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

First Commonwealth Financial Corporation (NYSE:FCF) has earned a consensus recommendation of “Moderate Buy” from the eight analysts that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $19.9167.

A number of equities analysts recently weighed in on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Wednesday, October 8th. Zacks Research downgraded shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 30th. Piper Sandler initiated coverage on shares of First Commonwealth Financial in a research note on Wednesday, December 17th. They set an “overweight” rating and a $21.00 price target on the stock. Raymond James Financial set a $20.00 price objective on shares of First Commonwealth Financial and gave the company an “outperform” rating in a research report on Wednesday. Finally, DA Davidson lowered First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th.

First Commonwealth Financial Stock Performance

NYSE FCF opened at $17.25 on Monday. The firm has a market cap of $1.79 billion, a P/E ratio of 12.50 and a beta of 0.79. First Commonwealth Financial has a 52-week low of $13.54 and a 52-week high of $18.28. The business’s 50-day moving average price is $16.56 and its 200 day moving average price is $16.74. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.17.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings data on Tuesday, October 28th. The bank reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The company had revenue of $135.98 million for the quarter, compared to analyst estimates of $136.30 million. First Commonwealth Financial had a return on equity of 10.12% and a net margin of 20.00%.During the same period in the previous year, the business posted $0.31 earnings per share. On average, equities research analysts expect that First Commonwealth Financial will post 1.45 earnings per share for the current year.

First Commonwealth Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Friday, November 7th were paid a $0.135 dividend. The ex-dividend date was Friday, November 7th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.1%. First Commonwealth Financial’s payout ratio is 39.13%.

First Commonwealth Financial declared that its Board of Directors has authorized a share buyback program on Monday, December 1st that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the bank to buy up to 1.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at First Commonwealth Financial

In other First Commonwealth Financial news, CFO James R. Reske sold 2,072 shares of the firm’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $16.74, for a total value of $34,685.28. Following the completion of the sale, the chief financial officer owned 80,311 shares of the company’s stock, valued at approximately $1,344,406.14. This trade represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael P. Mccuen purchased 3,090 shares of the stock in a transaction dated Friday, November 21st. The shares were bought at an average cost of $16.19 per share, for a total transaction of $50,027.10. Following the completion of the purchase, the executive vice president owned 62,111 shares in the company, valued at approximately $1,005,577.09. This trade represents a 5.24% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 5,555 shares of company stock valued at $90,752 in the last quarter. 2.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Commonwealth Financial

A number of hedge funds and other institutional investors have recently modified their holdings of FCF. Raymond James Financial Inc. grew its holdings in shares of First Commonwealth Financial by 106.2% in the 1st quarter. Raymond James Financial Inc. now owns 204,795 shares of the bank’s stock worth $3,183,000 after acquiring an additional 105,478 shares during the period. Royal Bank of Canada grew its position in shares of First Commonwealth Financial by 12.6% in the first quarter. Royal Bank of Canada now owns 188,826 shares of the bank’s stock valued at $2,935,000 after purchasing an additional 21,108 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of First Commonwealth Financial during the 1st quarter worth approximately $474,000. AQR Capital Management LLC raised its position in shares of First Commonwealth Financial by 15.0% during the 1st quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock worth $3,024,000 after purchasing an additional 25,310 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in First Commonwealth Financial in the 1st quarter valued at approximately $1,344,000. 72.58% of the stock is currently owned by institutional investors and hedge funds.

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.