First Commonwealth Financial (NYSE:FCF) CFO James Reske Sells 2,072 Shares of Stock

First Commonwealth Financial Corporation (NYSE:FCF) CFO James Reske sold 2,072 shares of the stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $21.25, for a total transaction of $44,030.00. Following the sale, the chief financial officer owned 73,060 shares of the company’s stock, valued at approximately $1,552,525. This represents a 2.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

First Commonwealth Financial Price Performance

Shares of FCF stock opened at $21.39 on Friday. The firm has a market cap of $2.16 billion, a P/E ratio of 13.12 and a beta of 0.74. The business’s 50 day moving average price is $21.00 and its 200-day moving average price is $19.29. First Commonwealth Financial Corporation has a fifty-two week low of $15.00 and a fifty-two week high of $22.34. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.92.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. The company had revenue of $139.42 million for the quarter, compared to analysts’ expectations of $137.48 million. First Commonwealth Financial had a net margin of 22.62% and a return on equity of 10.79%. On average, equities research analysts anticipate that First Commonwealth Financial Corporation will post 1.73 earnings per share for the current year.

First Commonwealth Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were 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 was Friday, August 7th. First Commonwealth Financial’s dividend payout ratio is 34.36%.

Institutional Investors Weigh In On First Commonwealth Financial

Several institutional investors and hedge funds have recently modified their holdings of FCF. ProShare Advisors LLC lifted its stake in First Commonwealth Financial by 3.0% in the 4th quarter. ProShare Advisors LLC now owns 20,253 shares of the bank’s stock worth $341,000 after purchasing an additional 585 shares in the last quarter. TD Private Client Wealth LLC grew its position in First Commonwealth Financial by 20.7% in the fourth quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank’s stock worth $61,000 after acquiring an additional 621 shares in the last quarter. Rafferty Asset Management LLC increased its position in shares of First Commonwealth Financial by 0.9% during the 4th quarter. Rafferty Asset Management LLC now owns 94,031 shares of the bank’s stock valued at $1,585,000 after purchasing an additional 875 shares during the last quarter. Bill Few Associates Inc. increased its position in First Commonwealth Financial by 3.6% during the second quarter. Bill Few Associates Inc. now owns 26,167 shares of the bank’s stock valued at $532,000 after acquiring an additional 905 shares during the last quarter. Finally, Penn Capital Management Company LLC raised its position in First Commonwealth Financial by 3.6% in the 2nd quarter. Penn Capital Management Company LLC now owns 28,189 shares of the bank’s stock worth $573,000 after purchasing an additional 971 shares during the period. Institutional investors own 72.58% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Raymond James Financial reaffirmed an “outperform” rating and set a $24.00 price target on shares of First Commonwealth Financial in a report on Friday, July 31st. Piper Sandler reaffirmed an “overweight” rating and set a $25.00 price target (up from $21.00) on shares of First Commonwealth Financial in a report on Thursday, July 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of First Commonwealth Financial in a research note on Friday, August 14th. Royal Bank Of Canada boosted their price objective on shares of First Commonwealth Financial from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of First Commonwealth Financial from $21.00 to $24.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Four research 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, First Commonwealth Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.25.

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.