Canaccord Genuity cut shares of First Commonwealth Financial (NYSE:FCF) from a buy rating to a speculative buy rating in a report released on Monday, May 8th. They currently have C$4.25 price objective on the bank’s stock, down from their prior price objective of C$4.50.
Several other research firms have also issued reports on FCF. FBR & Co reissued a hold rating on shares of First Commonwealth Financial in a research note on Wednesday, April 26th. Raymond James Financial, Inc. reissued an outperform rating and set a C$4.50 target price on shares of First Commonwealth Financial in a research note on Wednesday, March 1st. Finally, Zacks Investment Research raised First Commonwealth Financial from a hold rating to a buy rating and set a $16.00 target price on the stock in a research note on Monday, January 30th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $8.67.
Shares of First Commonwealth Financial (NYSE:FCF) traded down 0.87% on Monday, reaching $12.47. 262,357 shares of the company’s stock were exchanged. First Commonwealth Financial has a one year low of $8.46 and a one year high of $14.61. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of 17.59 and a beta of 0.96. The company’s 50 day moving average is $12.80 and its 200-day moving average is $13.26.
First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Tuesday, April 25th. The bank reported $0.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.01. First Commonwealth Financial had a return on equity of 8.27% and a net margin of 21.11%. The business had revenue of $68.76 million for the quarter, compared to analyst estimates of $69.45 million. During the same quarter in the prior year, the company posted $0.14 EPS. On average, analysts anticipate that First Commonwealth Financial will post $0.77 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 19th. Stockholders of record on Friday, May 5th were issued a $0.08 dividend. The ex-dividend date was Wednesday, May 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.57%. First Commonwealth Financial’s payout ratio is currently 47.76%.
In other First Commonwealth Financial news, Director Stephen Reid acquired 15,000 shares of the company’s stock in a transaction dated Tuesday, March 28th. The shares were acquired at an average price of $3.38 per share, for a total transaction of $50,700.00. Also, Director Bart E. Johnson bought 3,267 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was purchased at an average cost of $12.88 per share, with a total value of $42,078.96. Following the completion of the transaction, the director now owns 52,220 shares in the company, valued at $672,593.60. The disclosure for this purchase can be found here. In the last quarter, insiders bought 63,570 shares of company stock worth $246,729. Company insiders own 1.58% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Prudential Financial Inc. boosted its stake in shares of First Commonwealth Financial by 9.0% in the third quarter. Prudential Financial Inc. now owns 276,063 shares of the bank’s stock worth $2,786,000 after buying an additional 22,850 shares during the period. BlackRock Inc. boosted its stake in shares of First Commonwealth Financial by 2.7% in the third quarter. BlackRock Inc. now owns 27,014 shares of the bank’s stock worth $272,000 after buying an additional 721 shares during the period. BlackRock Fund Advisors boosted its stake in shares of First Commonwealth Financial by 9.8% in the third quarter. BlackRock Fund Advisors now owns 6,195,357 shares of the bank’s stock worth $62,511,000 after buying an additional 553,542 shares during the period. Rhumbline Advisers boosted its stake in shares of First Commonwealth Financial by 4.3% in the third quarter. Rhumbline Advisers now owns 151,599 shares of the bank’s stock worth $1,530,000 after buying an additional 6,225 shares during the period. Finally, Citadel Advisors LLC boosted its stake in shares of First Commonwealth Financial by 162.9% in the third quarter. Citadel Advisors LLC now owns 32,005 shares of the bank’s stock worth $323,000 after buying an additional 19,832 shares during the period. 62.05% of the stock is owned by hedge funds and other institutional investors.
First Commonwealth Financial Company Profile
First Commonwealth Financial Corporation is a financial holding company. The Company, through its subsidiary, First Commonwealth Bank (the Bank), provides a range of consumer and commercial banking services. The Company also provides trust and wealth management services, and offers insurance products through the Bank and its other operating subsidiaries.
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