First Commonwealth Financial (NYSE:FCF) Upgraded to “Hold” at DA Davidson

DA Davidson upgraded shares of First Commonwealth Financial (NYSE:FCF) to a hold rating in a research note released on Monday,Zacks reports.

Several other equities research analysts have also recently issued reports on FCF. Keefe, Bruyette & Woods raised their price target on shares of First Commonwealth Financial from $21.00 to $24.00 and gave the stock a “market perform” rating in a research note on Friday, July 31st. Raymond James Financial reissued an “outperform” rating and issued a $24.00 price objective on shares of First Commonwealth Financial in a research report on Friday, July 31st. Weiss Ratings reissued a “buy (b)” rating on shares of First Commonwealth Financial in a research note on Friday, August 14th. Royal Bank Of Canada raised their target price on shares of First Commonwealth Financial from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $25.00 target price (up from $21.00) on shares of First Commonwealth Financial in a research note on Thursday, July 30th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.20.

First Commonwealth Financial Stock Down 1.1%

Shares of NYSE:FCF opened at $20.34 on Monday. 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 has a 52-week low of $15.00 and a 52-week high of $22.34. The stock’s fifty day simple moving average is $21.17 and its 200-day simple moving average is $19.69. The company has a market capitalization of $2.06 billion, a P/E ratio of 12.48 and a beta of 0.74.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings data on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.02. First Commonwealth Financial had a return on equity of 10.79% and a net margin of 22.62%.The business had revenue of $139.42 million for the quarter, compared to analyst estimates of $137.48 million. As a group, equities research analysts forecast that First Commonwealth Financial will post 1.73 earnings per share for the current fiscal year.

First Commonwealth Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were given a $0.14 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.56 annualized dividend and a dividend yield of 2.8%. First Commonwealth Financial’s dividend payout ratio (DPR) is currently 34.36%.

Insider Transactions at First Commonwealth Financial

In related news, CFO James Reske sold 2,072 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $21.25, for a total value of $44,030.00. Following the completion of the sale, the chief financial officer directly owned 73,060 shares in the company, valued at approximately $1,552,525. The trade was a 2.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 6,216 shares of company stock valued at $131,779 in the last ninety days. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Commonwealth Financial

A number of hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC purchased a new position in shares of First Commonwealth Financial in the 2nd quarter worth $29,000. MCF Advisors LLC purchased a new stake in First Commonwealth Financial during the second quarter valued at about $32,000. Public Employees Retirement System of Ohio purchased a new stake in First Commonwealth Financial during the second quarter valued at about $32,000. Blue Trust Inc. increased its stake in First Commonwealth Financial by 136.2% during the first quarter. Blue Trust Inc. now owns 7,125 shares of the bank’s stock worth $125,000 after acquiring an additional 4,108 shares during the last quarter. Finally, DGS Capital Management LLC acquired a new stake in First Commonwealth Financial during the fourth quarter worth about $175,000. Institutional investors and hedge funds own 72.58% of the company’s stock.

First Commonwealth Financial Company Profile

First Commonwealth Financial Corporation is a financial services company headquartered in Indiana, Pennsylvania, and the parent company of First Commonwealth Bank. The bank serves individuals, families, businesses and institutions through a network of community banking offices and digital banking channels.

First Commonwealth Bank provides a range of consumer and commercial banking products, including checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, personal lending, commercial loans and lines of credit.