Insider Selling: First Commonwealth Financial (NYSE:FCF) CFO Sells $49,297.50 in Stock

First Commonwealth Financial Corporation (NYSE:FCF) CFO James Reske sold 2,250 shares of First Commonwealth Financial stock in a transaction on Thursday, November 5th. The stock was sold at an average price of $21.91, for a total transaction of $49,297.50. Following the completion of the transaction, the chief financial officer directly owned 68,738 shares of the company’s stock, valued at approximately $1,506,049.58. This represents a 3.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

First Commonwealth Financial Stock Down 0.1%

FCF stock opened at $20.89 on Monday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.91. First Commonwealth Financial Corporation has a 1-year low of $15.30 and a 1-year high of $22.34. The firm has a fifty day moving average price of $20.77 and a two-hundred day moving average price of $19.52. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 12.36 and a beta of 0.72.

First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, October 27th. The bank reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.01). First Commonwealth Financial had a return on equity of 11.17% and a net margin of 23.06%. The business had revenue of $143.34 million for the quarter, compared to analyst estimates of $141.36 million. Research analysts predict that First Commonwealth Financial Corporation will post 1.74 EPS for the current year.

First Commonwealth Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be paid a dividend of $0.14 per share. The ex-dividend date is Friday, November 6th. This represents a $0.56 annualized dividend and a yield of 2.7%. First Commonwealth Financial’s dividend payout ratio is 33.14%.

Analysts Set New Price Targets

A number of brokerages have commented on FCF. Royal Bank Of Canada lifted their target price on First Commonwealth Financial from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. DA Davidson set a $23.00 price target on First Commonwealth Financial in a research report on Thursday, October 29th. Weiss Ratings raised First Commonwealth Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, November 2nd. Keefe, Bruyette & Woods boosted their price objective 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. Finally, Piper Sandler restated an “overweight” rating and set a $25.00 price objective (up from $21.00) on shares of First Commonwealth Financial in a research note on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $24.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new position in shares of First Commonwealth Financial in the 2nd quarter valued at $22,028,000. Bank of America Corp DE increased its stake in 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 purchasing an additional 273,351 shares in the last quarter. Principal Financial Group Inc. raised its holdings in 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 buying an additional 5,218 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in First Commonwealth Financial by 23.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 283,563 shares of the bank’s stock worth $4,985,000 after buying an additional 54,439 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in First Commonwealth Financial by 453.3% during the 1st quarter. Renaissance Technologies LLC now owns 215,591 shares of the bank’s stock worth $3,790,000 after buying an additional 176,626 shares during the period. Institutional investors and hedge funds own 72.58% of the company’s stock.

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 financial services to consumers, businesses, municipalities and nonprofit organizations.

Its offerings include checking and savings accounts, certificates of deposit, residential and consumer lending, commercial loans, mortgages, treasury management and online and mobile banking. The company also provides wealth management, investment and trust services, along with insurance and other financial solutions through affiliated businesses.

First Commonwealth Bank serves communities primarily in western and central Pennsylvania and northeastern Ohio through a network of community banking offices and digital channels.