First Commonwealth Financial Corporation (NYSE:FCF) Short Interest Up 24.3% in January

First Commonwealth Financial Corporation (NYSE:FCF) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totaling 1,862,251 shares, an increase of 24.3% from the December 31st total of 1,498,549 shares. Currently, 1.8% of the company’s stock are short sold. Based on an average daily trading volume, of 539,242 shares, the short-interest ratio is currently 3.5 days. Based on an average daily trading volume, of 539,242 shares, the short-interest ratio is currently 3.5 days. Currently, 1.8% of the company’s stock are short sold.

Insider Activity at First Commonwealth Financial

In other 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 cost of $16.19 per share, with a total value of $50,027.10. Following the completion of the transaction, the executive vice president owned 62,111 shares in the company, valued at $1,005,577.09. This represents a 5.24% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 80,311 shares in the company, valued at approximately $1,344,406.14. The trade was a 2.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,555 shares of company stock valued at $90,752 in the last ninety days. Corporate insiders own 2.17% of the company’s stock.

Institutional Trading of First Commonwealth Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of New Jersey Common Pension Fund D raised its position in First Commonwealth Financial by 9.6% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 138,260 shares of the bank’s stock worth $2,331,000 after acquiring an additional 12,100 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in First Commonwealth Financial by 15.3% during the fourth quarter. Pictet Asset Management Holding SA now owns 15,453 shares of the bank’s stock worth $261,000 after buying an additional 2,051 shares in the last quarter. UBS Group AG grew its position in First Commonwealth Financial by 103.0% during the fourth quarter. UBS Group AG now owns 210,197 shares of the bank’s stock worth $3,544,000 after buying an additional 106,654 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in First Commonwealth Financial by 21.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 41,283 shares of the bank’s stock valued at $696,000 after buying an additional 7,240 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of First Commonwealth Financial by 34.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,860 shares of the bank’s stock valued at $1,060,000 after acquiring an additional 16,003 shares during the period. 72.58% of the stock is owned by hedge funds and other institutional investors.

First Commonwealth Financial Trading Up 1.4%

Shares of FCF stock traded up $0.26 on Wednesday, hitting $18.85. The stock had a trading volume of 957,958 shares, compared to its average volume of 715,809. The company’s 50 day moving average price is $17.20 and its 200-day moving average price is $16.85. First Commonwealth Financial has a 1 year low of $13.54 and a 1 year high of $19.08. The firm has a market capitalization of $1.96 billion, a P/E ratio of 12.91 and a beta of 0.81. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.95 and a quick ratio of 0.92.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings data on Tuesday, January 27th. The bank reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. The business had revenue of $137.82 million during the quarter, compared to the consensus estimate of $135.63 million. First Commonwealth Financial had a return on equity of 10.43% and a net margin of 20.88%.The business’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.35 earnings per share. Analysts anticipate that First Commonwealth Financial will post 1.45 earnings per share for the current year.

First Commonwealth Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 20th. Stockholders of record on Friday, February 6th will be issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, February 6th. First Commonwealth Financial’s payout ratio is presently 36.99%.

First Commonwealth Financial declared that its Board of Directors has approved a share repurchase plan on Monday, December 1st that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the bank to purchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently commented on FCF. Keefe, Bruyette & Woods raised their price target on shares of First Commonwealth Financial from $19.00 to $20.00 and gave the company a “market perform” rating in a research report on Thursday, January 29th. Raymond James Financial set a $20.00 target price on First Commonwealth Financial and gave the company an “outperform” rating in a research report on Wednesday, January 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a report on Thursday, January 22nd. Piper Sandler started coverage on First Commonwealth Financial in a report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 price objective on the stock. Finally, DA Davidson cut First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.75.

About First Commonwealth Financial

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.