Key Points
- CFO James Reske sold 2,072 First Commonwealth Financial shares for approximately $44,030 under a pre-arranged Rule 10b5-1 trading plan, reducing his ownership by 2.76% to 73,060 shares.
- First Commonwealth reported quarterly EPS of $0.44, exceeding the $0.42 analyst consensus, while revenue of $139.42 million also topped estimates. The company pays a quarterly dividend of $0.14 per share, representing a 2.6% yield.
- Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $24.25, compared with the stock’s reported price of $21.39.
First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report) CFO James Reske sold 2,072 shares of the company's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $21.25, for a total value of $44,030.00. Following the completion of the sale, the chief financial officer owned 73,060 shares of the company's stock, valued at $1,552,525. This represents a 2.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
First Commonwealth Financial Trading Up 1.1%
NYSE FCF opened at $21.39 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.92. The company's 50-day simple moving average is $21.00 and its two-hundred day simple moving average is $19.29. First Commonwealth Financial Corporation has a one year low of $15.00 and a one year high of $22.34. The company has a market capitalization of $2.16 billion, a price-to-earnings ratio of 13.12 and a beta of 0.74.
First Commonwealth Financial (NYSE:FCF - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The company had revenue of $139.42 million during the quarter, compared to the consensus estimate of $137.48 million. First Commonwealth Financial had a net margin of 22.62% and a return on equity of 10.79%. Equities analysts forecast that First Commonwealth Financial Corporation will post 1.73 EPS for the current fiscal year.
First Commonwealth Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Friday, August 7th. First Commonwealth Financial's payout ratio is 34.36%.
Analyst Ratings Changes
FCF has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of First Commonwealth Financial from $21.00 to $24.00 and gave the company a "market perform" rating in a research report on Friday, July 31st. Raymond James Financial reaffirmed an "outperform" rating and set a $24.00 target price on shares of First Commonwealth Financial in a report on Friday, July 31st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Commonwealth Financial in a report on Friday, August 14th. Royal Bank Of Canada increased their price target on First Commonwealth Financial from $23.00 to $24.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th. Finally, Piper Sandler reissued an "overweight" rating and issued a $25.00 price objective (up from $21.00) on shares of First Commonwealth Financial in a report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $24.25.
Check Out Our Latest Stock Analysis on FCF
Hedge Funds Weigh In On First Commonwealth Financial
Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its position in shares of First Commonwealth Financial by 2,542.8% during the second quarter. California State Teachers Retirement System now owns 2,478,715 shares of the bank's stock worth $50,392,000 after purchasing an additional 2,384,924 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in First Commonwealth Financial in the 2nd quarter valued at $22,028,000. Wellington Management Group LLP acquired a new stake in First Commonwealth Financial during the 4th quarter worth $15,685,000. Millennium Management LLC grew its holdings in shares of First Commonwealth Financial by 112.9% during the third quarter. Millennium Management LLC now owns 1,091,740 shares of the bank's stock worth $18,614,000 after buying an additional 578,893 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in shares of 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 buying an additional 273,351 shares in the last quarter. Hedge funds and other institutional investors own 72.58% of the company's stock.
About First Commonwealth Financial
(
Get Free Report)
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.
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