First Commonwealth Financial Corporation (NYSE:FCF) Short Interest Update

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. Approximately 2.2% of the shares of the stock are sold short. Based on an average daily trading volume, of 837,792 shares, the days-to-cover ratio is presently 2.6 days. Based on an average daily trading volume, of 837,792 shares, the days-to-cover ratio is presently 2.6 days. Approximately 2.2% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods upped their price target on shares of 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 reissued 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 target price on shares of First Commonwealth Financial and gave the stock an “outperform” rating in a report on Wednesday, January 7th. Finally, Piper Sandler started coverage on shares of First Commonwealth Financial in a research report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 target price on the stock. Four investment 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, First Commonwealth Financial presently has an average rating of “Moderate Buy” and an average target price of $19.75.

First Commonwealth Financial Stock Performance

NYSE FCF opened at $16.75 on Wednesday. The company has a market cap of $1.71 billion, a P/E ratio of 11.48 and a beta of 0.79. 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 business’s 50 day moving average price is $17.77 and its 200-day moving average price is $17.07. First Commonwealth Financial has a fifty-two week low of $13.54 and a fifty-two week high of $19.08.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Wednesday, January 28th. The bank reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $137.82 million during 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%.First Commonwealth Financial’s revenue was up 14.2% on a year-over-year basis. During the same period last year, the company earned $0.35 earnings per share. Sell-side analysts predict that First Commonwealth Financial will post 1.45 earnings per share for the current year.

First Commonwealth Financial announced that its board has initiated a stock buyback program on Monday, December 1st that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the bank to buy up to 1.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

First Commonwealth Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 6th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Friday, February 6th. First Commonwealth Financial’s dividend payout ratio (DPR) is 36.99%.

Insider Buying and Selling

In other news, CFO James R. Reske sold 2,072 shares of the stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $17.58, for a total transaction of $36,425.76. Following the completion of the transaction, the chief financial officer directly owned 85,492 shares in the company, valued at approximately $1,502,949.36. This represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jane Grebenc sold 18,598 shares of the firm’s stock in a transaction on Friday, February 6th. The shares were sold at an average price of $18.85, for a total transaction of $350,572.30. Following the completion of the transaction, the executive vice president directly owned 158,975 shares of the company’s stock, 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. In the last ninety days, insiders sold 22,742 shares of company stock worth $421,683. Corporate insiders own 2.17% of the company’s stock.

Hedge Funds Weigh In On First Commonwealth Financial

Several hedge funds have recently added to or reduced their stakes in FCF. First Trust Advisors LP lifted its stake in First Commonwealth Financial by 67.6% in the second quarter. First Trust Advisors LP now owns 3,597,925 shares of the bank’s stock worth $58,394,000 after purchasing an additional 1,451,544 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of First Commonwealth Financial during the fourth quarter valued at approximately $15,685,000. Franklin Resources Inc. grew its stake in shares of First Commonwealth Financial by 22.5% during the second quarter. Franklin Resources Inc. now owns 3,922,543 shares of the bank’s stock valued at $63,663,000 after buying an additional 719,680 shares during the last quarter. Millennium Management LLC raised its holdings in shares of 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 buying an additional 578,893 shares during the period. Finally, Bartlett & CO. Wealth Management LLC raised its holdings in shares of First Commonwealth Financial by 102.1% in the third quarter. Bartlett & CO. Wealth Management LLC now owns 779,194 shares of the bank’s stock worth $13,285,000 after buying an additional 393,681 shares during the period. 72.58% of the stock is currently owned by institutional investors.

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.