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

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

First Commonwealth Financial Price Performance

FCF stock traded up $0.27 during midday trading on Wednesday, reaching $18.86. The stock had a trading volume of 711,514 shares, compared to its average volume of 702,515. First Commonwealth Financial has a 52-week low of $13.54 and a 52-week high of $19.08. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.17. The company’s fifty day simple moving average is $17.20 and its 200 day simple moving average is $16.85. The company has a market cap of $1.96 billion, a price-to-earnings ratio of 12.91 and a beta of 0.81.

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

First Commonwealth Financial Announces Dividend

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

First Commonwealth Financial declared that its board has approved a stock buyback program on Monday, December 1st that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the bank to reacquire up to 1.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Michael P. Mccuen bought 3,090 shares of First Commonwealth Financial stock in a transaction that occurred on Friday, November 21st. The stock was bought at an average cost of $16.19 per share, with a total value of $50,027.10. Following the acquisition, the executive vice president owned 62,111 shares of the company’s stock, valued at $1,005,577.09. The trade was a 5.24% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO James R. Reske sold 2,072 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer directly 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 position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 5,555 shares of company stock worth $90,752. 2.17% of the stock is owned by insiders.

Institutional Trading of First Commonwealth Financial

Institutional investors have recently modified their holdings of the stock. Amalgamated Bank raised its holdings in First Commonwealth Financial by 2.5% during the second quarter. Amalgamated Bank now owns 29,654 shares of the bank’s stock worth $481,000 after purchasing an additional 716 shares in the last quarter. Bank of Montreal Can boosted its position in shares of First Commonwealth Financial by 3.4% in the second quarter. Bank of Montreal Can now owns 22,304 shares of the bank’s stock worth $362,000 after acquiring an additional 730 shares during the last quarter. CWM LLC raised its holdings in shares of First Commonwealth Financial by 10.0% in the 2nd quarter. CWM LLC now owns 8,724 shares of the bank’s stock worth $142,000 after purchasing an additional 792 shares during the period. PNC Financial Services Group Inc. boosted its position in First Commonwealth Financial by 4.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 17,801 shares of the bank’s stock worth $304,000 after purchasing an additional 802 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its stake in shares of First Commonwealth Financial by 0.8% during the second quarter. State of New Jersey Common Pension Fund D now owns 121,512 shares of the bank’s stock valued at $1,972,000 after purchasing an additional 907 shares during the period. Hedge funds and other institutional investors own 72.58% of the company’s stock.

Analysts Set New Price Targets

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

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.