First Commonwealth Financial (NYSE:FCF) CFO Sells 2,072 Shares of Stock

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

First Commonwealth Financial Trading Down 0.5%

Shares of NYSE FCF traded down $0.11 during mid-day trading on Thursday, reaching $21.57. The company had a trading volume of 195,438 shares, compared to its average volume of 817,914. The business’s 50-day moving average is $20.25 and its 200-day moving average is $18.82. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 13.24 and a beta of 0.75. First Commonwealth Financial Corporation has a 52 week low of $15.00 and a 52 week high of $22.34.

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

First Commonwealth Financial Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Royal Bank Of Canada increased their price objective on First Commonwealth Financial from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Weiss Ratings reissued a “buy (b)” rating on shares of First Commonwealth Financial in a research report on Tuesday, May 19th. Raymond James Financial restated an “outperform” rating and set a $24.00 price target on shares of First Commonwealth Financial in a research note on Friday, July 31st. Piper Sandler restated an “overweight” rating and set a $25.00 price target (up from $21.00) on shares of First Commonwealth Financial in a research note on Thursday, July 30th. Finally, Keefe, Bruyette & Woods upped their price objective 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. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.25.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FCF. EverSource Wealth Advisors LLC lifted its stake in shares of 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 purchasing an additional 2,498 shares during the last quarter. Smithfield Trust Co purchased a new position in First Commonwealth Financial in the fourth quarter valued at about $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 in the last quarter. iSAM Funds UK Ltd bought a new position in First Commonwealth Financial in the third quarter worth about $85,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of First Commonwealth Financial by 21.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 6,425 shares of the bank’s stock valued at $109,000 after buying an additional 1,140 shares during the last quarter. 72.58% of the stock is currently owned by hedge funds and other 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.