First Commonwealth Financial (FCF) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of First Commonwealth Financial (NYSE:FCF) from a sell rating to a hold rating in a research note issued to investors on Monday.
According to Zacks, “First Commonwealth Financial Corporation is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Corporation operates two chartered banks, First Commonwealth Bank and Southwest Bank. Personal financial planning and other financial services and insurance products are also provided through First Commonwealth Trust Company and First Commonwealth Insurance Agency. The Corporation also operates through Commonwealth Systems Corporation, a data processing subsidiary. “
FCF has been the subject of several other research reports. Boenning Scattergood lowered First Commonwealth Financial from a buy rating to a neutral rating in a research note on Thursday, November 1st. Raymond James reaffirmed a hold rating on shares of First Commonwealth Financial in a research note on Friday, September 7th. Sandler O’Neill raised First Commonwealth Financial from a hold rating to a buy rating in a research note on Thursday, October 25th. B. Riley raised First Commonwealth Financial from a neutral rating to a buy rating and cut their target price for the stock from $18.00 to $16.00 in a research note on Thursday, November 8th. Finally, DA Davidson initiated coverage on First Commonwealth Financial in a research note on Thursday, August 23rd. They issued a neutral rating and a $18.00 target price for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $16.67.
First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, October 23rd. The bank reported $0.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.03). The firm had revenue of $83.57 million during the quarter, compared to analysts’ expectations of $84.76 million. First Commonwealth Financial had a return on equity of 11.00% and a net margin of 22.65%. During the same period in the prior year, the company earned $0.22 EPS. Sell-side analysts anticipate that First Commonwealth Financial will post 1.02 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 16th. Stockholders of record on Friday, November 2nd were paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Thursday, November 1st. First Commonwealth Financial’s dividend payout ratio (DPR) is presently 43.90%.
First Commonwealth Financial announced that its board has authorized a share repurchase plan on Tuesday, October 23rd that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 1.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
In related news, Director Ray T. Charley acquired 4,000 shares of the company’s stock in a transaction dated Monday, October 29th. The stock was purchased at an average price of $12.90 per share, with a total value of $51,600.00. Following the completion of the purchase, the director now owns 280,041 shares in the company, valued at approximately $3,612,528.90. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.42% of the company’s stock.
Several large investors have recently added to or reduced their stakes in FCF. BlackRock Inc. boosted its stake in shares of First Commonwealth Financial by 8.7% during the second quarter. BlackRock Inc. now owns 14,063,205 shares of the bank’s stock valued at $218,121,000 after purchasing an additional 1,121,525 shares during the period. WBI Investments Inc. purchased a new stake in shares of First Commonwealth Financial during the second quarter valued at approximately $4,271,000. Renaissance Technologies LLC boosted its stake in shares of First Commonwealth Financial by 19.4% during the third quarter. Renaissance Technologies LLC now owns 1,570,600 shares of the bank’s stock valued at $25,349,000 after purchasing an additional 255,200 shares during the period. Vanguard Group Inc. boosted its stake in shares of First Commonwealth Financial by 2.4% during the third quarter. Vanguard Group Inc. now owns 10,401,264 shares of the bank’s stock valued at $167,876,000 after purchasing an additional 240,823 shares during the period. Finally, WESPAC Advisors LLC purchased a new stake in shares of First Commonwealth Financial during the third quarter valued at approximately $2,419,000. 69.44% of the stock is owned by hedge funds and other institutional investors.
First Commonwealth Financial Company Profile
First Commonwealth Financial Corporation, through its subsidiary First Commonwealth Bank, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection, IRA accounts, and automated teller machine (ATM) services, as well as Internet, mobile, and telephone banking services.
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