Zacks Investment Research cut shares of First Commonwealth Financial Corporation (NYSE:FCF) from a buy rating to a hold rating in a report issued on Monday.

According to Zacks, “First Commonwealth Financial Corporation is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Corporation operates two chartered banks, First Commonwealth Bank and Southwest Bank. Personal financial planning and other financial services and insurance products are also provided through First Commonwealth Trust Company and First Commonwealth Insurance Agency. The Corporation also operates through Commonwealth Systems Corporation, a data processing subsidiary. “

A number of other analysts also recently issued reports on the stock. Canaccord Genuity decreased their price objective on shares of First Commonwealth Financial Corporation from C$4.50 to C$4.25 and set a speculative buy rating for the company in a report on Monday, May 15th. Royal Bank Of Canada started coverage on shares of First Commonwealth Financial Corporation in a report on Monday, July 17th. They set an outperform rating and a $14.00 price objective for the company. BidaskClub downgraded shares of First Commonwealth Financial Corporation from a hold rating to a sell rating in a report on Thursday, June 22nd. Finally, Keefe, Bruyette & Woods restated a hold rating and set a $14.00 price objective on shares of First Commonwealth Financial Corporation in a report on Thursday, August 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. First Commonwealth Financial Corporation presently has a consensus rating of Buy and an average price target of $9.82.

First Commonwealth Financial Corporation (FCF) opened at 12.61 on Monday. The company has a 50-day moving average of $12.78 and a 200-day moving average of $13.01. First Commonwealth Financial Corporation has a 52 week low of $9.62 and a 52 week high of $14.61. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 17.81 and a beta of 0.97.

First Commonwealth Financial Corporation (NYSE:FCF) last posted its quarterly earnings data on Wednesday, July 26th. The bank reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. First Commonwealth Financial Corporation had a net margin of 21.61% and a return on equity of 9.45%. The business had revenue of $76.72 million during the quarter, compared to the consensus estimate of $76.82 million. During the same quarter last year, the company posted $0.14 earnings per share. Equities research analysts forecast that First Commonwealth Financial Corporation will post $0.80 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which was paid on Friday, August 18th. Stockholders of record on Monday, August 7th were paid a $0.08 dividend. The ex-dividend date was Thursday, August 3rd. This represents a $0.32 annualized dividend and a dividend yield of 2.54%. First Commonwealth Financial Corporation’s payout ratio is 45.07%.

Several institutional investors have recently bought and sold shares of the company. Bank of Montreal Can increased its position in First Commonwealth Financial Corporation by 6.5% in the first quarter. Bank of Montreal Can now owns 11,470 shares of the bank’s stock valued at $153,000 after buying an additional 698 shares during the last quarter. AQR Capital Management LLC increased its position in First Commonwealth Financial Corporation by 19.1% in the first quarter. AQR Capital Management LLC now owns 389,862 shares of the bank’s stock valued at $5,170,000 after buying an additional 62,401 shares during the last quarter. Vanguard Group Inc. increased its position in First Commonwealth Financial Corporation by 10.0% in the first quarter. Vanguard Group Inc. now owns 8,687,245 shares of the bank’s stock valued at $115,193,000 after buying an additional 792,067 shares during the last quarter. Swiss National Bank increased its position in First Commonwealth Financial Corporation by 9.5% in the first quarter. Swiss National Bank now owns 162,000 shares of the bank’s stock valued at $2,148,000 after buying an additional 14,000 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in First Commonwealth Financial Corporation by 11.3% in the first quarter. BNP Paribas Arbitrage SA now owns 18,239 shares of the bank’s stock valued at $242,000 after buying an additional 1,850 shares during the last quarter. Hedge funds and other institutional investors own 63.10% of the company’s stock.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation is a financial holding company. The Company, through its subsidiary, First Commonwealth Bank (the Bank), provides a range of consumer and commercial banking services. The Company also provides trust and wealth management services, and offers insurance products through the Bank and its other operating subsidiaries.

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Analyst Recommendations for First Commonwealth Financial Corporation (NYSE:FCF)

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