First Commonwealth Financial (NYSE:FCF) Upgraded at Raymond James Financial

Raymond James Financial upgraded shares of First Commonwealth Financial (NYSE:FCF) from a market perform rating to an outperform rating in a research note released on Wednesday morning, Marketbeat.com reports. Raymond James Financial currently has $20.00 price target on the bank’s stock.

Other analysts have also issued research reports about the stock. DA Davidson lowered shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Piper Sandler assumed coverage on First Commonwealth Financial in a report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 price objective on the stock. 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 reiterated a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Wednesday, October 8th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, First Commonwealth Financial presently has an average rating of “Moderate Buy” and an average price target of $19.92.

First Commonwealth Financial Stock Performance

NYSE:FCF opened at $17.25 on Wednesday. First Commonwealth Financial has a twelve month low of $13.54 and a twelve month high of $18.28. 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 simple moving average is $16.56 and its 200 day simple moving average is $16.74. The firm has a market capitalization of $1.79 billion, a PE ratio of 12.50 and a beta of 0.79.

First Commonwealth Financial (NYSE:FCF) last issued its earnings results 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 return on equity of 10.12% and a net margin of 20.00%.The business had revenue of $135.98 million for the quarter, compared to analyst estimates of $136.30 million. During the same period in the previous year, the firm posted $0.31 EPS. On average, analysts anticipate that First Commonwealth Financial will post 1.45 EPS 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 issued a dividend of $0.135 per share. The ex-dividend date was Friday, November 7th. This represents a $0.54 annualized dividend and a yield of 3.1%. First Commonwealth Financial’s dividend payout ratio (DPR) is presently 39.13%.

First Commonwealth Financial declared that its Board of Directors has initiated a share buyback program on Monday, December 1st that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the bank to reacquire up to 1.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Michael P. Mccuen acquired 3,090 shares of First Commonwealth Financial stock in a transaction dated Friday, November 21st. The shares were bought at an average cost of $16.19 per share, with a total value of $50,027.10. Following the purchase, the executive vice president owned 62,111 shares in the company, valued at $1,005,577.09. This trade represents a 5.24% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction on Monday, January 5th. The stock was sold at an average price of $16.74, for a total transaction of $34,685.28. Following the transaction, the chief financial officer directly owned 80,311 shares of the company’s stock, valued at $1,344,406.14. This represents a 2.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 5,555 shares of company stock worth $90,752. Insiders own 2.17% of the company’s stock.

Institutional Investors Weigh In On First Commonwealth Financial

Institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its holdings in First Commonwealth Financial by 2,250.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock worth $42,000 after purchasing an additional 2,498 shares in the last quarter. GAMMA Investing LLC grew its position in shares of First Commonwealth Financial by 109.6% during the 2nd quarter. GAMMA Investing LLC now owns 4,438 shares of the bank’s stock worth $72,000 after buying an additional 2,321 shares during the period. iSAM Funds UK Ltd bought a new stake in shares of First Commonwealth Financial in the 3rd quarter valued at $85,000. Smartleaf Asset Management LLC lifted its position in shares of First Commonwealth Financial by 58.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 5,285 shares of the bank’s stock valued at $91,000 after acquiring an additional 1,950 shares during the period. Finally, CWM LLC boosted its stake in First Commonwealth Financial by 10.0% during the second quarter. CWM LLC now owns 8,724 shares of the bank’s stock worth $142,000 after acquiring an additional 792 shares in the last quarter. Institutional investors own 72.58% of the company’s stock.

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.