First Commonwealth Financial (FCF) Cut to Hold at Zacks Investment Research
First Commonwealth Financial (NYSE:FCF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “First Commonwealth Financial Corporation is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Corporation operates two chartered banks, First Commonwealth Bank and Southwest Bank. Personal financial planning and other financial services and insurance products are also provided through First Commonwealth Trust Company and First Commonwealth Insurance Agency. The Corporation also operates through Commonwealth Systems Corporation, a data processing subsidiary. “
A number of other equities research analysts have also issued reports on the company. FBR & Co upped their target price on First Commonwealth Financial from $14.00 to $15.00 and gave the company a “mkt perform” rating in a research note on Thursday, January 26th. Canaccord Genuity reaffirmed a “buy” rating and issued a C$4.50 target price on shares of First Commonwealth Financial in a research note on Tuesday, January 17th. Finally, Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a C$4.50 target price on shares of First Commonwealth Financial in a research note on Wednesday, March 1st. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $8.67.
First Commonwealth Financial (NYSE:FCF) traded up 0.62% during trading on Tuesday, hitting $12.95. The stock had a trading volume of 350,042 shares. The firm has a market cap of $1.15 billion, a P/E ratio of 18.27 and a beta of 0.96. First Commonwealth Financial has a 12-month low of $8.46 and a 12-month high of $14.61. The stock’s 50 day moving average price is $12.93 and its 200 day moving average price is $13.17.
First Commonwealth Financial (NYSE:FCF) last posted its earnings results on Tuesday, April 25th. The bank reported $0.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. First Commonwealth Financial had a return on equity of 8.27% and a net margin of 21.11%. The firm had revenue of $68.76 million for the quarter, compared to analyst estimates of $69.45 million. During the same quarter in the prior year, the company earned $0.14 EPS. On average, analysts anticipate that First Commonwealth Financial will post $0.77 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 19th. Shareholders of record on Friday, May 5th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date is Wednesday, May 3rd. First Commonwealth Financial’s dividend payout ratio is presently 47.76%.
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In other First Commonwealth Financial news, Director Stephen Reid purchased 10,000 shares of First Commonwealth Financial stock in a transaction on Thursday, March 2nd. The shares were bought at an average price of $3.44 per share, with a total value of $34,400.00. Also, Director Bart E. Johnson purchased 3,267 shares of First Commonwealth Financial stock in a transaction on Monday, May 8th. The shares were acquired at an average cost of $12.88 per share, for a total transaction of $42,078.96. Following the purchase, the director now owns 52,220 shares in the company, valued at $672,593.60. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 64,196 shares of company stock worth $248,807. Corporate insiders own 1.58% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of First Commonwealth Financial by 2.7% in the third quarter. BlackRock Inc. now owns 27,014 shares of the bank’s stock worth $272,000 after buying an additional 721 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of First Commonwealth Financial by 9.8% in the third quarter. BlackRock Fund Advisors now owns 6,195,357 shares of the bank’s stock worth $62,511,000 after buying an additional 553,542 shares in the last quarter. Rhumbline Advisers raised its position in shares of First Commonwealth Financial by 4.3% in the third quarter. Rhumbline Advisers now owns 151,599 shares of the bank’s stock worth $1,530,000 after buying an additional 6,225 shares in the last quarter. Citadel Advisors LLC raised its position in shares of First Commonwealth Financial by 162.9% in the third quarter. Citadel Advisors LLC now owns 32,005 shares of the bank’s stock worth $323,000 after buying an additional 19,832 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new position in shares of First Commonwealth Financial during the fourth quarter worth $6,803,000. 62.05% of the stock is currently owned by institutional investors.
About First Commonwealth Financial
First Commonwealth Financial Corporation is a financial holding company. The Company, through its subsidiary, First Commonwealth Bank (the Bank), provides a range of consumer and commercial banking services. The Company also provides trust and wealth management services, and offers insurance products through the Bank and its other operating subsidiaries.
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