First Commonwealth Financial (NYSE:FCF) Price Target Raised to $20.00

First Commonwealth Financial (NYSE:FCF) had its target price upped by Keefe, Bruyette & Woods from $19.00 to $20.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a market perform rating on the bank’s stock.

Several other research analysts also recently weighed in on FCF. Raymond James Financial set a $20.00 price target on First Commonwealth Financial and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. DA Davidson downgraded shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Piper Sandler started coverage on First Commonwealth Financial in a research report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.75.

First Commonwealth Financial Stock Up 1.4%

Shares of NYSE FCF opened at $18.04 on Thursday. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.17. First Commonwealth Financial has a 52 week low of $13.54 and a 52 week high of $18.42. The firm’s fifty day moving average is $17.12 and its 200 day moving average is $16.83. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 12.36 and a beta of 0.79.

First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, January 27th. The bank reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. The company had revenue of $137.82 million during the quarter, compared to the consensus estimate of $135.63 million. First Commonwealth Financial had a net margin of 20.88% and a return on equity of 10.43%. First Commonwealth Financial’s quarterly revenue was up 14.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. On average, equities research analysts expect that First Commonwealth Financial will post 1.45 earnings per share for the current year.

First Commonwealth Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Shareholders of record on Friday, February 6th will be given a dividend of $0.135 per share. The ex-dividend date is Friday, February 6th. This represents a $0.54 dividend on an annualized basis and a yield of 3.0%. First Commonwealth Financial’s dividend payout ratio is 36.99%.

First Commonwealth Financial announced that its board has initiated a stock repurchase plan on Monday, December 1st that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the bank to purchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at First Commonwealth Financial

In other news, EVP Michael P. Mccuen acquired 3,090 shares of the business’s stock in a transaction on Friday, November 21st. The shares were acquired at an average price of $16.19 per share, for a total transaction of $50,027.10. Following the completion of the transaction, the executive vice president directly owned 62,111 shares of the company’s stock, valued at approximately $1,005,577.09. The trade was a 5.24% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James R. Reske sold 2,072 shares of the business’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $16.74, for a total transaction of $34,685.28. Following the transaction, the chief financial officer owned 80,311 shares in the company, valued at $1,344,406.14. This trade represents a 2.52% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 5,555 shares of company stock worth $90,752. Corporate insiders own 2.17% of the company’s stock.

Hedge Funds Weigh In On First Commonwealth Financial

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