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

First Commonwealth Financial Corporation (NYSE:FCF) CFO James Reske sold 2,072 shares of the 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

First Commonwealth Financial Stock Performance

NYSE FCF opened at $17.24 on Friday. The company has a market capitalization of $1.76 billion, a PE ratio of 11.81 and a beta of 0.79. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.92 and a current ratio of 0.95. First Commonwealth Financial Corporation has a 52-week low of $13.54 and a 52-week high of $19.08. The company has a 50-day simple moving average of $17.78 and a 200 day simple moving average of $17.11.

First Commonwealth Financial (NYSE:FCF) last released its earnings results on Wednesday, January 28th. The bank reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. First Commonwealth Financial had a net margin of 20.88% and a return on equity of 10.43%. The firm had revenue of $137.82 million for the quarter, compared to analysts’ expectations of $135.63 million. During the same period in the previous year, the company earned $0.35 earnings per share. The company’s quarterly revenue was up 14.2% on a year-over-year basis. On average, research analysts predict that First Commonwealth Financial Corporation will post 1.45 EPS for the current year.

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

First Commonwealth Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, February 6th were paid a $0.135 dividend. The ex-dividend date was Friday, February 6th. This represents a $0.54 annualized dividend and a yield of 3.1%. First Commonwealth Financial’s dividend payout ratio is presently 36.99%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. First Trust Advisors LP raised its stake in shares of 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 valued at $58,394,000 after purchasing an additional 1,451,544 shares during the period. Edgestream Partners L.P. bought a new position in First Commonwealth Financial in the 2nd quarter worth about $5,633,000. Atlantic Union Bankshares Corp bought a new position in First Commonwealth Financial in the 2nd quarter worth about $3,385,000. Bartlett & CO. Wealth Management LLC grew its holdings in First Commonwealth Financial by 102.1% during the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 779,194 shares of the bank’s stock valued at $13,285,000 after buying an additional 393,681 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in First Commonwealth Financial by 22.5% during the 2nd quarter. Franklin Resources Inc. now owns 3,922,543 shares of the bank’s stock valued at $63,663,000 after buying an additional 719,680 shares in the last quarter. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FCF shares. Keefe, Bruyette & Woods raised their target price 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 started coverage on First Commonwealth Financial in a research report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 price target on the stock. Raymond James Financial set a $20.00 price target on First Commonwealth Financial and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, First Commonwealth Financial currently has an average rating of “Moderate Buy” and a consensus target price of $19.75.

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.