First Commonwealth Financial (NYSE:FCF) Hits New 12-Month High – Here’s Why

First Commonwealth Financial Corporation (NYSE:FCF) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $20.78 and last traded at $20.63, with a volume of 88497 shares traded. The stock had previously closed at $20.33.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “buy (b)” rating on shares of First Commonwealth Financial in a report on Tuesday, May 19th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $20.33.

First Commonwealth Financial Trading Down 1.5%

The company has a market cap of $2.08 billion, a price-to-earnings ratio of 13.54 and a beta of 0.74. The business’s 50 day moving average price is $19.09 and its 200-day moving average price is $18.19. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.93.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Tuesday, April 28th. The bank reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.03). The business had revenue of $133.70 million for the quarter, compared to the consensus estimate of $134.32 million. First Commonwealth Financial had a return on equity of 10.56% and a net margin of 21.19%.The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.32 EPS. On average, research analysts forecast that First Commonwealth Financial Corporation will post 1.71 EPS for the current year.

First Commonwealth Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a dividend of $0.14 per share. This is a boost from First Commonwealth Financial’s previous quarterly dividend of $0.14. The ex-dividend date was Friday, May 8th. This represents a $0.56 annualized dividend and a dividend yield of 2.7%. First Commonwealth Financial’s dividend payout ratio is 37.09%.

Insider Buying and Selling

In other First Commonwealth Financial news, EVP Norman J. Montgomery sold 25,000 shares of the stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $18.34, for a total transaction of $458,500.00. Following the completion of the transaction, the executive vice president directly owned 63,068 shares in the company, valued at $1,156,667.12. This represents a 28.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael P. Mccuen sold 5,250 shares of First Commonwealth Financial stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $18.58, for a total value of $97,545.00. Following the transaction, the executive vice president directly owned 56,861 shares of the company’s stock, valued at approximately $1,056,477.38. The trade was a 8.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 49,430 shares of company stock worth $908,796 in the last 90 days. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Commonwealth Financial

Several large investors have recently made changes to their positions in FCF. Wellington Management Group LLP bought a new stake in First Commonwealth Financial during the 4th quarter worth approximately $15,685,000. Millennium Management LLC grew its holdings in shares of First Commonwealth Financial by 112.9% during the third quarter. Millennium Management LLC now owns 1,091,740 shares of the bank’s stock worth $18,614,000 after purchasing an additional 578,893 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of First Commonwealth Financial by 95.4% during the first quarter. Bank of America Corp DE now owns 559,989 shares of the bank’s stock worth $9,845,000 after purchasing an additional 273,351 shares during the last quarter. State Street Corp grew its holdings in shares of First Commonwealth Financial by 4.7% during the fourth quarter. State Street Corp now owns 4,854,021 shares of the bank’s stock worth $81,839,000 after purchasing an additional 216,099 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of First Commonwealth Financial by 453.3% in the first quarter. Renaissance Technologies LLC now owns 215,591 shares of the bank’s stock valued at $3,790,000 after buying an additional 176,626 shares in the last quarter. Institutional investors own 72.58% of the company’s stock.

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.