First Commonwealth Financial Corporation (NYSE:FCF) Short Interest Up 16.1% in February

First Commonwealth Financial Corporation (NYSE:FCF) was the target of a large growth in short interest in February. As of February 27th, there was short interest totaling 2,204,460 shares, a growth of 16.1% from the February 12th total of 1,898,838 shares. Currently, 2.2% of the shares of the stock are sold short. Based on an average daily volume of 837,792 shares, the days-to-cover ratio is currently 2.6 days. Based on an average daily volume of 837,792 shares, the days-to-cover ratio is currently 2.6 days. Currently, 2.2% of the shares of the stock are sold short.

First Commonwealth Financial Trading Up 0.6%

NYSE:FCF traded up $0.09 on Tuesday, hitting $16.87. 171,514 shares of the stock were exchanged, compared to its average volume of 790,041. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 11.55 and a beta of 0.79. First Commonwealth Financial has a 52 week low of $13.54 and a 52 week high of $19.08. 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 company’s 50-day moving average price is $17.77 and its 200 day moving average price is $17.08.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Wednesday, January 28th. The bank reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. The company had revenue of $137.82 million during the quarter, compared to analysts’ expectations of $135.63 million. First Commonwealth Financial had a net margin of 20.88% and a return on equity of 10.43%. During the same quarter in the previous year, the company earned $0.35 EPS. First Commonwealth Financial’s revenue was up 14.2% on a year-over-year basis. On average, equities research analysts forecast that First Commonwealth Financial will post 1.45 earnings per share for the current year.

First Commonwealth Financial declared that its board has authorized a stock repurchase plan on Monday, December 1st that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the bank to buy up to 1.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

First Commonwealth Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Friday, February 6th were given a dividend of $0.135 per share. The ex-dividend date was Friday, February 6th. This represents a $0.54 annualized dividend and a dividend yield of 3.2%. First Commonwealth Financial’s payout ratio is presently 36.99%.

Wall Street Analysts Forecast Growth

FCF has been the subject of a number of research reports. 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 target price for the company. Weiss Ratings reissued a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Thursday, January 22nd. 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, January 7th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of First Commonwealth Financial from $19.00 to $20.00 and gave the stock a “market perform” rating in a research note on Thursday, January 29th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.75.

Insider Activity

In other news, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $17.58, for a total value of $36,425.76. Following the completion of the transaction, the chief financial officer owned 85,492 shares in the company, valued at approximately $1,502,949.36. The trade was a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jane Grebenc sold 18,598 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $18.85, for a total value of $350,572.30. Following the sale, the executive vice president owned 158,975 shares in the company, valued at approximately $2,996,678.75. This trade represents a 10.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 22,742 shares of company stock valued at $421,683 over the last three months. 2.17% of the stock is currently owned by insiders.

Institutional Trading of First Commonwealth Financial

A number of institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its stake in First Commonwealth Financial by 2,250.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock worth $42,000 after acquiring an additional 2,498 shares during the last quarter. Smithfield Trust Co bought a new stake in First Commonwealth Financial in the fourth quarter valued at approximately $51,000. TD Private Client Wealth LLC raised its holdings in First Commonwealth Financial by 20.7% in the fourth quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank’s stock worth $61,000 after purchasing an additional 621 shares during the period. iSAM Funds UK Ltd bought a new position in shares of First Commonwealth Financial during the third quarter worth $85,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of First Commonwealth Financial by 58.5% in the 3rd quarter. Smartleaf Asset Management LLC now owns 5,285 shares of the bank’s stock valued at $91,000 after buying an additional 1,950 shares during the period. 72.58% of the stock is 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.