First Commonwealth Financial (NYSE:FCF) Rating Increased to Moderate Buy at Raymond James Financial

Raymond James Financial upgraded shares of First Commonwealth Financial (NYSE:FCF) from a hold rating to a moderate buy rating in a research note published on Wednesday morning, Marketbeat reports. They currently have $20.00 price target on the bank’s stock.

A number of other equities analysts have also recently issued reports on the stock. Zacks Research cut 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 shares of First Commonwealth Financial in a research report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 price target for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Wednesday, October 8th. Finally, DA Davidson cut First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.92.

First Commonwealth Financial Stock Up 0.1%

FCF stock opened at $17.13 on Wednesday. First Commonwealth Financial has a twelve month low of $13.54 and a twelve month high of $18.28. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.17. The company has a market cap of $1.78 billion, a PE ratio of 12.41 and a beta of 0.79. The business’s 50-day simple moving average is $16.48 and its 200 day simple moving average is $16.72.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings data on Tuesday, October 28th. The bank reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The firm had revenue of $135.98 million during the quarter, compared to the consensus estimate 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 in the prior year, the business posted $0.31 EPS. On average, research analysts anticipate that First Commonwealth Financial will post 1.45 earnings per share for the current year.

First Commonwealth Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 21st. Stockholders of record on Friday, November 7th were paid a $0.135 dividend. The ex-dividend date was Friday, November 7th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.2%. First Commonwealth Financial’s dividend payout ratio (DPR) is 39.13%.

First Commonwealth Financial declared that its board has initiated a share buyback plan on Monday, December 1st that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the bank to purchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other First Commonwealth Financial news, CFO James R. Reske sold 2,072 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $16.74, for a total value of $34,685.28. Following the completion of the transaction, the chief financial officer directly owned 80,311 shares of the company’s stock, valued at approximately $1,344,406.14. The trade was a 2.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael P. Mccuen purchased 3,090 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were bought at an average cost of $16.19 per share, for a total transaction of $50,027.10. Following the completion of the purchase, the executive vice president directly owned 62,111 shares of the company’s stock, valued at $1,005,577.09. The trade was a 5.24% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have sold 5,555 shares of company stock worth $90,752. 2.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Commonwealth Financial

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in First Commonwealth Financial by 12.6% during the 1st 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. Cubist Systematic Strategies LLC bought a new stake in shares of First Commonwealth Financial during the first quarter worth approximately $474,000. AQR Capital Management LLC lifted its holdings in First Commonwealth Financial by 15.0% in the first quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock valued at $3,024,000 after buying an additional 25,310 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in First Commonwealth Financial in the first quarter valued at approximately $1,344,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in First Commonwealth Financial by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,483 shares of the bank’s stock valued at $940,000 after acquiring an additional 2,952 shares during the last quarter. Institutional investors own 72.58% of the company’s stock.

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.