First Commonwealth Financial (NYSE:FCF) CFO James Reske Sells 2,072 Shares

First Commonwealth Financial Corporation (NYSE:FCF) CFO James Reske sold 2,072 shares of the firm’s 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 of the company’s stock, valued at approximately $1,502,949.36. This represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

First Commonwealth Financial Stock Down 2.2%

Shares of First Commonwealth Financial stock traded down $0.38 on Friday, reaching $17.24. 911,461 shares of the company were exchanged, compared to its average volume of 770,511. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of 11.81 and a beta of 0.79. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.17. First Commonwealth Financial Corporation has a one year low of $13.54 and a one year high of $19.08. The company has a 50-day moving average of $17.78 and a 200 day moving average of $17.11.

First Commonwealth Financial (NYSE:FCF) last released its earnings results on Wednesday, January 28th. The bank reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.02. The business 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%. The firm’s revenue was up 14.2% on a year-over-year basis. During the same period last year, the business earned $0.35 earnings per share. On average, equities research analysts forecast that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current year.

First Commonwealth Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, February 6th were issued a dividend of $0.135 per share. The ex-dividend date was Friday, February 6th. This represents a $0.54 dividend on an annualized basis and a yield of 3.1%. First Commonwealth Financial’s dividend payout ratio (DPR) is presently 36.99%.

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

Hedge Funds Weigh In On First Commonwealth Financial

Several institutional investors and hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its holdings 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 purchasing an additional 2,498 shares during the last quarter. Smithfield Trust Co acquired a new position in First Commonwealth Financial in the 4th quarter valued at $51,000. TD Private Client Wealth LLC grew its holdings in First Commonwealth Financial by 20.7% in the 4th quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank’s stock valued at $61,000 after buying an additional 621 shares in the last quarter. iSAM Funds UK Ltd bought a new position in First Commonwealth Financial during the 3rd quarter worth $85,000. Finally, Smartleaf Asset Management LLC increased its position in First Commonwealth Financial by 58.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 5,285 shares of the bank’s stock worth $91,000 after buying an additional 1,950 shares during the period. Institutional investors and hedge funds own 72.58% of the company’s stock.

Wall Street Analysts Forecast Growth

FCF has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods boosted their target price on First Commonwealth Financial from $19.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, January 29th. Piper Sandler assumed coverage on First Commonwealth Financial in a research note on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 price target on the stock. Finally, Raymond James Financial set a $20.00 price target on First Commonwealth Financial and gave the company an “outperform” rating in a report on Wednesday, January 7th. Four analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.75.

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.