First Commonwealth Financial (NYSE:FCF) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

First Commonwealth Financial Corporation (NYSE:FCF)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $17.94 and traded as high as $19.63. First Commonwealth Financial shares last traded at $19.5360, with a volume of 1,320,407 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of First Commonwealth Financial in a research note on Tuesday, May 19th. Three 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.33.

First Commonwealth Financial Price Performance

The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 12.94 and a beta of 0.75. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.93 and a quick ratio of 0.92. The stock’s 50 day simple moving average is $18.79 and its two-hundred day simple moving average is $17.94.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings data on Tuesday, April 28th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.03). The business had revenue of $133.70 million during the quarter, compared to analyst estimates of $134.32 million. First Commonwealth Financial had a net margin of 21.19% and a return on equity of 10.56%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.32 EPS. On average, analysts forecast that First Commonwealth Financial Corporation will post 1.71 earnings per share for the current fiscal year.

First Commonwealth Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were paid a $0.14 dividend. The ex-dividend date of this dividend was Friday, May 8th. This is an increase from First Commonwealth Financial’s previous quarterly dividend of $0.14. This represents a $0.56 dividend on an annualized basis and a yield of 2.9%. First Commonwealth Financial’s payout ratio is presently 37.09%.

Insider Buying and Selling

In other First Commonwealth Financial news, EVP Michael P. Mccuen sold 5,250 shares of First Commonwealth Financial stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $18.58, for a total transaction of $97,545.00. Following the sale, the executive vice president directly owned 56,861 shares of the company’s stock, valued at approximately $1,056,477.38. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Norman J. Montgomery sold 25,000 shares of First Commonwealth Financial stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $18.34, for a total value of $458,500.00. Following the sale, the executive vice president directly owned 63,068 shares in the company, valued at $1,156,667.12. The trade was a 28.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 49,430 shares of company stock valued at $908,796 over the last quarter. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On First Commonwealth Financial

Several hedge funds and other institutional investors have recently modified their holdings of FCF. Wellington Management Group LLP bought a new position in shares of First Commonwealth Financial during the 4th quarter worth approximately $15,685,000. Millennium Management LLC grew its position in First Commonwealth Financial by 112.9% in the third 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 during the period. Bank of America Corp DE raised its stake in First Commonwealth Financial by 95.4% during the first quarter. Bank of America Corp DE now owns 559,989 shares of the bank’s stock worth $9,845,000 after acquiring an additional 273,351 shares in the last quarter. State Street Corp raised its stake in First Commonwealth Financial by 4.7% during the fourth quarter. State Street Corp now owns 4,854,021 shares of the bank’s stock worth $81,839,000 after acquiring an additional 216,099 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of First Commonwealth Financial by 453.3% during the first quarter. Renaissance Technologies LLC now owns 215,591 shares of the bank’s stock valued at $3,790,000 after acquiring an additional 176,626 shares during the period. 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.