Allspring Global Investments Holdings LLC Divests from First Commonwealth Financial Co.
October 21, 2023
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First Commonwealth Financial ($NYSE:FCF) Co. (FCF) is a publicly traded company, listed on the New York Stock Exchange (NYSE). It is a diversified financial services holding company that primarily operates in Pennsylvania, Ohio, and other parts of the Midwest. The company offers banking, mortgage, trust, insurance, and investment services to customers throughout its markets. FCF also provides consumer banking services, loans, deposits, and investments.
It also specializes in investing in real estate, venture capital, and small business. The company will likely continue to be a strong performer in the financial market in the years to come. It remains to be seen whether this divestment will have any long-term effects on the company’s performance.
Share Price
On Thursday, First Commonwealth Financial Co. (FCF) saw a 1.0% drop in its stock price, opening at $12.6 and closing at $12.5. This drop came just after Allspring Global Investments Holdings LLC, a major institutional investor, announced it had divested from FCF. This divestment was an unexpected move that caused the stock to dip. The effects of the divestment are still unclear, and it is yet to be seen what impact it will have on FCF’s stock prices going forward. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for FCF. More…
| Total Revenues | Net Income | Net Margin |
| – | 142.71 | – |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for FCF. More…
| Operations | Investing | Financing |
| 151.41 | -588.79 | 196.25 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for FCF. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 11.32k | 8.75k | – |
Key Ratios Snapshot
Some of the financial key ratios for FCF are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 5.0% | – | – |
| FCF Margin | ROE | ROA |
| – | – | – |
Analysis
GoodWhale performed an analysis of FIRST COMMONWEALTH FINANCIAL’s wellbeing and based on our Star Chart, FIRST COMMONWEALTH FINANCIAL has a high health score of 8/10 with regard to its cashflows and debt. This indicates that the company is capable to safely ride out any crisis without the risk of bankruptcy. Additionally, FIRST COMMONWEALTH FINANCIAL is strong in growth, asset, dividend, and medium in profitability. Based on this information, we classified it as a ‘gorilla’ – a type of company that has achieved stable and high revenue or earning growth due to its strong competitive advantage. Investors interested in steady returns will be particularly interested in FIRST COMMONWEALTH FINANCIAL. As a gorilla, the company is expected to have consistent and reliable performance over the long-term. Consequently, investors that want to be assured of consistent returns may find FIRST COMMONWEALTH FINANCIAL attractive. More…
Peers
As of December 31, 2018, the company had assets of $11.6 billion and operated 154 branches in 22 counties throughout Pennsylvania and Ohio. First Commonwealth Bank, the company’s principal subsidiary, is a full-service community bank with a focus on providing personal and business banking services to individuals and small businesses. The company’s competitors include Merchants & Marine Bancorp Inc, SB Financial Group Inc, Crazy Woman Creek Bancorp Inc. These companies are also regional bank holding companies that offer similar personal and business banking services.
– Merchants & Marine Bancorp Inc ($OTCPK:MNMB)
Merchants & Marine Bancorp Inc is a holding company for Merchants Bank and Marine Bank. The Company operates through its subsidiary banks, which engage in the business of commercial banking and related financial activities. As of December 31, 2016, the Company’s subsidiary banks had a total of 21 banking offices located in Mississippi, Alabama and Florida.
– SB Financial Group Inc ($NASDAQ:SBFG)
SunTrust Banks, Inc., is an American bank holding company headquartered in Atlanta, Georgia. As of December 31, 2019, SunTrust had US$222 billion in assets and US$175 billion in deposits. SunTrust’s primary businesses include deposit, credit, trust and investment services. The company’s principal subsidiary is SunTrust Bank, member FDIC.
– Crazy Woman Creek Bancorp Inc ($OTCPK:CRZY)
Crazy Woman Creek Bancorp Inc is a regional bank holding company based in Buffalo, Wyoming, with $1.1 billion in assets. It operates through its wholly owned subsidiary, Crazy Woman Creek National Bank, which was founded in 1886. The Bank offers a full range of banking services to retail and commercial customers in its four full-service banking offices located in Buffalo, Sheridan, Greybull, and Worland, Wyoming.
Summary
First Commonwealth Financial Co. (FCF) has seen a reduction in its shareholder base, as Allspring Global Investments Holdings LLC recently sold 11419 shares. Analysts have warned that the sale could have a negative impact on FCF’s stock price. With the sale, FCF appears to have lost a major investor, which may cause concern for current shareholders.
Furthermore, the sale could lead to reduced liquidity in the market and a decrease in demand for the stock. Investors should examine the fundamentals of the company and consider potential risks before making any decisions.
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