First Commonwealth Financial (NYSE:FCF) Reaches New 52-Week High – Here’s Why

First Commonwealth Financial Corporation (NYSE:FCF)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $20.78 and last traded at $20.63, with a volume of 88497 shares changing hands. The stock had previously closed at $20.33.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of First Commonwealth Financial in a report on Tuesday, May 19th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, First Commonwealth Financial currently has an average rating of “Moderate Buy” and an average target price of $20.33.

First Commonwealth Financial Stock Performance

The firm’s fifty day moving average price is $19.01 and its 200 day moving average price is $18.14. The firm has a market cap of $2.12 billion, a P/E ratio of 13.78 and a beta of 0.75. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.93.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings data on Tuesday, April 28th. The bank reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.03). The business had revenue of $133.70 million for the quarter, compared to analysts’ expectations of $134.32 million. First Commonwealth Financial had a net margin of 21.19% and a return on equity of 10.56%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 earnings per share. Sell-side analysts expect that First Commonwealth Financial Corporation will post 1.71 EPS for the current fiscal year.

First Commonwealth Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, May 8th. This is an increase from First Commonwealth Financial’s previous quarterly dividend of $0.14. This represents a $0.56 dividend on an annualized basis and a yield of 2.7%. First Commonwealth Financial’s dividend payout ratio is 37.09%.

Insider Buying and Selling at First Commonwealth Financial

In other First Commonwealth Financial news, CFO James R. Reske sold 2,072 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $18.93, for a total value of $39,222.96. Following the completion of the transaction, the chief financial officer directly owned 79,276 shares in the company, valued at approximately $1,500,694.68. The trade was a 2.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Norman J. Montgomery sold 25,000 shares of the firm’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $18.34, for a total transaction of $458,500.00. Following the completion of the sale, the executive vice president owned 63,068 shares in the company, valued at $1,156,667.12. This represents a 28.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 49,430 shares of company stock worth $908,796 over the last quarter. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC grew its holdings in shares of First Commonwealth Financial by 2,250.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock valued at $42,000 after buying an additional 2,498 shares during the last quarter. Smithfield Trust Co purchased a new position in First Commonwealth Financial in the 4th quarter worth $51,000. TD Private Client Wealth LLC lifted its position in First Commonwealth Financial by 20.7% during the 4th quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank’s stock worth $61,000 after acquiring an additional 621 shares during the period. iSAM Funds UK Ltd acquired a new stake in First Commonwealth Financial during the 3rd quarter worth about $85,000. Finally, GAMMA Investing LLC grew its stake in First Commonwealth Financial by 29.7% during the 4th quarter. GAMMA Investing LLC now owns 6,378 shares of the bank’s stock valued at $108,000 after purchasing an additional 1,460 shares during the last quarter. Hedge funds and other institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Company Profile

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.