First Commonwealth Financial (NYSE:FCF) Upgraded by Raymond James Financial to “Moderate Buy” Rating

First Commonwealth Financial (NYSE:FCF) was upgraded by analysts at Raymond James Financial from a “hold” rating to a “moderate buy” rating in a research note issued on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Wednesday, October 8th. DA Davidson downgraded shares of 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 report 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 analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.92.

First Commonwealth Financial Trading Up 0.1%

NYSE:FCF opened at $17.13 on Wednesday. The stock has a market cap of $1.78 billion, a PE ratio of 12.41 and a beta of 0.79. First Commonwealth Financial has a fifty-two week low of $13.54 and a fifty-two week high of $18.28. 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 stock’s 50-day moving average is $16.48 and its two-hundred day moving average is $16.72.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings results on Tuesday, October 28th. The bank reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.02). The company had revenue of $135.98 million during the quarter, compared to analysts’ expectations of $136.30 million. First Commonwealth Financial had a return on equity of 10.12% and a net margin of 20.00%.During the same period last year, the company earned $0.31 earnings per share. As a group, equities research analysts forecast that First Commonwealth Financial will post 1.45 earnings per share for the current fiscal year.

First Commonwealth Financial announced that its Board of Directors has initiated a share buyback program on Monday, December 1st that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the bank to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, EVP Michael P. Mccuen purchased 3,090 shares of First Commonwealth Financial stock in a transaction on Friday, November 21st. The stock was bought at an average price of $16.19 per share, with a total value of $50,027.10. Following the completion of the transaction, the executive vice president directly owned 62,111 shares of the company’s stock, valued at approximately $1,005,577.09. This represents a 5.24% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James R. Reske sold 2,072 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $16.74, for a total value of $34,685.28. Following the sale, the chief financial officer owned 80,311 shares of the company’s stock, valued at approximately $1,344,406.14. This trade represents a 2.52% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 5,555 shares of company stock worth $90,752. Corporate insiders own 2.17% of the company’s stock.

Institutional Investors Weigh In On First Commonwealth Financial

A number of large investors have recently added to or reduced their stakes in FCF. EverSource Wealth Advisors LLC raised its position in shares of 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 purchasing an additional 2,498 shares during the period. GAMMA Investing LLC grew its stake in 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 buying an additional 2,321 shares during the last quarter. iSAM Funds UK Ltd acquired a new position in First Commonwealth Financial in the 3rd quarter valued at $85,000. Smartleaf Asset Management LLC raised its holdings in First Commonwealth Financial by 58.5% in 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 during the period. Finally, CWM LLC lifted its position in First Commonwealth Financial by 10.0% during the 2nd quarter. CWM LLC now owns 8,724 shares of the bank’s stock worth $142,000 after acquiring an additional 792 shares during the last quarter. Institutional investors own 72.58% of the company’s stock.

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.