CIBC Private Wealth Group LLC Decreases Stake in First Commonwealth Financial Co. (NYSE:FCF)

CIBC Private Wealth Group LLC cut its position in First Commonwealth Financial Co. (NYSE:FCF) by 47.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,098 shares of the bank’s stock after selling 7,418 shares during the period. CIBC Private Wealth Group LLC’s holdings in First Commonwealth Financial were worth $133,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Pictet Asset Management Holding SA increased its holdings in First Commonwealth Financial by 5.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 13,402 shares of the bank’s stock valued at $227,000 after buying an additional 705 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of First Commonwealth Financial in the 4th quarter valued at about $2,456,000. Norges Bank acquired a new stake in shares of First Commonwealth Financial during the 4th quarter worth about $4,536,000. JPMorgan Chase & Co. lifted its stake in First Commonwealth Financial by 46.6% during the fourth quarter. JPMorgan Chase & Co. now owns 927,453 shares of the bank’s stock worth $15,693,000 after purchasing an additional 295,011 shares during the last quarter. Finally, Crowley Wealth Management Inc. acquired a new position in First Commonwealth Financial in the fourth quarter valued at approximately $42,000. 72.58% of the stock is currently owned by institutional investors and hedge funds.

First Commonwealth Financial Price Performance

Shares of FCF opened at $14.07 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.92 and a current ratio of 0.93. First Commonwealth Financial Co. has a fifty-two week low of $12.41 and a fifty-two week high of $19.96. The firm has a 50-day simple moving average of $16.02 and a 200-day simple moving average of $16.90. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 10.12 and a beta of 0.72.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results on Tuesday, January 28th. The bank reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). First Commonwealth Financial had a net margin of 20.38% and a return on equity of 10.36%. On average, equities research analysts anticipate that First Commonwealth Financial Co. will post 1.45 earnings per share for the current year.

First Commonwealth Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 7th were given a dividend of $0.13 per share. The ex-dividend date was Friday, February 7th. This represents a $0.52 dividend on an annualized basis and a yield of 3.70%. First Commonwealth Financial’s payout ratio is currently 37.41%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FCF. StockNews.com cut shares of First Commonwealth Financial from a “hold” rating to a “sell” rating in a report on Friday. Stephens reissued an “overweight” rating and issued a $21.50 price target on shares of First Commonwealth Financial in a research report on Wednesday, January 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $20.00 price objective on shares of First Commonwealth Financial in a report on Thursday, January 30th. Finally, DA Davidson reissued a “buy” rating and issued a $21.00 target price on shares of First Commonwealth Financial in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, First Commonwealth Financial has an average rating of “Hold” and an average price target of $19.58.

First Commonwealth Financial 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.