First Commonwealth Financial Corporation (NYSE:FCF) Short Interest Up 24.3% in January

First Commonwealth Financial Corporation (NYSE:FCF) was the recipient of a significant increase in short interest in January. As of January 15th, there was short interest totaling 1,862,251 shares, an increase of 24.3% from the December 31st total of 1,498,549 shares. Currently, 1.8% of the shares of the stock are short sold. Based on an average trading volume of 539,242 shares, the days-to-cover ratio is currently 3.5 days. Based on an average trading volume of 539,242 shares, the days-to-cover ratio is currently 3.5 days. Currently, 1.8% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FCF. Keefe, Bruyette & Woods increased their price target on First Commonwealth Financial from $19.00 to $20.00 and gave the company a “market perform” rating in a research note on Thursday, January 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Thursday, January 22nd. Raymond James Financial set a $20.00 price target on First Commonwealth Financial and gave the company an “outperform” rating in a research note on Wednesday, January 7th. DA Davidson cut First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Finally, Piper Sandler started coverage on First Commonwealth Financial in a research note on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 price objective for the company. Four analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.75.

First Commonwealth Financial Trading Up 1.7%

Shares of FCF traded up $0.31 during mid-day trading on Tuesday, reaching $18.58. 1,352,399 shares of the company were exchanged, compared to its average volume of 639,883. The business has a 50 day simple moving average of $17.20 and a two-hundred day simple moving average of $16.85. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.92 and a current ratio of 0.95. The stock has a market capitalization of $1.93 billion, a PE ratio of 12.72 and a beta of 0.81. First Commonwealth Financial has a 52 week low of $13.54 and a 52 week high of $18.68.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results on Tuesday, January 27th. The bank reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. First Commonwealth Financial had a return on equity of 10.43% and a net margin of 20.88%.The business had revenue of $137.82 million for the quarter, compared to analysts’ expectations of $135.63 million. During the same period in the prior year, the business posted $0.35 earnings per share. The firm’s revenue was up 14.2% on a year-over-year basis. On average, analysts predict that First Commonwealth Financial will post 1.45 earnings per share for the current fiscal year.

First Commonwealth Financial announced 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 shares. This buyback authorization allows the bank to purchase up to 1.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

First Commonwealth Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Friday, February 6th will be given a dividend of $0.135 per share. The ex-dividend date is Friday, February 6th. This represents a $0.54 annualized dividend and a dividend yield of 2.9%. First Commonwealth Financial’s dividend payout ratio is 36.99%.

Insider Transactions at First Commonwealth Financial

In other news, CFO James R. Reske sold 2,072 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $16.74, for a total value of $34,685.28. Following the sale, the chief financial officer directly owned 80,311 shares in the company, valued at approximately $1,344,406.14. This trade represents a 2.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael P. Mccuen purchased 3,090 shares of the firm’s stock in a transaction that occurred on 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 acquisition, the executive vice president directly owned 62,111 shares in the company, valued at $1,005,577.09. The trade was a 5.24% increase in their position. 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 three months. Company insiders own 2.17% of the company’s stock.

Institutional Investors Weigh In On First Commonwealth Financial

Hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted its holdings in shares of First Commonwealth Financial by 2.4% during the 2nd quarter. State Street Corp now owns 4,734,957 shares of the bank’s stock worth $76,848,000 after buying an additional 112,731 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of First Commonwealth Financial by 0.5% during the 3rd quarter. Franklin Resources Inc. now owns 3,943,604 shares of the bank’s stock valued at $67,238,000 after acquiring an additional 21,061 shares during the period. First Trust Advisors LP boosted its stake in First Commonwealth Financial by 67.6% during the second quarter. First Trust Advisors LP now owns 3,597,925 shares of the bank’s stock worth $58,394,000 after acquiring an additional 1,451,544 shares in the last quarter. Geode Capital Management LLC grew its holdings in First Commonwealth Financial by 2.3% in the second quarter. Geode Capital Management LLC now owns 2,528,250 shares of the bank’s stock worth $41,039,000 after purchasing an additional 56,324 shares during the period. Finally, Millennium Management LLC grew its holdings 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 worth $18,614,000 after purchasing an additional 578,893 shares during the period. 72.58% of the stock is currently owned by institutional investors.

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.