First Commonwealth Financial (NYSE:FCF) Sets New 1-Year High – Still a Buy?

Shares of First Commonwealth Financial Corporation (NYSE:FCF) hit a new 52-week high during trading on Thursday . The company traded as high as $18.40 and last traded at $18.3650, with a volume of 135098 shares traded. The stock had previously closed at $18.11.

Analyst Upgrades and Downgrades

FCF has been the subject of several analyst reports. Raymond James Financial set a $20.00 price target on shares of First Commonwealth Financial and gave the company an “outperform” rating in a research note on Wednesday, January 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Thursday. DA Davidson cut First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Zacks Research lowered First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Finally, Piper Sandler started coverage on First Commonwealth Financial in a research report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.92.

First Commonwealth Financial Price Performance

The company has a debt-to-equity ratio of 0.17, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of 12.65 and a beta of 0.79. The stock has a 50 day moving average price of $16.91 and a two-hundred day moving average price of $16.80.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results 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 for the quarter, compared to analysts’ expectations of $136.30 million. First Commonwealth Financial had a net margin of 20.00% and a return on equity of 10.12%. During the same quarter last year, the business earned $0.31 earnings per share. As a group, analysts expect that First Commonwealth Financial Corporation will post 1.45 EPS for the current year.

First Commonwealth Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 21st. Investors of record on Friday, November 7th were paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Friday, November 7th. First Commonwealth Financial’s dividend payout ratio is presently 39.13%.

First Commonwealth Financial announced that its board has authorized a share repurchase program on Monday, December 1st that authorizes the company to buyback $25.00 million in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 1.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at First Commonwealth Financial

In related news, CFO James R. Reske sold 2,072 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $16.74, for a total transaction of $34,685.28. Following the sale, the chief financial officer directly owned 80,311 shares in the company, valued at approximately $1,344,406.14. This represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael P. Mccuen bought 3,090 shares of First Commonwealth Financial stock in a transaction that occurred on Friday, November 21st. The stock was purchased at an average cost of $16.19 per share, for a total transaction of $50,027.10. Following the acquisition, the executive vice president owned 62,111 shares of the company’s stock, valued at $1,005,577.09. This represents a 5.24% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 5,555 shares of company stock valued at $90,752 over the last three months. 2.17% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Commonwealth Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in First Commonwealth Financial by 2,250.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock valued at $42,000 after buying an additional 2,498 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of First Commonwealth Financial by 109.6% in the 2nd quarter. GAMMA Investing LLC now owns 4,438 shares of the bank’s stock valued at $72,000 after acquiring an additional 2,321 shares during the last quarter. iSAM Funds UK Ltd purchased a new position in shares of First Commonwealth Financial in the 3rd quarter valued at about $85,000. Smartleaf Asset Management LLC raised its position in shares of First Commonwealth Financial by 58.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 5,285 shares of the bank’s stock worth $91,000 after acquiring an additional 1,950 shares in the last quarter. Finally, CWM LLC lifted its stake in First Commonwealth Financial by 10.0% during the second quarter. CWM LLC now owns 8,724 shares of the bank’s stock worth $142,000 after purchasing an additional 792 shares during the last quarter. 72.58% of the stock is currently owned by institutional investors and hedge funds.

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.