First Commonwealth Financial (NYSE:FCF) was upgraded by investment analysts at ValuEngine from a “sell” rating to a “hold” rating in a report released on Monday.
Other research analysts have also issued reports about the stock. Boenning Scattergood reissued a “hold” rating and set a $14.00 price target on shares of First Commonwealth Financial in a research report on Wednesday, October 24th. Sandler O’Neill raised shares of First Commonwealth Financial from a “hold” rating to a “buy” rating in a research report on Thursday, October 25th. B. Riley raised shares of First Commonwealth Financial from a “neutral” rating to a “buy” rating and dropped their price target for the company from $18.00 to $16.00 in a research report on Thursday, November 8th. Raymond James reissued a “hold” rating on shares of First Commonwealth Financial in a research report on Tuesday, December 11th. Finally, Zacks Investment Research raised shares of First Commonwealth Financial from a “sell” rating to a “hold” rating in a research report on Monday, December 10th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $16.20.
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Shares of First Commonwealth Financial stock traded up $0.19 during trading hours on Monday, reaching $13.86. The company’s stock had a trading volume of 293,043 shares, compared to its average volume of 423,456. First Commonwealth Financial has a one year low of $11.33 and a one year high of $17.91. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 1.55 and a beta of 1.17. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.18.
First Commonwealth Financial (NYSE:FCF) last released its quarterly earnings data on Tuesday, January 29th. The bank reported $0.27 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.27. First Commonwealth Financial had a net margin of 28.22% and a return on equity of 11.52%. The firm had revenue of $85.58 million for the quarter, compared to analyst estimates of $84.90 million. During the same period last year, the firm earned $0.21 earnings per share. On average, research analysts forecast that First Commonwealth Financial will post 1.1 EPS for the current year.
First Commonwealth Financial declared that its board has authorized a share repurchase plan on Tuesday, October 23rd that permits the company to buyback $25.00 million in outstanding shares. This buyback authorization permits the bank to purchase up to 1.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
In other news, Director Luke A. Latimer purchased 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 18th. The shares were bought at an average cost of $12.24 per share, with a total value of $97,920.00. Following the completion of the transaction, the director now directly owns 145,918 shares of the company’s stock, valued at $1,786,036.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.42% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California Public Employees Retirement System increased its holdings in First Commonwealth Financial by 17.4% during the second quarter. California Public Employees Retirement System now owns 267,545 shares of the bank’s stock worth $4,150,000 after buying an additional 39,648 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in First Commonwealth Financial by 1.7% during the second quarter. Bank of New York Mellon Corp now owns 1,410,700 shares of the bank’s stock worth $21,879,000 after buying an additional 22,901 shares during the last quarter. Northern Trust Corp increased its holdings in First Commonwealth Financial by 3.3% during the second quarter. Northern Trust Corp now owns 1,603,929 shares of the bank’s stock worth $24,877,000 after buying an additional 50,811 shares during the last quarter. Atria Investments LLC purchased a new stake in First Commonwealth Financial during the third quarter worth about $358,000. Finally, Huntington National Bank purchased a new stake in First Commonwealth Financial during the third quarter worth about $170,000. 69.34% of the stock is currently owned by institutional investors.
First Commonwealth Financial Company Profile
First Commonwealth Financial Corporation, through its subsidiary First Commonwealth Bank, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection, IRA accounts, and automated teller machine (ATM) services, as well as Internet, mobile, and telephone banking services.
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