First Commonwealth Financial Corporation (NYSE:FCF) Short Interest Up 43.3% in March

First Commonwealth Financial Corporation (NYSE:FCF) was the target of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 3,157,986 shares, a growth of 43.3% from the February 26th total of 2,204,460 shares. Approximately 3.2% of the shares of the company are short sold. Based on an average trading volume of 1,002,598 shares, the days-to-cover ratio is presently 3.1 days.

First Commonwealth Financial Price Performance

FCF stock traded up $0.08 during mid-day trading on Monday, hitting $17.34. The stock had a trading volume of 750,047 shares, compared to its average volume of 906,702. The firm has a fifty day simple moving average of $17.73 and a 200 day simple moving average of $17.04. The firm has a market capitalization of $1.77 billion, a P/E ratio of 11.88 and a beta of 0.79. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.17. First Commonwealth Financial has a 52 week low of $13.54 and a 52 week high of $19.08.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Wednesday, January 28th. The bank reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The company had revenue of $137.82 million during the quarter, compared to the consensus estimate of $135.63 million. First Commonwealth Financial had a net margin of 20.88% and a return on equity of 10.43%. The firm’s quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.35 EPS. As a group, research analysts forecast that First Commonwealth Financial will post 1.45 EPS for the current year.

First Commonwealth Financial declared that its Board of Directors has initiated a stock buyback plan on Monday, December 1st that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the bank to buy up to 1.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

First Commonwealth Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Friday, February 6th were issued a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, February 6th. First Commonwealth Financial’s dividend payout ratio (DPR) is currently 36.99%.

Analyst Upgrades and Downgrades

FCF has been the topic of several recent research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Thursday, January 22nd. Keefe, Bruyette & Woods increased their price target on First Commonwealth Financial from $19.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, January 29th. Piper Sandler initiated coverage on First Commonwealth Financial in a research note on Wednesday, December 17th. They set an “overweight” rating and a $21.00 price objective on the stock. Finally, Raymond James Financial set a $20.00 price objective on First Commonwealth Financial and gave the company an “outperform” rating in a report on Wednesday, January 7th. Four research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, First Commonwealth Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.75.

Insider Buying and Selling

In related news, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $17.58, for a total transaction of $36,425.76. Following the completion of the sale, the chief financial officer owned 85,492 shares of the company’s stock, valued at approximately $1,502,949.36. The trade was a 2.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jane Grebenc sold 18,598 shares of the company’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $18.85, for a total transaction of $350,572.30. Following the completion of the transaction, the executive vice president owned 158,975 shares in the company, valued at approximately $2,996,678.75. This trade represents a 10.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,742 shares of company stock worth $421,683 over the last three months. 1.90% of the stock is owned by insiders.

Institutional Trading of First Commonwealth Financial

Several institutional investors and hedge funds have recently modified their holdings of FCF. State Street Corp increased its stake in shares of First Commonwealth Financial by 4.7% in the fourth quarter. State Street Corp now owns 4,854,021 shares of the bank’s stock valued at $81,839,000 after buying an additional 216,099 shares during the period. Charles Schwab Investment Management Inc. boosted its position in First Commonwealth Financial by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,376,999 shares of the bank’s stock worth $73,796,000 after buying an additional 34,594 shares during the period. Franklin Resources Inc. grew its holdings in First Commonwealth Financial by 0.5% during the 3rd quarter. Franklin Resources Inc. now owns 3,943,604 shares of the bank’s stock worth $67,238,000 after acquiring an additional 21,061 shares during the last quarter. First Trust Advisors LP grew its holdings in First Commonwealth Financial by 67.6% during the 2nd quarter. First Trust Advisors LP now owns 3,597,925 shares of the bank’s stock worth $58,394,000 after acquiring an additional 1,451,544 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its position in 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 valued at $42,422,000 after acquiring an additional 162,079 shares during the period. 72.58% of the stock is currently owned by institutional investors.

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.