First Commonwealth Financial (NYSE:FCF) Releases Earnings Results

First Commonwealth Financial (NYSE:FCF) issued its quarterly earnings results on Tuesday. The bank reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02, Zacks reports. First Commonwealth Financial had a net margin of 20.00% and a return on equity of 10.12%.

First Commonwealth Financial Stock Performance

NYSE FCF traded up $0.18 on Tuesday, reaching $17.71. 684,599 shares of the company’s stock traded hands, compared to its average volume of 580,735. The stock has a 50 day moving average price of $16.95 and a 200-day moving average price of $16.80. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of 12.83 and a beta of 0.79. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.94. First Commonwealth Financial has a fifty-two week low of $13.54 and a fifty-two week high of $18.42.

Analyst Ratings Changes

Several equities research analysts have commented on FCF shares. Raymond James Financial set a $20.00 target price on First Commonwealth Financial and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. DA Davidson lowered shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Weiss Ratings reissued a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Thursday. Piper Sandler began coverage on First Commonwealth Financial in a research report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 price target on the stock. Finally, Zacks Research cut First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Five investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, First Commonwealth Financial currently has an average rating of “Moderate Buy” and a consensus target price of $19.92.

Insider Buying and Selling

In related news, EVP Michael P. Mccuen purchased 3,090 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was bought at an average price of $16.19 per share, with a total value of $50,027.10. Following the acquisition, the executive vice president owned 62,111 shares in the company, valued at $1,005,577.09. The trade was a 5.24% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James R. Reske sold 2,072 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $16.74, for a total transaction of $34,685.28. Following the transaction, the chief financial officer owned 80,311 shares of the company’s stock, valued at $1,344,406.14. This represents a 2.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,555 shares of company stock worth $90,752 in the last ninety days. Corporate insiders own 2.17% of the company’s stock.

Institutional Trading of First Commonwealth Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Osaic Holdings Inc. raised its holdings in shares of First Commonwealth Financial by 194.0% in the second quarter. Osaic Holdings Inc. now owns 18,441 shares of the bank’s stock valued at $299,000 after buying an additional 12,169 shares during the last quarter. Brevan Howard Capital Management LP acquired a new position in First Commonwealth Financial in the 2nd quarter valued at about $502,000. Quantinno Capital Management LP increased its position in First Commonwealth Financial by 31.9% in the 2nd quarter. Quantinno Capital Management LP now owns 17,089 shares of the bank’s stock valued at $277,000 after acquiring an additional 4,133 shares during the period. Sei Investments Co. raised its stake in First Commonwealth Financial by 28.5% during the 2nd quarter. Sei Investments Co. now owns 30,231 shares of the bank’s stock valued at $491,000 after acquiring an additional 6,711 shares during the last quarter. Finally, Norges Bank acquired a new stake in First Commonwealth Financial during the 2nd quarter worth approximately $726,000. 72.58% of the stock is owned by institutional investors and hedge funds.

First Commonwealth Financial declared that its Board of Directors has authorized a share repurchase plan on Monday, December 1st that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the bank to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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.