Key Points
- CFO James Reske sold 2,072 First Commonwealth Financial shares at an average price of $20.52, generating $42,517.44. The Rule 10b5-1 transaction reduced his holdings by 2.84%, leaving him with 70,988 shares.
- First Commonwealth reported quarterly EPS of $0.44, beating estimates of $0.42, while revenue of $139.42 million also exceeded expectations. The company pays a quarterly dividend of $0.14 per share, representing a 2.8% annualized yield.
- Analysts maintain a “Moderate Buy” consensus rating with an average price target of $24.20, compared with the stock’s reported price of $20.09. Institutional investors own 72.58% of the company.
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 Monday, October 5th. The shares were sold at an average price of $20.52, for a total transaction of $42,517.44. Following the completion of the transaction, the chief financial officer owned 70,988 shares of the company's stock, valued at approximately $1,456,673.76. The trade was a 2.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
First Commonwealth Financial Stock Performance
NYSE FCF opened at $20.09 on Wednesday. The company has a fifty day moving average of $21.11 and a two-hundred day moving average of $19.82. The company has a market capitalization of $2.03 billion, a PE ratio of 12.32 and a beta of 0.76. First Commonwealth Financial Corporation has a 1 year low of $15.00 and a 1 year high of $22.34. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92.
First Commonwealth Financial (NYSE:FCF - Get Free Report) last posted its earnings results on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. First Commonwealth Financial had a return on equity of 10.79% and a net margin of 22.62%.The business had revenue of $139.42 million for the quarter, compared to analysts' expectations of $137.48 million. As a group, analysts expect that First Commonwealth Financial Corporation will post 1.72 earnings per share for the current year.
First Commonwealth Financial Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.56 annualized dividend and a yield of 2.8%. First Commonwealth Financial's payout ratio is 34.36%.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on FCF. Piper Sandler restated an "overweight" rating and set a $25.00 target price (up from $21.00) on shares of First Commonwealth Financial in a research report on Thursday, July 30th. Raymond James Financial reiterated an "outperform" rating and issued a $24.00 price target on shares of First Commonwealth Financial in a research report on Friday, July 31st. Keefe, Bruyette & Woods increased their price target on shares of First Commonwealth Financial from $21.00 to $24.00 and gave the stock a "market perform" rating in a research note on Friday, July 31st. Royal Bank Of Canada raised their price objective on shares of 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, Weiss Ratings restated a "buy (b)" rating on shares of First Commonwealth Financial in a research note on Friday, August 14th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $24.20.
Get Our Latest Research Report on FCF
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently modified their holdings of FCF. Waverly Advisors LLC boosted its holdings in First Commonwealth Financial by 1.1% in the 2nd quarter. Waverly Advisors LLC now owns 46,469 shares of the bank's stock worth $945,000 after acquiring an additional 493 shares during the period. Cim Investment Management Inc. raised its stake in shares of First Commonwealth Financial by 7.3% during the second quarter. Cim Investment Management Inc. now owns 11,657 shares of the bank's stock valued at $237,000 after purchasing an additional 789 shares during the period. Bill Few Associates Inc. raised its stake in shares of First Commonwealth Financial by 3.6% during the second quarter. Bill Few Associates Inc. now owns 26,167 shares of the bank's stock valued at $532,000 after purchasing an additional 905 shares during the period. Penn Capital Management Company LLC lifted its position in shares of First Commonwealth Financial by 3.6% during the second quarter. Penn Capital Management Company LLC now owns 28,189 shares of the bank's stock worth $573,000 after purchasing an additional 971 shares in the last quarter. Finally, Illinois Municipal Retirement Fund lifted its position in shares of First Commonwealth Financial by 2.3% during the first quarter. Illinois Municipal Retirement Fund now owns 55,385 shares of the bank's stock worth $974,000 after purchasing an additional 1,244 shares in the last quarter. 72.58% of the stock is currently owned by hedge funds and other institutional investors.
First Commonwealth Financial Company Profile
(
Get Free Report)
First Commonwealth Financial Corporation (NYSE: FCF) is a bank holding company headquartered in Indiana, Pennsylvania. Through its principal subsidiary, First Commonwealth Bank, the company provides community banking and financial services to individuals, businesses, and institutions.
Its offerings include checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, commercial lending, and other credit products. First Commonwealth also provides wealth management, trust, investment, and insurance services through affiliated and specialized business lines.
The company serves customers through banking locations and digital channels in western and central Pennsylvania and eastern Ohio.
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