First Commonwealth Financial (NYSE:FCF) Earns Overweight Rating from Analysts at Piper Sandler

Piper Sandler began coverage on shares of First Commonwealth Financial (NYSE:FCF) in a research report released on Wednesday morning, MarketBeat.com reports. The firm issued an overweight rating and a $21.00 target price on the bank’s stock.

FCF has been the topic of several other reports. DA Davidson lowered First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Zacks Research lowered First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 30th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.90.

First Commonwealth Financial Price Performance

Shares of NYSE:FCF opened at $17.26 on Wednesday. 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 has a market cap of $1.79 billion, a PE ratio of 12.50 and a beta of 0.82. The company’s fifty day moving average is $16.24 and its 200 day moving average is $16.58. First Commonwealth Financial has a 52 week low of $13.54 and a 52 week high of $18.28.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings results on Tuesday, October 28th. The bank reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The firm had revenue of $135.98 million for the quarter, compared to the consensus estimate of $136.30 million. First Commonwealth Financial had a net margin of 20.00% and a return on equity of 10.12%. During the same quarter in the prior year, the company earned $0.31 earnings per share. Research analysts anticipate that First Commonwealth Financial will post 1.45 earnings per share for the current year.

First Commonwealth Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Friday, November 7th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, November 7th. First Commonwealth Financial’s dividend payout ratio is currently 39.13%.

First Commonwealth Financial announced that its Board of Directors has approved a stock buyback plan on Monday, December 1st that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 1.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, EVP Michael P. Mccuen acquired 3,090 shares of the business’s stock in a transaction on Friday, November 21st. The stock was acquired at an average cost of $16.19 per share, with a total value of $50,027.10. Following the acquisition, the executive vice president directly owned 62,111 shares in the company, valued at $1,005,577.09. This represents a 5.24% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO James R. Reske sold 1,965 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $16.52, for a total value of $32,461.80. Following the transaction, the chief financial officer owned 82,383 shares of the company’s stock, valued at $1,360,967.16. This represents a 2.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 5,673 shares of company stock valued at $93,275 in the last quarter. 2.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Commonwealth Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Amalgamated Bank boosted its position in First Commonwealth Financial by 2.5% in the 2nd quarter. Amalgamated Bank now owns 29,654 shares of the bank’s stock valued at $481,000 after buying an additional 716 shares during the period. Bank of Montreal Can raised its stake in shares of First Commonwealth Financial by 3.4% during the second quarter. Bank of Montreal Can now owns 22,304 shares of the bank’s stock valued at $362,000 after acquiring an additional 730 shares in the last quarter. CWM LLC boosted its holdings in shares of First Commonwealth Financial by 10.0% in the second quarter. CWM LLC now owns 8,724 shares of the bank’s stock valued at $142,000 after purchasing an additional 792 shares during the period. PNC Financial Services Group Inc. grew its stake in First Commonwealth Financial by 4.7% in the third quarter. PNC Financial Services Group Inc. now owns 17,801 shares of the bank’s stock worth $304,000 after purchasing an additional 802 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its holdings in First Commonwealth Financial by 0.8% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 121,512 shares of the bank’s stock worth $1,972,000 after purchasing an additional 907 shares during the period. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

About First Commonwealth Financial

First Commonwealth Financial Corporation, headquartered in Indiana, Pennsylvania, is a bank holding company whose primary subsidiary is First Commonwealth Bank. Established in 1889 as Indiana National Bank, the company has grown through a combination of organic expansion and strategic acquisitions to build a diversified platform of commercial banking, retail banking and wealth management services.

First Commonwealth offers a comprehensive suite of financial products, including deposit accounts, personal and business lending solutions, mortgage origination and servicing, treasury management, and trust and investment services.