First Commonwealth Financial (NYSE:FCF) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

First Commonwealth Financial (NYSE:FCF) posted its earnings results on Tuesday. The bank reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02, Zacks reports. First Commonwealth Financial had a net margin of 20.00% and a return on equity of 10.12%.

First Commonwealth Financial Price Performance

FCF traded up $0.18 during midday trading on Tuesday, hitting $17.71. The stock had a trading volume of 684,599 shares, compared to its average volume of 580,735. First Commonwealth Financial has a 1 year low of $13.54 and a 1 year high of $18.42. 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 business has a fifty day moving average of $16.95 and a 200 day moving average of $16.80. The company has a market cap of $1.84 billion, a P/E ratio of 12.83 and a beta of 0.79.

First Commonwealth Financial announced that its board has authorized a share buyback program on Monday, December 1st that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the bank to buy up to 1.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at First Commonwealth Financial

In related news, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction on Monday, January 5th. The shares were sold at an average price of $16.74, for a total value 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael P. Mccuen purchased 3,090 shares of the business’s stock in a transaction on Friday, November 21st. The shares were acquired 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 owned 62,111 shares of the company’s stock, valued at approximately $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 have sold 5,555 shares of company stock worth $90,752 over the last three months. Insiders own 2.17% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FCF. The Manufacturers Life Insurance Company increased its stake in shares of First Commonwealth Financial by 0.4% during the second quarter. The Manufacturers Life Insurance Company now owns 300,680 shares of the bank’s stock valued at $4,880,000 after buying an additional 1,068 shares during the period. California State Teachers Retirement System boosted its holdings in First Commonwealth Financial by 1.8% in the second quarter. California State Teachers Retirement System now owns 94,524 shares of the bank’s stock valued at $1,534,000 after acquiring an additional 1,652 shares in the last quarter. Amundi boosted its holdings in First Commonwealth Financial by 13.3% in the third quarter. Amundi now owns 18,932 shares of the bank’s stock valued at $322,000 after acquiring an additional 2,227 shares in the last quarter. Cerity Partners LLC increased its position in First Commonwealth Financial by 22.5% during the 2nd quarter. Cerity Partners LLC now owns 12,847 shares of the bank’s stock valued at $209,000 after purchasing an additional 2,362 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in First Commonwealth Financial by 2,250.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock worth $42,000 after purchasing an additional 2,498 shares in the last quarter. Hedge funds and other institutional investors own 72.58% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on FCF shares. DA Davidson lowered shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Raymond James Financial set a $20.00 target price on First Commonwealth Financial and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Weiss Ratings restated a “buy (b-)” rating on shares of First Commonwealth Financial in a research note on Thursday. Zacks Research downgraded First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 30th. Finally, 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 objective on the stock. Five 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.92.

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.