Short Interest in First Commonwealth Financial Corporation (NYSE:FCF) Declines By 30.1%

First Commonwealth Financial Corporation (NYSE:FCF) was the recipient of a large decline in short interest in March. As of March 31st, there was short interest totaling 2,207,351 shares, a decline of 30.1% from the March 15th total of 3,157,986 shares. Approximately 2.2% of the company’s stock are short sold. Based on an average trading volume of 1,338,147 shares, the days-to-cover ratio is currently 1.6 days.

Insider Activity at First Commonwealth Financial

In related news, CFO James R. Reske sold 2,072 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $17.86, for a total transaction of $37,005.92. Following the completion of the transaction, the chief financial officer owned 83,420 shares in the company, valued at $1,489,881.20. The trade was a 2.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jane Grebenc sold 18,598 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $18.85, for a total transaction of $350,572.30. Following the transaction, the executive vice president owned 158,975 shares of the company’s stock, valued at approximately $2,996,678.75. This trade represents a 10.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 22,742 shares of company stock valued at $424,004. 1.90% of the stock is currently owned by company insiders.

Institutional Trading of First Commonwealth Financial

Several large investors have recently made changes to their positions in FCF. EverSource Wealth Advisors LLC boosted its holdings in shares of First Commonwealth Financial by 2,250.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock valued at $42,000 after acquiring an additional 2,498 shares during the last quarter. Smithfield Trust Co purchased a new stake in shares of First Commonwealth Financial in the 4th quarter valued at $51,000. TD Private Client Wealth LLC boosted its holdings in shares of First Commonwealth Financial by 20.7% in the 4th quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank’s stock valued at $61,000 after acquiring an additional 621 shares during the last quarter. iSAM Funds UK Ltd purchased a new stake in shares of First Commonwealth Financial in the 3rd quarter valued at $85,000. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of First Commonwealth Financial by 58.5% in the 3rd quarter. Smartleaf Asset Management LLC now owns 5,285 shares of the bank’s stock valued at $91,000 after acquiring an additional 1,950 shares during the last quarter. 72.58% of the stock is owned by hedge funds and other institutional investors.

First Commonwealth Financial Stock Up 0.5%

NYSE:FCF opened at $18.82 on Tuesday. The company has a market cap of $1.92 billion, a PE ratio of 12.89 and a beta of 0.76. First Commonwealth Financial has a twelve month low of $13.77 and a twelve month high of $19.08. The company has a current ratio of 0.95, a quick ratio of 0.92 and a debt-to-equity ratio of 0.17. The company’s 50 day moving average is $17.81 and its two-hundred day moving average is $17.09.

First Commonwealth Financial (NYSE:FCF) last released its earnings results on Wednesday, January 28th. The bank reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.02. The company had revenue of $137.82 million for the quarter, compared to the consensus estimate of $135.63 million. First Commonwealth Financial had a net margin of 20.88% and a return on equity of 10.43%. First Commonwealth Financial’s revenue was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.35 EPS. Analysts anticipate that First Commonwealth Financial will post 1.45 EPS for the current year.

First Commonwealth Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 6th were issued a $0.135 dividend. This represents a $0.54 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Friday, February 6th. First Commonwealth Financial’s dividend payout ratio is 36.99%.

Analysts Set New Price Targets

Several research firms have weighed in on FCF. Weiss Ratings reissued a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Thursday, January 22nd. Raymond James Financial set a $20.00 target price on shares of First Commonwealth Financial and gave the stock an “outperform” rating in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods boosted their target price on shares of First Commonwealth Financial from $19.00 to $20.00 and gave the stock a “market perform” rating in a research report on Thursday, January 29th. Finally, Piper Sandler began coverage on shares of First Commonwealth Financial in a research report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.75.

About First Commonwealth Financial

First Commonwealth Financial Corporation, headquartered in Indiana, Pennsylvania, is a bank holding company whose primary subsidiary is First Commonwealth Bank. Established in 1889 as Indiana National Bank, the company has grown through a combination of organic expansion and strategic acquisitions to build a diversified platform of commercial banking, retail banking and wealth management services.

First Commonwealth offers a comprehensive suite of financial products, including deposit accounts, personal and business lending solutions, mortgage origination and servicing, treasury management, and trust and investment services.