Victory Capital Management Inc. Cuts Position in First Commonwealth Financial Co. (NYSE:FCF)

Victory Capital Management Inc. lessened its stake in First Commonwealth Financial Co. (NYSE:FCF) by 20.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,874 shares of the bank’s stock after selling 10,855 shares during the quarter. Victory Capital Management Inc.’s holdings in First Commonwealth Financial were worth $662,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Mariner LLC purchased a new position in First Commonwealth Financial during the 3rd quarter valued at about $32,855,000. Brandywine Global Investment Management LLC increased its holdings in First Commonwealth Financial by 53.4% during the 3rd quarter. Brandywine Global Investment Management LLC now owns 311,243 shares of the bank’s stock valued at $3,800,000 after acquiring an additional 108,283 shares in the last quarter. Federated Hermes Inc. increased its holdings in First Commonwealth Financial by 43.2% during the 4th quarter. Federated Hermes Inc. now owns 286,934 shares of the bank’s stock valued at $4,430,000 after acquiring an additional 86,587 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in First Commonwealth Financial by 3.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,774,932 shares of the bank’s stock valued at $33,882,000 after acquiring an additional 84,832 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in First Commonwealth Financial during the 4th quarter valued at about $1,269,000. Hedge funds and other institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Stock Performance

Shares of NYSE FCF opened at $13.58 on Friday. The company has a market cap of $1.39 billion, a PE ratio of 8.43 and a beta of 0.86. First Commonwealth Financial Co. has a 12 month low of $11.16 and a 12 month high of $15.90. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.92 and a quick ratio of 0.92. The company has a 50-day simple moving average of $13.48 and a 200-day simple moving average of $13.81.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. First Commonwealth Financial had a net margin of 24.96% and a return on equity of 12.89%. The business had revenue of $116.60 million during the quarter, compared to the consensus estimate of $119.80 million. During the same period in the previous year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was down .9% compared to the same quarter last year. On average, equities analysts anticipate that First Commonwealth Financial Co. will post 1.38 earnings per share for the current year.

First Commonwealth Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 3rd were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 3.83%. This is a boost from First Commonwealth Financial’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Thursday, May 2nd. First Commonwealth Financial’s payout ratio is 32.30%.

Analyst Upgrades and Downgrades

FCF has been the subject of several recent research reports. Stephens dropped their target price on shares of First Commonwealth Financial from $16.50 to $15.50 and set an “overweight” rating for the company in a report on Tuesday, February 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price target on shares of First Commonwealth Financial in a report on Tuesday, April 9th. Finally, StockNews.com downgraded shares of First Commonwealth Financial from a “hold” rating to a “sell” rating in a report on Friday, May 17th.

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.