First Commonwealth Financial (NYSE:FCF) CFO Sells $45,273.20 in Stock

First Commonwealth Financial Corporation (NYSE:FCF) CFO James Reske sold 2,072 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $21.85, for a total transaction of $45,273.20. Following the sale, the chief financial officer owned 75,132 shares of the company’s stock, valued at $1,641,634.20. This trade represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

First Commonwealth Financial Price Performance

First Commonwealth Financial stock opened at $21.51 on Friday. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 13.20 and a beta of 0.75. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. First Commonwealth Financial Corporation has a 12 month low of $15.00 and a 12 month high of $22.34. The stock’s 50 day moving average is $20.35 and its 200-day moving average is $18.87.

First Commonwealth Financial (NYSE:FCF) last released its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.02. The business had revenue of $139.42 million during the quarter, compared to analysts’ expectations of $137.48 million. First Commonwealth Financial had a return on equity of 10.79% and a net margin of 22.62%. Equities research analysts expect that First Commonwealth Financial Corporation will post 1.73 EPS for the current year.

First Commonwealth Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 7th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.6%. First Commonwealth Financial’s dividend payout ratio (DPR) is currently 34.36%.

Hedge Funds Weigh In On First Commonwealth Financial

Several hedge funds have recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in shares of First Commonwealth Financial by 12.6% during the 1st quarter. Royal Bank of Canada now owns 188,826 shares of the bank’s stock worth $2,935,000 after acquiring an additional 21,108 shares during the period. AQR Capital Management LLC increased its stake in First Commonwealth Financial by 15.0% in the first quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock valued at $3,024,000 after acquiring an additional 25,310 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in First Commonwealth Financial by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,483 shares of the bank’s stock valued at $940,000 after acquiring an additional 2,952 shares during the last quarter. Millennium Management LLC raised its position in First Commonwealth Financial by 700.8% during the first quarter. Millennium Management LLC now owns 384,829 shares of the bank’s stock valued at $5,980,000 after purchasing an additional 336,775 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in First Commonwealth Financial by 9.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank’s stock valued at $3,776,000 after purchasing an additional 21,839 shares in the last quarter. 72.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $25.00 price target (up from $21.00) on shares of First Commonwealth Financial in a research report on Thursday, July 30th. Weiss Ratings reissued a “buy (b)” rating on shares of First Commonwealth Financial in a report on Tuesday, May 19th. Royal Bank Of Canada increased their target price 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. 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. Finally, Keefe, Bruyette & Woods lifted their price target 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. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, First Commonwealth Financial currently has a consensus rating of “Moderate Buy” and an average price target of $24.25.

First Commonwealth Financial Company Profile

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.