First Commonwealth Financial (NYSE:FCF) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
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. “
A number of other research firms have also commented on FCF. DA Davidson assumed coverage on First Commonwealth Financial in a research report on Thursday, August 23rd. They issued a “neutral” rating and a $18.00 price target on the stock. Raymond James reiterated a “hold” rating on shares of First Commonwealth Financial in a research report on Friday, September 7th. Sandler O’Neill assumed coverage on First Commonwealth Financial in a research report on Thursday, August 30th. They issued a “hold” rating and a $18.00 price target on the stock. Boenning Scattergood reiterated a “hold” rating and issued a $14.00 price target on shares of First Commonwealth Financial in a research report on Wednesday, October 24th. Finally, B. Riley upgraded First Commonwealth Financial from a “neutral” rating to a “buy” rating and reduced their price target for the company from $18.00 to $16.00 in a research report on Thursday, November 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $16.67.
First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, October 23rd. The bank reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). First Commonwealth Financial had a return on equity of 11.00% and a net margin of 22.65%. The firm had revenue of $83.57 million during the quarter, compared to analyst estimates of $84.76 million. During the same period in the previous year, the company earned $0.22 EPS. As a group, research analysts forecast that First Commonwealth Financial will post 1.02 earnings per share for the current fiscal year.
First Commonwealth Financial announced that its Board of Directors has approved a stock repurchase plan on Tuesday, October 23rd that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the bank to reacquire up to 1.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
In other First Commonwealth Financial news, Director Ray T. Charley bought 4,000 shares of the business’s stock in a transaction that occurred on Monday, October 29th. The shares were bought at an average price of $12.90 per share, for a total transaction of $51,600.00. Following the transaction, the director now directly owns 280,041 shares in the company, valued at $3,612,528.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.42% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Willingdon Wealth Management bought a new position in First Commonwealth Financial in the second quarter worth approximately $104,000. Huntington National Bank bought a new position in First Commonwealth Financial in the third quarter worth approximately $170,000. Stevens Capital Management LP bought a new position in First Commonwealth Financial in the third quarter worth approximately $191,000. Bank of Montreal Can bought a new position in First Commonwealth Financial in the second quarter worth approximately $188,000. Finally, McKinley Carter Wealth Services Inc. bought a new position in First Commonwealth Financial in the third quarter worth approximately $209,000. Institutional investors own 69.44% of the company’s stock.
About First Commonwealth Financial
First Commonwealth Financial Corporation, through its subsidiary First Commonwealth Bank, 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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