Key Points
- CFO James Reske sold 1,965 shares on Dec. 5 at an average price of $16.52 for $32,461.80, reducing his stake by 2.33% to 82,383 shares.
- The board approved a $25.00 million stock repurchase program on Dec. 1, authorizing buybacks of up to about 1.5% of outstanding shares.
- In the most recent quarter the bank reported $0.39 EPS vs. $0.41 expected and $135.98M revenue vs. $136.30M expected, and it pays a quarterly dividend of $0.135 (annualized $0.54, ~3.3% yield).
First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report) CFO James Reske sold 1,965 shares of the company's stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $16.52, for a total transaction of $32,461.80. Following the sale, the chief financial officer owned 82,383 shares in the company, valued at $1,360,967.16. This represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
First Commonwealth Financial Trading Up 0.8%
FCF opened at $16.62 on Tuesday. The stock has a 50-day moving average of $16.16 and a 200 day moving average of $16.50. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17. First Commonwealth Financial Corporation has a 12 month low of $13.54 and a 12 month high of $18.82. The firm has a market cap of $1.72 billion, a P/E ratio of 12.04 and a beta of 0.82.
First Commonwealth Financial (NYSE:FCF - Get Free Report) last posted its quarterly earnings data on Tuesday, October 28th. The bank reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.02). The company had revenue of $135.98 million during the quarter, compared to the consensus estimate of $136.30 million. First Commonwealth Financial had a net margin of 20.00% and a return on equity of 10.12%. During the same period in the previous year, the business earned $0.31 earnings per share. As a group, research analysts forecast that First Commonwealth Financial Corporation will post 1.45 EPS for the current year.
First Commonwealth Financial Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Friday, November 7th were given a $0.135 dividend. The ex-dividend date was Friday, November 7th. This represents a $0.54 dividend on an annualized basis and a yield of 3.3%. First Commonwealth Financial's dividend payout ratio (DPR) is currently 39.13%.
First Commonwealth Financial declared that its board has approved a stock repurchase program on Monday, December 1st that permits the company to buyback $25.00 million in shares. This buyback authorization permits the bank to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.
Institutional Investors Weigh In On First Commonwealth Financial
Large investors have recently added to or reduced their stakes in the stock. US Bancorp DE lifted its holdings in First Commonwealth Financial by 2,911.4% during the first quarter. US Bancorp DE now owns 2,379 shares of the bank's stock worth $37,000 after buying an additional 2,300 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of 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 acquiring an additional 2,498 shares in the last quarter. GAMMA Investing LLC lifted its stake 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 purchasing an additional 2,321 shares during the last quarter. iSAM Funds UK Ltd purchased a new stake in shares of First Commonwealth Financial during the 3rd quarter worth $85,000. Finally, Smartleaf Asset Management LLC boosted its position in First Commonwealth Financial by 58.5% during the third quarter. Smartleaf Asset Management LLC now owns 5,285 shares of the bank's stock valued at $91,000 after purchasing an additional 1,950 shares in the last quarter. 72.58% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
FCF has been the topic of a number of analyst reports. DA Davidson cut shares of First Commonwealth Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 20th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of First Commonwealth Financial in a research note on Wednesday, October 8th. Finally, Zacks Research lowered shares of First Commonwealth Financial from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 30th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.63.
View Our Latest Report on First Commonwealth Financial
First Commonwealth Financial Company Profile
(
Get Free Report)
First Commonwealth Financial Corporation, a financial holding company, provides various consumer and commercial banking services in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings and health savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection, IRA accounts, and automated teller machine (atm) services, as well as internet, mobile, and telephone banking services.
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