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

Shares of First Commonwealth Financial Corporation (NYSE:FCF) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $19.14 and last traded at $19.1650, with a volume of 285153 shares traded. The stock had previously closed at $18.95.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of First Commonwealth Financial in a research note 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.33.

First Commonwealth Financial Trading Up 0.7%

The firm has a market capitalization of $1.94 billion, a PE ratio of 12.63 and a beta of 0.75. The business has a 50 day moving average price of $18.43 and a 200-day moving average price of $17.70. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.09.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings data on Tuesday, April 28th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.03). The firm had revenue of $133.70 million for the quarter, compared to analyst estimates of $134.32 million. First Commonwealth Financial had a return on equity of 10.56% and a net margin of 21.19%.The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. Analysts expect that First Commonwealth Financial Corporation will post 1.71 earnings per share for the current year.

First Commonwealth Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were issued a dividend of $0.14 per share. This is a boost from First Commonwealth Financial’s previous quarterly dividend of $0.14. This represents a $0.56 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Friday, May 8th. First Commonwealth Financial’s payout ratio is presently 37.09%.

Insider Buying and Selling

In related news, EVP Norman J. Montgomery sold 25,000 shares of First Commonwealth Financial 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 of the company’s stock, valued at approximately $1,156,667.12. The trade was a 28.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $18.52, for a total value of $38,373.44. Following the transaction, the chief financial officer directly owned 81,348 shares of the company’s stock, valued at approximately $1,506,564.96. This represents a 2.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 47,358 shares of company stock valued at $869,573. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On First Commonwealth Financial

Several hedge funds and other institutional investors have recently bought and sold shares of FCF. Royal Bank of Canada raised its holdings in First Commonwealth Financial by 12.6% during the first quarter. Royal Bank of Canada now owns 188,826 shares of the bank’s stock worth $2,935,000 after purchasing an additional 21,108 shares during the last quarter. AQR Capital Management LLC raised its holdings in First Commonwealth Financial by 15.0% during the first quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock worth $3,024,000 after purchasing an additional 25,310 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in First Commonwealth Financial by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,483 shares of the bank’s stock worth $940,000 after buying an additional 2,952 shares in the last quarter. Millennium Management LLC raised its holdings in shares of First Commonwealth Financial by 700.8% in the first quarter. Millennium Management LLC now owns 384,829 shares of the bank’s stock worth $5,980,000 after acquiring an additional 336,775 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of First Commonwealth Financial by 9.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank’s stock worth $3,776,000 after acquiring an additional 21,839 shares during the last quarter. 72.58% of the stock is owned by institutional investors and hedge funds.

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.