination of organic expansion and strategic acquisitions to build a diversified platform of commercial banking, retail banking and wealth management services.

First Commonwealth offers a comprehensive suite of financial products, including deposit accounts, personal and business lending solutions, mortgage origination and servicing, treasury management, and trust and investment services.