First Commonwealth Financial (NYSE:FCF) Shares Cross Above Two Hundred Day Moving Average – Here’s What Happened

First Commonwealth Financial Corporation (NYSE:FCF)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $16.77 and traded as high as $17.73. First Commonwealth Financial shares last traded at $17.5920, with a volume of 484,402 shares.

Analyst Ratings Changes

FCF has been the topic of several research reports. Zacks Research lowered shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Piper Sandler began coverage on First Commonwealth Financial in a report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 target price for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Wednesday, October 8th. DA Davidson lowered First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Raymond James Financial set a $20.00 price objective on First Commonwealth Financial and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.92.

First Commonwealth Financial Price Performance

The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $1.82 billion, a P/E ratio of 12.68 and a beta of 0.79. The business has a fifty day moving average of $16.73 and a 200-day moving average of $16.78.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Tuesday, October 28th. The bank reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The business had revenue of $135.98 million for the quarter, compared to analyst estimates of $136.30 million. First Commonwealth Financial had a return on equity of 10.12% and a net margin of 20.00%.During the same quarter last year, the firm posted $0.31 EPS. On average, sell-side analysts forecast that First Commonwealth Financial Corporation will post 1.45 EPS for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 7th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Friday, November 7th. First Commonwealth Financial’s payout ratio is 39.13%.

First Commonwealth Financial announced that its Board of Directors has authorized a share repurchase program on Monday, December 1st that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the bank to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity at First Commonwealth Financial

In related news, CFO James R. Reske sold 2,072 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The shares were 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 in the company, valued at $1,344,406.14. This trade represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael P. Mccuen bought 3,090 shares of the business’s stock in a transaction on Friday, November 21st. The stock was purchased at an average price of $16.19 per share, with a total value of $50,027.10. Following the completion of the transaction, the executive vice president directly owned 62,111 shares of the company’s stock, valued at $1,005,577.09. This trade represents a 5.24% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold 5,555 shares of company stock valued at $90,752 over the last quarter. Insiders own 2.17% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. First Trust Advisors LP lifted its holdings in First Commonwealth Financial by 67.6% in the 2nd quarter. First Trust Advisors LP now owns 3,597,925 shares of the bank’s stock valued at $58,394,000 after acquiring an additional 1,451,544 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of First Commonwealth Financial by 22.5% in the 2nd quarter. Franklin Resources Inc. now owns 3,922,543 shares of the bank’s stock worth $63,663,000 after purchasing an additional 719,680 shares in the last quarter. Millennium Management LLC lifted its stake in First Commonwealth Financial by 112.9% during the third quarter. Millennium Management LLC now owns 1,091,740 shares of the bank’s stock valued at $18,614,000 after purchasing an additional 578,893 shares during the last quarter. Bartlett & CO. Wealth Management LLC lifted its stake in First Commonwealth Financial by 102.1% during the third quarter. Bartlett & CO. Wealth Management LLC now owns 779,194 shares of the bank’s stock valued at $13,285,000 after purchasing an additional 393,681 shares during the last quarter. Finally, Edgestream Partners L.P. bought a new stake in First Commonwealth Financial during the second quarter worth approximately $5,633,000. 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.