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First Commonwealth Financial (FCF)

First Commonwealth Financial Corporation, headquartered in Indiana, Pennsylvania, is a financial services company with 119 community banking offices in 26 counties throughout western and central Pennsylvania and throughout Ohio, as well as business banking operations in Pittsburgh, Pennsylvania, and Canton, Cleveland, Columbus and Cincinnati, Ohio. The Company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson, and Lewis Center, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency.

Company profile

Ticker
FCF
Exchange
CEO
Thomas Price
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
First Commonwealth Community Development Corporation • First Commonwealth Financial Advisors Incorporated • FraMal Holdings Corporation • Commonwealth Trust Credit Life Insurance Company ...
IRS number
251428528

FCF stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$16.25
Low target
$15.50
High target
$17.00
Stephens & Co.
Downgraded
Equal-Weight
$15.50
3 Aug 22
Raymond James
Maintains
Outperform
$17.00
1 Aug 22

Investment data

Data from SEC filings
Securities sold
Number of investors
Top 50 of 164 long holdings
End of quarter 30 Jun 22
Value
 
#Shares
 
Prev Q
 
Change
%, QoQ
$59.82M 157.77K 161.62K -2.4
$17.33M 277.29K 294.19K -5.7
$11.67M 85.32K 84.88K +0.5
$11.14M 830.08K 752.38K +10.3
$10.98M 64.83K NEW
$6.34M 231.03K 231.03K 0
$6.17M 219.25K 165.49K +32.5
$5.54M 21.58K 20.98K +2.9
$5.49M 237.48K 183.79K +29.2
$4.78M 36.22K 31.12K +16.4
$4.23M 35.95K NEW
$3.29M 54.45K NEW
$3.22M 80.37K NEW
$3.21M 118.2K NEW
$3.08M 22.63K NEW
$3.08M 1.41K 1.38K +2.8
$3.07M 35.97K NEW
$2.32M 20.56K 22.52K -8.7
$2.19M 4.04K 4.05K -0.2
$1.97M 13.7K 11.74K +16.6
$1.88M 11.14K 10.99K +1.4
$1.79M 7.26K 7.46K -2.6
$1.72M 16.2K 742 +2083.8
$1.55M 6.83K 6.83K 0
$1.52M 50.75K NEW
$1.52M 3.14K 3.22K -2.5
$1.46M 11.43K 11.22K +1.9
$1.44M 11.86K 11.69K +1.4
$1.44M 36.56K 35.65K +2.5
$1.43M 8.06K 8.27K -2.5
$1.41M 9.75K 9.69K +0.6
$1.35M 3.59K 3.59K -0.3
$1.34M 6.82K 6.85K -0.4
$1.34M 9.73K 9.04K +7.6
$1.31M 9.24K 8.13K +13.8
$1.3M 13.75K 13.22K +4.1
$1.27M 8.04K 8.04K 0
$1.25M 24.69K 24.87K -0.7
$1.24M 41.7K NEW
$1.22M 2.38K 2.29K +4.0
$1.19M 41.44K NEW
$1.17M 7K 7.06K -0.9
$1.14M 2.44K 2.45K -0.4
$1.1M 17.43K 16.95K +2.9
$1.09M 3.88K 3.88K 0
$1.08M 4.5K 4.52K -0.5
$1.05M 3.84K 3.69K +4.0
$1.03M 11.25K 14.07K -20.0
$992K 36.74K NEW
$974K 6.89K 6.64K +3.7
Holdings list only includes long positions. Only includes long positions.

Calendar

9 May 22
13 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
26 Apr 22 Greenfield David W Common Stock Grant Acquire A No No 13.85 2,987 41.37K 46,949
26 Apr 22 Gorney Jon L Common Stock Grant Acquire A No No 13.85 2,895 40.1K 33,718
26 Apr 22 Charley Ray T Common Stock Grant Acquire A No No 13.85 2,987 41.37K 309,174
26 Apr 22 Oliphant Aradhna M Common Stock Grant Acquire A No No 13.85 2,987 41.37K 10,309
26 Apr 22 Wolfe Stephen A Common Stock Grant Acquire A No No 13.85 2,987 41.37K 16,606
78.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 199 193 +3.1%
Opened positions 28 33 -15.2%
Closed positions 22 19 +15.8%
Increased positions 56 48 +16.7%
Reduced positions 76 73 +4.1%
13F shares Current Prev Q Change
Total value 972.36M 1.04B -6.7%
Total shares 64.13M 64.76M -1.0%
Total puts 65.8K 64.8K +1.5%
Total calls 34.2K 26.2K +30.5%
Total put/call ratio 1.9 2.5 -22.2%
Largest owners Shares Value Change
BLK Blackrock 13.99M $212.15M +1.3%
Vanguard 10.43M $158.16M -1.7%
Dimensional Fund Advisors 6.19M $93.89M -0.1%
STT State Street 4.61M $69.92M +12.8%
Charles Schwab Investment Management 1.98M $29.98M +1.5%
JPM JPMorgan Chase & Co. 1.93M $29.32M -10.4%
Geode Capital Management 1.65M $25.05M +2.2%
NTRS Northern Trust 1.43M $21.64M -3.7%
Fuller & Thaler Asset Management 1.37M $20.84M +0.3%
BK Bank Of New York Mellon 1.28M $19.47M +0.5%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -983.72K EXIT
IVZ Invesco 1.1M +568.76K +107.1%
STT State Street 4.61M +524.23K +12.8%
Victory Capital Management 48.34K -473.85K -90.7%
Healthcare Of Ontario Pension Plan Trust Fund 271.4K +271.4K NEW
Jacobs Levy Equity Management 293.68K +252.64K +615.6%
Assenagon Asset Management 140.89K -245.92K -63.6%
Russell Investments 94.72K -227.02K -70.6%
JPM JPMorgan Chase & Co. 1.93M -223.62K -10.4%
Millennium Management 260.97K +199.05K +321.4%

Financial report summary

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Management Discussion
  • For the three months ended March 31, 2022, First Commonwealth had net income of $27.7 million, or $0.29 diluted earnings per share, compared to net income of $39.8 million, or $0.41 diluted earnings per share, in the three months ended March 31, 2021. The decrease in net income was primarily the result of a $2.0 million provision for credit losses recognized during the three months ended March 31, 2022 compared to a negative provision of $4.4 million recognized in the same period in 2021. Additionally, noninterest income decreased $3.4 million and noninterest expense increased $3.9 million during the three months ended March 31, 2022 compared to the same period in 2021.
  • For the three months ended March 31, 2022, the Company’s return on average equity was 10.15% and its return on average assets was 1.18%, compared to 14.98% and 1.77%, respectively, for the three months ended March 31, 2021.
  • Net interest income, on a fully taxable equivalent basis, was $68.4 million in the first three months of 2022, compared to $69.8 million for the same period in 2021. The decrease in net interest income can be attributed to a 30 basis point decrease in the yield on interest-earning assets, partially offset by a 12 basis point decrease in the cost of interest-bearing liabilities and a $391.2 million increase in interest-earning assets. Net interest income comprises the majority of our operating revenue (net

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