Insider Selling: First Commonwealth Financial (NYSE:FCF) CFO Sells $42,517.44 in Stock

First Commonwealth Financial Corporation (NYSE:FCF) CFO James Reske sold 2,072 shares of the business’s stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $20.52, for a total value of $42,517.44. Following the completion of the sale, the chief financial officer owned 70,988 shares in the company, valued at $1,456,673.76. The trade was a 2.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

First Commonwealth Financial Price Performance

NYSE FCF opened at $20.05 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08. First Commonwealth Financial Corporation has a 12-month low of $15.00 and a 12-month high of $22.34. The company has a market capitalization of $2.03 billion, a PE ratio of 12.30 and a beta of 0.76. The firm’s 50 day moving average is $21.04 and its 200-day moving average is $19.86.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. First Commonwealth Financial had a net margin of 22.62% and a return on equity of 10.79%. The firm had revenue of $139.42 million for the quarter, compared to analyst estimates of $137.48 million. Equities research analysts anticipate that First Commonwealth Financial Corporation will post 1.72 earnings per share for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.56 annualized dividend and a yield of 2.8%. First Commonwealth Financial’s dividend payout ratio (DPR) is currently 34.36%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Raymond James Financial restated an “outperform” rating and set a $24.00 target price on shares of First Commonwealth Financial in a research note on Friday, July 31st. DA Davidson assumed coverage on First Commonwealth Financial in a report on Monday, September 28th. They set a “neutral” rating and a $24.00 price objective for the company. Keefe, Bruyette & Woods upped their target price on First Commonwealth Financial from $21.00 to $24.00 and gave the company a “market perform” rating in a research report on Friday, July 31st. Royal Bank Of Canada increased their target price on First Commonwealth Financial from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Finally, Piper Sandler reissued an “overweight” rating and set a $25.00 price target (up from $21.00) on shares of First Commonwealth Financial in a report on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.20.

Institutional Trading of First Commonwealth Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Cim Investment Management Inc. grew its position in shares of First Commonwealth Financial by 7.3% during the 2nd quarter. Cim Investment Management Inc. now owns 11,657 shares of the bank’s stock worth $237,000 after purchasing an additional 789 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of First Commonwealth Financial by 11.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 24,039 shares of the bank’s stock valued at $489,000 after buying an additional 2,436 shares in the last quarter. Tidal Investments LLC bought a new stake in shares of First Commonwealth Financial in the second quarter valued at approximately $706,000. MCF Advisors LLC bought a new stake in shares of First Commonwealth Financial in the second quarter valued at approximately $32,000. Finally, Engineers Gate Manager LP grew its position in First Commonwealth Financial by 72.6% during the second quarter. Engineers Gate Manager LP now owns 41,083 shares of the bank’s stock worth $835,000 after buying an additional 17,283 shares in the last quarter. Institutional investors and hedge funds own 72.58% of the company’s stock.

About First Commonwealth Financial

First Commonwealth Financial Corporation (NYSE: FCF) is a bank holding company headquartered in Indiana, Pennsylvania. Through its principal subsidiary, First Commonwealth Bank, the company provides community banking and financial services to individuals, businesses, and institutions.

Its offerings include checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, commercial lending, and other credit products. First Commonwealth also provides wealth management, trust, investment, and insurance services through affiliated and specialized business lines.

The company serves customers through banking locations and digital channels in western and central Pennsylvania and eastern Ohio.