First Commonwealth Financial (NYSE:FCF) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of First Commonwealth Financial (NYSE:FCF) from a hold rating to a buy rating in a research note published on Tuesday, Zacks.com reports. Zacks Investment Research currently has $15.00 price objective on the bank’s stock.
According to Zacks, “First Commonwealth Financial Corporation is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Corporation operates two chartered banks, First Commonwealth Bank and Southwest Bank. Personal financial planning and other financial services and insurance products are also provided through First Commonwealth Trust Company and First Commonwealth Insurance Agency. The Corporation also operates through Commonwealth Systems Corporation, a data processing subsidiary. “
FCF has been the topic of a number of other reports. Boenning Scattergood reissued a neutral rating on shares of First Commonwealth Financial in a research note on Thursday, June 20th. B. Riley set a $16.00 target price on shares of First Commonwealth Financial and gave the company a buy rating in a research report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $15.00.
First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. The business had revenue of $89.03 million for the quarter, compared to analysts’ expectations of $88.15 million. First Commonwealth Financial had a net margin of 26.30% and a return on equity of 10.49%. During the same period last year, the firm posted $0.33 earnings per share. As a group, analysts anticipate that First Commonwealth Financial will post 1.1 EPS for the current fiscal year.
A number of institutional investors have recently modified their holdings of FCF. BNP Paribas Arbitrage SA boosted its position in First Commonwealth Financial by 880.7% in the first quarter. BNP Paribas Arbitrage SA now owns 22,841 shares of the bank’s stock valued at $288,000 after buying an additional 20,512 shares in the last quarter. Comerica Bank boosted its position in First Commonwealth Financial by 1.4% in the first quarter. Comerica Bank now owns 97,882 shares of the bank’s stock valued at $1,308,000 after buying an additional 1,351 shares in the last quarter. Texas Permanent School Fund boosted its position in First Commonwealth Financial by 2.9% in the first quarter. Texas Permanent School Fund now owns 66,976 shares of the bank’s stock valued at $844,000 after buying an additional 1,915 shares in the last quarter. California Public Employees Retirement System boosted its position in First Commonwealth Financial by 2.1% in the first quarter. California Public Employees Retirement System now owns 224,712 shares of the bank’s stock valued at $2,831,000 after buying an additional 4,630 shares in the last quarter. Finally, Everence Capital Management Inc. acquired a new position in shares of First Commonwealth Financial during the first quarter worth $160,000. Hedge funds and other institutional investors own 67.06% of the company’s stock.
First Commonwealth Financial Company Profile
First Commonwealth Financial Corporation, through its subsidiaries, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection, IRA accounts, and automated teller machine (ATM) services, as well as Internet, mobile, and telephone banking services.
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