First Commonwealth Financial (NYSE:FCF) Releases Earnings Results, Beats Estimates By $0.02 EPS

First Commonwealth Financial (NYSE:FCF) announced its quarterly earnings results on Tuesday. The bank reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02, Zacks reports. The firm had revenue of $137.82 million for the quarter, compared to analyst estimates of $135.63 million. First Commonwealth Financial had a return on equity of 10.12% and a net margin of 20.00%.The business’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period last year, the firm posted $0.35 earnings per share.

First Commonwealth Financial Stock Up 1.0%

FCF stock opened at $17.71 on Wednesday. The stock’s 50 day simple moving average is $16.99 and its 200 day simple moving average is $16.81. The company has a market cap of $1.84 billion, a P/E ratio of 12.83 and a beta of 0.79. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 0.94. First Commonwealth Financial has a fifty-two week low of $13.54 and a fifty-two week high of $18.42.

First Commonwealth Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Investors of record on Friday, February 6th will be given a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Friday, February 6th. First Commonwealth Financial’s payout ratio is presently 39.13%.

Analyst Upgrades and Downgrades

FCF has been the subject of several analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Thursday, January 22nd. Piper Sandler assumed coverage on shares of First Commonwealth Financial in a research report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 target price for the company. DA Davidson lowered shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Zacks Research lowered shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Finally, Raymond James Financial set a $20.00 target price on shares of First Commonwealth Financial and gave the stock an “outperform” rating in a research note on Wednesday, January 7th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.92.

First Commonwealth Financial declared that its board has authorized a share repurchase program on Monday, December 1st that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the bank to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at First Commonwealth Financial

In other First Commonwealth Financial news, EVP Michael P. Mccuen purchased 3,090 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was acquired at an average price of $16.19 per share, for a total transaction of $50,027.10. Following the purchase, the executive vice president owned 62,111 shares of the company’s stock, valued at $1,005,577.09. This trade represents a 5.24% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO James R. Reske sold 2,072 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $16.74, for a total transaction of $34,685.28. Following the transaction, the chief financial officer owned 80,311 shares in the company, valued at approximately $1,344,406.14. The trade was a 2.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 5,555 shares of company stock valued at $90,752. Corporate insiders own 2.17% of the company’s stock.

Institutional Investors Weigh In On First Commonwealth Financial

Several hedge funds and other institutional investors have recently made changes to their positions in FCF. Royal Bank of Canada lifted its position in First Commonwealth Financial by 12.6% in the 1st quarter. Royal Bank of Canada now owns 188,826 shares of the bank’s stock valued at $2,935,000 after acquiring an additional 21,108 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of First Commonwealth Financial by 15.0% in the first quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock worth $3,024,000 after purchasing an additional 25,310 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of First Commonwealth Financial by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,483 shares of the bank’s stock worth $940,000 after purchasing an additional 2,952 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of First Commonwealth Financial by 700.8% in the first quarter. Millennium Management LLC now owns 384,829 shares of the bank’s stock valued at $5,980,000 after purchasing an additional 336,775 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of First Commonwealth Financial by 9.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank’s stock valued at $3,776,000 after buying an additional 21,839 shares during the last quarter. 72.58% of the stock is owned by institutional investors.

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.