First Commonwealth Financial Corporation (NYSE:FCF) Shares Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. grew its holdings in First Commonwealth Financial Corporation (NYSE:FCF) by 12.0% in the first quarter, Holdings Channel.com reports. The institutional investor owned 82,687 shares of the bank’s stock after buying an additional 8,828 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in First Commonwealth Financial were worth $1,281,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FCF. Crowley Wealth Management Inc. acquired a new stake in First Commonwealth Financial during the fourth quarter worth about $42,000. Sterling Capital Management LLC increased its position in First Commonwealth Financial by 815.8% during the fourth quarter. Sterling Capital Management LLC now owns 3,187 shares of the bank’s stock worth $54,000 after purchasing an additional 2,839 shares during the last quarter. Smartleaf Asset Management LLC increased its position in First Commonwealth Financial by 173.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,396 shares of the bank’s stock worth $57,000 after purchasing an additional 2,154 shares during the last quarter. Jones Financial Companies Lllp increased its position in First Commonwealth Financial by 56.8% during the fourth quarter. Jones Financial Companies Lllp now owns 3,388 shares of the bank’s stock worth $57,000 after purchasing an additional 1,227 shares during the last quarter. Finally, AlphaQuest LLC increased its position in First Commonwealth Financial by 69.2% during the fourth quarter. AlphaQuest LLC now owns 4,578 shares of the bank’s stock worth $77,000 after purchasing an additional 1,873 shares during the last quarter. 72.58% of the stock is currently owned by institutional investors and hedge funds.

First Commonwealth Financial Price Performance

Shares of FCF opened at $17.26 on Friday. First Commonwealth Financial Corporation has a 1-year low of $13.54 and a 1-year high of $19.96. The stock has a market cap of $1.81 billion, a PE ratio of 12.88 and a beta of 0.81. The firm has a 50-day simple moving average of $15.84 and a two-hundred day simple moving average of $15.93. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.92 and a quick ratio of 0.92.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Tuesday, April 29th. The bank reported $0.32 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.32. First Commonwealth Financial had a net margin of 19.68% and a return on equity of 9.80%. The business had revenue of $118.51 million during the quarter, compared to analysts’ expectations of $117.70 million. During the same period last year, the business earned $0.37 earnings per share. The business’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, analysts forecast that First Commonwealth Financial Corporation will post 1.45 EPS for the current year.

First Commonwealth Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were paid a $0.135 dividend. This is a positive change from First Commonwealth Financial’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, May 9th. This represents a $0.54 annualized dividend and a dividend yield of 3.13%. First Commonwealth Financial’s dividend payout ratio (DPR) is presently 40.30%.

Insider Activity at First Commonwealth Financial

In other First Commonwealth Financial news, Director Todd D. Brice acquired 7,000 shares of the stock in a transaction dated Tuesday, May 13th. The stock was acquired at an average price of $16.09 per share, with a total value of $112,630.00. Following the completion of the purchase, the director owned 10,500 shares in the company, valued at $168,945. This trade represents a 200.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.17% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on FCF shares. Keefe, Bruyette & Woods cut their price objective on shares of First Commonwealth Financial from $19.00 to $18.00 and set a “market perform” rating for the company in a research report on Friday, May 2nd. Wall Street Zen cut shares of First Commonwealth Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, May 7th. Finally, Royal Bank Of Canada cut their price objective on shares of First Commonwealth Financial from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, First Commonwealth Financial presently has an average rating of “Hold” and an average price target of $18.92.

About First Commonwealth Financial

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.