Keefe, Bruyette & Woods Issues Positive Forecast for First Commonwealth Financial (NYSE:FCF) Stock Price

First Commonwealth Financial (NYSE:FCF) had its price objective lifted by Keefe, Bruyette & Woods from $21.00 to $24.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a market perform rating on the bank’s stock.

FCF has been the subject of a number of other research reports. Royal Bank Of Canada upped their price target on First Commonwealth Financial from $23.00 to $24.00 and gave the company an “outperform” rating in a research report on Thursday. Weiss Ratings reiterated a “buy (b)” rating on shares of First Commonwealth Financial in a research report on Tuesday, May 19th. Finally, Piper Sandler reissued an “overweight” rating and set a $25.00 target price (up from $21.00) on shares of First Commonwealth Financial in a research note on Thursday. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.25.

First Commonwealth Financial Price Performance

Shares of First Commonwealth Financial stock opened at $21.49 on Friday. The company’s fifty day simple moving average is $20.07 and its two-hundred day simple moving average is $18.72. First Commonwealth Financial has a 12-month low of $15.00 and a 12-month high of $22.34. The firm has a market cap of $2.19 billion, a PE ratio of 13.19 and a beta of 0.74. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings data on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. The firm had revenue of $139.42 million during the quarter, compared to the consensus estimate of $137.48 million. First Commonwealth Financial had a net margin of 22.62% and a return on equity of 10.79%. As a group, equities analysts expect that First Commonwealth Financial will post 1.71 EPS for the current year.

First Commonwealth Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, August 7th. First Commonwealth Financial’s payout ratio is presently 34.36%.

Insider Buying and Selling

In other news, EVP Michael P. Mccuen sold 5,250 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $18.58, for a total value of $97,545.00. Following the completion of the transaction, the executive vice president owned 56,861 shares of the company’s stock, valued at approximately $1,056,477.38. This represents a 8.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $20.50, for a total value of $42,476.00. Following the sale, the chief financial officer owned 77,204 shares in the company, valued at $1,582,682. This represents a 2.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 11,466 shares of company stock worth $217,617 in the last quarter. Company insiders own 1.90% of the company’s stock.

Institutional Trading of First Commonwealth Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp lifted its position in First Commonwealth Financial by 4.7% during the 4th quarter. State Street Corp now owns 4,854,021 shares of the bank’s stock valued at $81,839,000 after acquiring an additional 216,099 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of First Commonwealth Financial by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,376,999 shares of the bank’s stock valued at $73,796,000 after purchasing an additional 34,594 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of First Commonwealth Financial by 0.5% during the third quarter. Franklin Resources Inc. now owns 3,943,604 shares of the bank’s stock valued at $67,238,000 after purchasing an additional 21,061 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in shares of First Commonwealth Financial by 6.9% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 2,516,155 shares of the bank’s stock worth $42,422,000 after purchasing an additional 162,079 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of First Commonwealth Financial by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 2,467,460 shares of the bank’s stock worth $41,607,000 after buying an additional 6,421 shares during the last quarter. 72.58% of the stock is owned by hedge funds and other institutional investors.

First Commonwealth Financial News Summary

Here are the key news stories impacting First Commonwealth Financial this week:

• Positive Sentiment: Keefe, Bruyette & Woods raised its price target to $24 from $21 while maintaining a “market perform” rating, implying additional upside from recent trading levels. Benzinga analyst price-target report
• Positive Sentiment: Royal Bank of Canada also lifted its target to $24 from $23 and retained an “outperform” rating, reinforcing expectations for further appreciation. Benzinga analyst price-target report
• Positive Sentiment: Zacks upgraded FCF to Rank #2, or “Buy,” citing improving earnings prospects. The upgrade could attract additional near-term investor interest. Zacks Buy upgrade article
• Positive Sentiment: Management expects net interest margin in the low-4% range, reiterated its $74 million–$76 million quarterly expense outlook, and expanded its share-repurchase authorization. Stable operating guidance and buybacks are supportive for earnings per share. First Commonwealth margin, expense and buyback update
• Positive Sentiment: Recent quarterly results exceeded expectations, with earnings of $0.44 per share versus a $0.42 consensus estimate and revenue of $139.42 million versus $137.48 million. The strong report helped FCF reach a new 52-week high. First Commonwealth earnings and 52-week high article
• Neutral Sentiment: First Commonwealth approved updates to its corporate-governance and proxy rules. The changes modernize shareholder and board procedures but are not expected to materially affect near-term financial results. Corporate governance update

First Commonwealth Financial Company Profile

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.