First Commonwealth Financial Corporation (NYSE:FCF) Given Average Rating of “Moderate Buy” by Brokerages

Shares of First Commonwealth Financial Corporation (NYSE:FCF) have been assigned a consensus rating of “Moderate Buy” from the seven analysts that are presently covering the company, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $19.75.

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on First Commonwealth Financial from $19.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, January 29th. Raymond James Financial set a $20.00 target price on shares of First Commonwealth Financial and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of First Commonwealth Financial in a research note on Thursday, January 22nd. Finally, Piper Sandler began coverage on shares of First Commonwealth Financial in a report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 price objective on the stock.

First Commonwealth Financial Stock Performance

NYSE:FCF opened at $17.72 on Tuesday. The company’s 50-day moving average is $17.69 and its two-hundred day moving average is $17.04. First Commonwealth Financial has a 1-year low of $13.54 and a 1-year high of $19.08. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.92. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of 12.13 and a beta of 0.81.

First Commonwealth Financial (NYSE:FCF) last released its quarterly earnings data on Tuesday, January 27th. The bank reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The firm had revenue of $137.82 million for the quarter, compared to analysts’ expectations of $135.63 million. First Commonwealth Financial had a return on equity of 10.43% and a net margin of 20.88%.The firm’s quarterly revenue was up 14.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.35 earnings per share. Analysts forecast that First Commonwealth Financial will post 1.45 EPS for the current year.

First Commonwealth Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 6th were given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Friday, February 6th. First Commonwealth Financial’s dividend payout ratio (DPR) is currently 36.99%.

First Commonwealth Financial announced that its Board of Directors has authorized a share 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 usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, EVP Jane Grebenc sold 18,598 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $18.85, for a total transaction of $350,572.30. Following the transaction, the executive vice president owned 158,975 shares of the company’s stock, valued at approximately $2,996,678.75. This represents a 10.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $16.74, for a total value of $34,685.28. Following the completion of the transaction, the chief financial officer directly owned 80,311 shares of the company’s stock, valued at approximately $1,344,406.14. This represents a 2.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 22,635 shares of company stock worth $417,719. 2.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Commonwealth Financial

Several large investors have recently added to or reduced their stakes in FCF. Royal Bank of Canada boosted its position in First Commonwealth Financial by 12.6% in the 1st quarter. Royal Bank of Canada now owns 188,826 shares of the bank’s stock valued at $2,935,000 after buying an additional 21,108 shares during the period. AQR Capital Management LLC boosted its holdings in First Commonwealth Financial by 15.0% in the first quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock valued at $3,024,000 after purchasing an additional 25,310 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in First Commonwealth Financial by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,483 shares of the bank’s stock worth $940,000 after purchasing an additional 2,952 shares in the last quarter. Millennium Management LLC grew its stake in First Commonwealth Financial by 700.8% during the 1st quarter. Millennium Management LLC now owns 384,829 shares of the bank’s stock worth $5,980,000 after purchasing an additional 336,775 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in First Commonwealth Financial by 9.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank’s stock worth $3,776,000 after purchasing an additional 21,839 shares during the period. 72.58% of the stock is 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.