First Commonwealth Financial (NYSE:FCF) Shares Pass Above 200 Day Moving Average – Here’s Why

First Commonwealth Financial Corporation (NYSE:FCF) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $16.66 and traded as high as $17.18. First Commonwealth Financial shares last traded at $17.0750, with a volume of 409,450 shares trading hands.

Analyst Upgrades and Downgrades

FCF has been the subject of a number of research reports. DA Davidson cut shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Weiss Ratings reissued a “buy (b-)” rating on shares of First Commonwealth Financial in a research note on Wednesday, October 8th. Zacks Research cut First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Finally, Piper Sandler assumed coverage on First Commonwealth Financial in a report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 price objective on the stock. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.90.

First Commonwealth Financial Stock Down 0.1%

The company has a market capitalization of $1.77 billion, a P/E ratio of 12.37 and a beta of 0.82. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17. The stock’s fifty day moving average is $16.37 and its 200 day moving average is $16.66.

First Commonwealth Financial (NYSE:FCF) last released its quarterly earnings data on Tuesday, October 28th. The bank reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The firm had revenue of $135.98 million during the quarter, compared to analysts’ expectations 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 previous year, the firm posted $0.31 EPS. Research analysts predict that First Commonwealth Financial Corporation will post 1.45 EPS for the current fiscal year.

First Commonwealth Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 7th were given a dividend of $0.135 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $0.54 dividend on an annualized basis and a yield of 3.2%. First Commonwealth Financial’s dividend payout ratio is presently 39.13%.

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

Insider Buying and Selling

In other news, CFO James R. Reske sold 1,965 shares of First Commonwealth Financial stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $16.52, for a total value of $32,461.80. Following the sale, the chief financial officer directly owned 82,383 shares in the company, valued at approximately $1,360,967.16. This trade represents a 2.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael P. Mccuen bought 3,090 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were acquired at an average price of $16.19 per share, with a total value of $50,027.10. Following the acquisition, the executive vice president owned 62,111 shares of the company’s stock, valued at $1,005,577.09. This represents a 5.24% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders sold 5,673 shares of company stock worth $93,275. Corporate insiders own 2.17% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its stake in shares of First Commonwealth Financial by 2.4% during the 2nd quarter. State Street Corp now owns 4,734,957 shares of the bank’s stock valued at $76,848,000 after purchasing an additional 112,731 shares in the last quarter. Franklin Resources Inc. raised its stake in First Commonwealth Financial by 0.5% in the third quarter. Franklin Resources Inc. now owns 3,943,604 shares of the bank’s stock worth $67,238,000 after buying an additional 21,061 shares in the last quarter. First Trust Advisors LP lifted its holdings in First Commonwealth Financial by 67.6% in the second quarter. First Trust Advisors LP now owns 3,597,925 shares of the bank’s stock worth $58,394,000 after buying an additional 1,451,544 shares during the period. Geode Capital Management LLC boosted its position in First Commonwealth Financial by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,528,250 shares of the bank’s stock valued at $41,039,000 after acquiring an additional 56,324 shares in the last quarter. Finally, Millennium Management LLC boosted its position in First Commonwealth Financial by 112.9% during the 3rd quarter. Millennium Management LLC now owns 1,091,740 shares of the bank’s stock valued at $18,614,000 after acquiring an additional 578,893 shares in the last quarter. 72.58% of the stock is currently owned by institutional investors.

First Commonwealth Financial Company Profile

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.