First Commonwealth Financial (NYSE:FCF) to Buyback $25.00 million in Shares

First Commonwealth Financial (NYSE:FCF) announced that its Board of Directors has initiated a stock buyback program on Monday, December 1st, RTT News reports. The company plans to buyback $25.00 million in shares. This buyback authorization authorizes the bank to buy up to 1.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

First Commonwealth Financial Stock Up 0.6%

NYSE:FCF opened at $16.52 on Wednesday. First Commonwealth Financial has a twelve month low of $13.54 and a twelve month high of $19.12. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 11.97 and a beta of 0.82. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.17. The stock’s 50 day moving average price is $16.22 and its two-hundred day moving average price is $16.48.

First Commonwealth Financial (NYSE:FCF) last released its quarterly earnings data on Tuesday, October 28th. The bank reported $0.39 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.02). First Commonwealth Financial had a net margin of 20.00% and a return on equity of 10.12%. The company had revenue of $135.98 million during the quarter, compared to analyst estimates of $136.30 million. During the same period in the previous year, the company posted $0.31 EPS. Equities research analysts expect that First Commonwealth Financial will post 1.45 earnings per share for the current fiscal year.

First Commonwealth Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 7th were paid a $0.135 dividend. The ex-dividend date was Friday, November 7th. This represents a $0.54 dividend on an annualized basis and a yield of 3.3%. First Commonwealth Financial’s dividend payout ratio (DPR) is currently 39.13%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FCF shares. DA Davidson cut shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Wednesday, October 8th. Finally, Zacks Research lowered First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 30th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.63.

Insider Transactions at First Commonwealth Financial

In other news, EVP Michael P. Mccuen acquired 3,090 shares of the stock in a transaction dated Friday, November 21st. The shares were bought at an average cost of $16.19 per share, for a total transaction of $50,027.10. Following the purchase, the executive vice president directly owned 62,111 shares of the company’s stock, valued at approximately $1,005,577.09. This trade represents a 5.24% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James R. Reske sold 2,190 shares of the company’s stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $16.99, for a total transaction of $37,208.10. Following the completion of the sale, the chief financial officer directly owned 85,866 shares in the company, valued at approximately $1,458,863.34. The trade was a 2.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 5,898 shares of company stock valued at $99,664. Insiders own 2.17% of the company’s stock.

First Commonwealth Financial Company 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.