First Commonwealth Financial (NYSE:FCF) Cut to Sell at Zacks Investment Research

Zacks Investment Research cut shares of First Commonwealth Financial (NYSE:FCF) from a hold rating to a sell rating in a research report sent to investors on Thursday, Zacks.com reports.

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. “

Separately, Boenning Scattergood reissued an outperform rating and issued a $47.75 price objective on shares of WSFS Financial in a research report on Thursday, June 20th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $16.20.

Shares of NYSE:FCF opened at $13.31 on Thursday. The stock has a market capitalization of $1.31 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 1.53 and a beta of 1.16. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.89 and a current ratio of 0.89. First Commonwealth Financial has a 12-month low of $11.33 and a 12-month high of $17.91. The firm’s 50 day moving average is $13.01.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings data on Tuesday, April 23rd. The bank reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by ($0.01). First Commonwealth Financial had a return on equity of 11.25% and a net margin of 27.84%. The business had revenue of $84.80 million during the quarter, compared to analysts’ expectations of $84.91 million. During the same period in the prior year, the firm posted $0.24 EPS. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, analysts anticipate that First Commonwealth Financial will post 1.09 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. Marshall Wace LLP purchased a new position in First Commonwealth Financial in the first quarter worth $1,479,000. Jennison Associates LLC purchased a new position in First Commonwealth Financial in the first quarter worth $671,000. NumerixS Investment Technologies Inc boosted its position in First Commonwealth Financial by 2,233.3% in the first quarter. NumerixS Investment Technologies Inc now owns 7,000 shares of the bank’s stock worth $88,000 after purchasing an additional 6,700 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in First Commonwealth Financial by 0.4% in the first quarter. Parametric Portfolio Associates LLC now owns 1,116,064 shares of the bank’s stock worth $14,062,000 after purchasing an additional 4,994 shares during the last quarter. Finally, Piedmont Investment Advisors Inc. boosted its position in First Commonwealth Financial by 4.9% in the first quarter. Piedmont Investment Advisors Inc. now owns 24,836 shares of the bank’s stock worth $313,000 after purchasing an additional 1,170 shares during the last quarter. 66.57% of the stock is currently owned by institutional investors and hedge funds.

About First Commonwealth Financial

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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