Barclays PLC Increases Stake in First Commonwealth Financial Co. by 116,295 Shares

Barclays PLC has significantly raised its investment in First Commonwealth Financial Co. (NYSE:FCF) during the third quarter by an impressive 121.8%. After the acquisition of an additional 116,295 shares, Barclays now holds a total of 211,797 shares of the bank's stock. As of the latest reporting period, these holdings are valued at approximately $3,631,000.

Other investment firms have also adjusted their stakes in First Commonwealth Financial recently. For instance, Jane Street Group LLC increased its position by 39.5% in the third quarter, acquiring an additional 42,632 shares. This brings their total to 150,590 shares, with a valuation of about $2,583,000. Furthermore, Centiva Capital LP entered the scene by purchasing a new position worth around $518,000 in First Commonwealth Financial during the same quarter. Additionally, Hantz Financial Services Inc. boosted their holding by 37.4%, now owning 69,003 shares valued at $1,183,000 after acquiring an extra 18,799 shares.

Other notable changes include BNP Paribas Financial Markets, which increased its holdings by 64.2%, owning 34,892 shares worth $598,000, following the acquisition of 13,643 shares. Likewise, FMR LLC upgraded its stake by 22.0%, taking ownership of 24,190 shares valued at $415,000 after acquiring 4,360 additional shares. Collectively, institutional investors and hedge funds control approximately 72.58% of First Commonwealth Financial's stock.

Performance Overview of First Commonwealth Financial

As of Monday, shares of First Commonwealth Financial opened at $16.93. Financially, the company shows a quick ratio and current ratio of 0.92, while the debt-to-equity ratio stands at a low 0.10. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 11.44, and an accompanying beta of 0.86. The stock's fifty-day simple moving average is $18.00, and its 200-day simple moving average is $16.54. Over the past year, shares have seen a low of $12.41 and a high of $19.96.

First Commonwealth Financial recently released its quarterly earnings report on October 29th. The bank reported earnings of $0.31 per share (EPS), which fell short of analysts' expectations of $0.36 by $0.05. The firm's net margin is reported at 21.87%, with a return on equity of 11.19%. For the quarter, revenue reached $121.21 million, surpassing analyst estimates of $119.47 million. However, this marks a 1.1% decline in revenue compared to the same quarter from the previous year. Analysts predict that First Commonwealth Financial will post a total EPS of 1.4 for the current year.

Dividend Announcement from First Commonwealth Financial

Recently, the company declared a quarterly dividend, which was distributed on November 22nd. Shareholders who were on record as of November 8th received a dividend payment of $0.13 per share, which translates to an annualized dividend of $0.52, yielding 3.07%. The ex-dividend date was also on November 8th, and the payout ratio for First Commonwealth Financial rests at 35.14%.

Analyst Ratings and Price Targets

Several brokerages have issued fresh insights regarding FCF. Notably, StockNews.com has downgraded the stock from a "hold" rating to a "sell" rating as of December 16th. Conversely, Keefe, Bruyette & Woods have increased their target price for the company from $18.00 to $20.00, assigning a "market perform" rating. Meanwhile, Piper Sandler has adjusted their price target down from $17.00 to $16.00 with a "neutral" rating given to the company. Current ratings include one sell rating, three hold ratings, and two buy ratings, leading to an average rating of "Hold" with a target price of $17.70, according to MarketBeat.com.

Company Background of First Commonwealth Financial

First Commonwealth Financial Corporation is a financial holding company that provides a diverse range of consumer and commercial banking services in the United States. Its consumer services encompass personal checking accounts, interest-earning checking accounts, savings and health savings accounts, insured money market accounts, debit cards, investment certificates, loans including mortgage and installment loans, credit cards, and various banking services including ATM services and online, mobile, and telephone banking.

Barclays, Investment, Financial