Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for First Commonwealth Financial (NYSE:FCF) Stock

First Commonwealth Financial (NYSE:FCF) had its price target lifted by stock analysts at Keefe, Bruyette & Woods from $21.00 to $24.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 11.40% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Royal Bank Of Canada lifted their price objective on First Commonwealth Financial from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Thursday. Weiss Ratings restated a “buy (b)” rating on shares of First Commonwealth Financial in a report on Tuesday, May 19th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $25.00 price target (up from $21.00) on shares of First Commonwealth Financial in a research note on Thursday. Four equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.25.

First Commonwealth Financial Trading Down 1.1%

Shares of First Commonwealth Financial stock opened at $21.54 on Friday. First Commonwealth Financial has a 1 year low of $15.00 and a 1 year high of $22.34. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92. The business has a 50 day moving average price of $20.01 and a 200 day moving average price of $18.70. The company has a market capitalization of $2.19 billion, a P/E ratio of 13.22 and a beta of 0.74.

First Commonwealth Financial (NYSE:FCF) last released its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $139.42 million during the quarter, compared to the consensus estimate of $137.48 million. Sell-side analysts anticipate that First Commonwealth Financial will post 1.71 EPS for the current fiscal year.

Insider Transactions at First Commonwealth Financial

In other news, EVP Michael P. Mccuen sold 5,250 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $18.58, for a total value of $97,545.00. Following the completion of the transaction, the executive vice president directly owned 56,861 shares in the company, valued at approximately $1,056,477.38. This represents a 8.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO James R. Reske sold 2,072 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.50, for a total transaction of $42,476.00. Following the sale, the chief financial officer directly owned 77,204 shares of the company’s stock, valued at $1,582,682. The trade was a 2.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 11,466 shares of company stock valued at $217,617. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Commonwealth Financial

Several institutional investors and hedge funds have recently bought and sold shares of FCF. EverSource Wealth Advisors LLC lifted its position in 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 worth $42,000 after purchasing an additional 2,498 shares during the period. Smithfield Trust Co acquired a new position in First Commonwealth Financial during the fourth quarter worth $51,000. TD Private Client Wealth LLC grew its holdings in shares of First Commonwealth Financial by 20.7% in the 4th quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank’s stock worth $61,000 after purchasing an additional 621 shares during the last quarter. iSAM Funds UK Ltd acquired a new position in First Commonwealth Financial in the third quarter valued at about $85,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of First Commonwealth Financial by 21.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 6,425 shares of the bank’s stock valued at $109,000 after acquiring an additional 1,140 shares during the last quarter. Institutional investors and hedge funds own 72.58% of the company’s stock.

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.