Franklin Resources Inc. Raises Position in First Commonwealth Financial Co. (NYSE:FCF)

Franklin Resources Inc. raised its position in shares of First Commonwealth Financial Co. (NYSE:FCF - Free Report) by 15.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,435,002 shares of the bank's stock after acquiring an additional 456,119 shares during the quarter. Franklin Resources Inc. owned approximately 3.37% of First Commonwealth Financial worth $58,601,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FCF. Dimensional Fund Advisors LP grew its stake in shares of First Commonwealth Financial by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 6,987,929 shares of the bank's stock worth $96,503,000 after acquiring an additional 233,955 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of First Commonwealth Financial by 2.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,782,837 shares of the bank's stock worth $64,876,000 after buying an additional 105,116 shares in the last quarter. American Century Companies Inc. increased its position in shares of First Commonwealth Financial by 29.9% during the second quarter. American Century Companies Inc. now owns 1,673,201 shares of the bank's stock valued at $23,107,000 after acquiring an additional 384,892 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in First Commonwealth Financial by 2.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,209,436 shares of the bank's stock worth $16,702,000 after acquiring an additional 33,759 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in First Commonwealth Financial by 7.2% in the 3rd quarter. Principal Financial Group Inc. now owns 538,964 shares of the bank's stock valued at $9,243,000 after acquiring an additional 36,001 shares in the last quarter. Institutional investors own 72.58% of the company's stock.

First Commonwealth Financial Price Performance

First Commonwealth Financial stock traded down $0.53 during midday trading on Tuesday, reaching $17.84. The company had a trading volume of 569,051 shares, compared to its average volume of 513,039. First Commonwealth Financial Co. has a 12-month low of $12.41 and a 12-month high of $19.96. The firm's fifty day simple moving average is $17.95 and its 200-day simple moving average is $16.46. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $1.82 billion, a P/E ratio of 12.41 and a beta of 0.86.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The bank reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). First Commonwealth Financial had a return on equity of 11.19% and a net margin of 21.87%. The company had revenue of $121.21 million for the quarter, compared to analysts' expectations of $119.47 million. During the same quarter in the previous year, the business posted $0.39 EPS. The business's quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities analysts anticipate that First Commonwealth Financial Co. will post 1.4 EPS for the current year.

First Commonwealth Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 8th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.91%. The ex-dividend date was Friday, November 8th. First Commonwealth Financial's payout ratio is 35.14%.

Insider Activity at First Commonwealth Financial

In related news, EVP Michael P. Mccuen purchased 2,919 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were purchased at an average price of $16.99 per share, with a total value of $49,593.81. Following the completion of the acquisition, the executive vice president now directly owns 57,623 shares in the company, valued at $979,014.77. This represents a 5.34 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.97% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of First Commonwealth Financial from $18.00 to $20.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. Piper Sandler lowered their price objective on First Commonwealth Financial from $17.00 to $16.00 and set a "neutral" rating on the stock in a research report on Thursday, October 31st. Finally, StockNews.com lowered shares of First Commonwealth Financial from a "hold" rating to a "sell" rating in a research report on Monday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $17.70.

First Commonwealth Financial Company 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.