First Commonwealth Financial Corporation (NYSE:FCF) Stock Has Average Price Target of $24.20

Shares of First Commonwealth Financial Corporation (NYSE:FCF) have been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $24.20.

FCF has been the topic of several research reports. Weiss Ratings restated a “buy (b)” rating on shares of First Commonwealth Financial in a research report on Friday, August 14th. Royal Bank Of Canada boosted their price target on First Commonwealth Financial from $23.00 to $24.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. DA Davidson started coverage on First Commonwealth Financial in a research note on Monday, September 28th. They issued a “neutral” rating and a $24.00 price objective for the company. Raymond James Financial reaffirmed an “outperform” rating and set a $24.00 target price on shares of First Commonwealth Financial in a research note on Friday, July 31st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $25.00 target price (up from $21.00) on shares of First Commonwealth Financial in a report on Thursday, July 30th.

Insiders Place Their Bets

In related news, CFO James Reske sold 2,072 shares of the company’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $20.52, for a total transaction of $42,517.44. Following the completion of the sale, the chief financial officer owned 70,988 shares of the company’s stock, valued at approximately $1,456,673.76. This represents a 2.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 6,216 shares of company stock worth $131,821 in the last quarter. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On First Commonwealth Financial

Institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new position in First Commonwealth Financial during the second quarter worth $22,028,000. Bank of America Corp DE increased its stake in shares of First Commonwealth Financial by 95.4% in the 1st quarter. Bank of America Corp DE now owns 559,989 shares of the bank’s stock worth $9,845,000 after acquiring an additional 273,351 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of First Commonwealth Financial by 1.1% during the 1st quarter. Principal Financial Group Inc. now owns 498,193 shares of the bank’s stock worth $8,758,000 after acquiring an additional 5,218 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of First Commonwealth Financial by 23.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 283,563 shares of the bank’s stock valued at $4,985,000 after purchasing an additional 54,439 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in shares of First Commonwealth Financial by 453.3% in the first quarter. Renaissance Technologies LLC now owns 215,591 shares of the bank’s stock valued at $3,790,000 after purchasing an additional 176,626 shares during the period. Hedge funds and other institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Trading Down 0.8%

Shares of NYSE:FCF opened at $19.90 on Wednesday. The business’s 50 day moving average price is $21.01 and its 200-day moving average price is $19.86. First Commonwealth Financial has a 1 year low of $15.00 and a 1 year high of $22.34. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 12.21 and a beta of 0.76. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, topping 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 company had revenue of $139.42 million during the quarter, compared to analyst estimates of $137.48 million. On average, equities research analysts forecast that First Commonwealth Financial will post 1.72 earnings per share for the current fiscal year.

First Commonwealth Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were given a dividend of $0.14 per share. The ex-dividend date was Friday, August 7th. This represents a $0.56 dividend on an annualized basis and a yield of 2.8%. First Commonwealth Financial’s payout ratio is presently 34.36%.

First Commonwealth Financial Company Profile

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.