First Commonwealth Financial (NYSE:FCF) EVP Jane Grebenc Sells 18,598 Shares of Stock

First Commonwealth Financial Corporation (NYSE:FCF) EVP Jane Grebenc sold 18,598 shares of First Commonwealth Financial stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $18.85, for a total transaction of $350,572.30. Following the completion of the sale, the executive vice president owned 158,975 shares in the company, valued at approximately $2,996,678.75. This trade represents a 10.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

First Commonwealth Financial Stock Down 1.0%

FCF opened at $18.65 on Tuesday. The company has a market cap of $1.94 billion, a PE ratio of 12.77 and a beta of 0.81. First Commonwealth Financial Corporation has a twelve month low of $13.54 and a twelve month high of $19.08. The company has a 50-day moving average price of $17.40 and a 200 day moving average price of $16.91. The company has a quick ratio of 0.92, a current ratio of 0.95 and a debt-to-equity ratio of 0.17.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings data on Tuesday, January 27th. The bank reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. First Commonwealth Financial had a return on equity of 10.43% and a net margin of 20.88%.The company had revenue of $137.82 million during the quarter, compared to analyst estimates of $135.63 million. During the same period in the previous year, the business earned $0.35 EPS. First Commonwealth Financial’s quarterly revenue was up 14.2% on a year-over-year basis. Sell-side analysts expect that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, February 6th will be paid a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Friday, February 6th. First Commonwealth Financial’s dividend payout ratio is currently 36.99%.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on FCF shares. Keefe, Bruyette & Woods upped their target price on shares of First Commonwealth Financial from $19.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, January 29th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a research note on Thursday, January 22nd. Raymond James Financial set a $20.00 price objective on shares of First Commonwealth Financial and gave the company an “outperform” rating in a report on Wednesday, January 7th. DA Davidson cut First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Finally, Piper Sandler assumed coverage on First Commonwealth Financial in a research report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 price target for the company. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $19.75.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. purchased a new position in shares of First Commonwealth Financial during the second quarter worth $411,000. Vest Financial LLC lifted its stake in First Commonwealth Financial by 24.9% during the 2nd quarter. Vest Financial LLC now owns 118,422 shares of the bank’s stock worth $1,922,000 after acquiring an additional 23,622 shares in the last quarter. First Trust Advisors LP lifted its stake in First Commonwealth Financial by 67.6% during the 2nd quarter. First Trust Advisors LP now owns 3,597,925 shares of the bank’s stock worth $58,394,000 after acquiring an additional 1,451,544 shares in the last quarter. Nordea Investment Management AB boosted its holdings in First Commonwealth Financial by 1.2% during the 2nd quarter. Nordea Investment Management AB now owns 218,420 shares of the bank’s stock valued at $3,567,000 after acquiring an additional 2,598 shares during the period. Finally, Edgestream Partners L.P. acquired a new position in First Commonwealth Financial in the 2nd quarter valued at about $5,633,000. 72.58% of the stock is currently 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.