First Commonwealth Financial (NYSE:FCF) Price Target Raised to $24.00 at Royal Bank Of Canada

First Commonwealth Financial (NYSE:FCF) had its price target increased by analysts at Royal Bank Of Canada from $23.00 to $24.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the bank’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 11.65% from the company’s current price.

Several other equities analysts have also recently commented on the stock. Weiss Ratings restated a “buy (b)” rating on shares of First Commonwealth Financial in a report on Tuesday, May 19th. Piper Sandler reissued an “overweight” rating and set a $25.00 price objective on shares of First Commonwealth Financial in a research report on Thursday. Four investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.25.

First Commonwealth Financial Stock Down 1.4%

Shares of FCF stock traded down $0.29 during trading on Thursday, hitting $21.50. 527,837 shares of the company were exchanged, compared to its average volume of 811,925. The business’s 50-day simple moving average is $19.95 and its 200 day simple moving average is $18.67. First Commonwealth Financial has a twelve month low of $15.00 and a twelve month high of $22.34. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 13.18 and a beta of 0.74. 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 released its quarterly earnings data on Tuesday, July 28th. The bank reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. First Commonwealth Financial had a net margin of 22.62% and a return on equity of 10.82%. The firm had revenue of $139.42 million for the quarter, compared to analyst estimates of $137.48 million. As a group, analysts forecast that First Commonwealth Financial will post 1.71 EPS for the current fiscal year.

Insider Transactions at First Commonwealth Financial

In other news, CFO James R. Reske sold 2,072 shares of the firm’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $20.50, for a total transaction of $42,476.00. Following the transaction, the chief financial officer owned 77,204 shares in the company, valued at approximately $1,582,682. This trade represents a 2.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Norman J. Montgomery sold 12,964 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $18.37, for a total transaction of $238,148.68. Following the completion of the sale, the executive vice president owned 50,104 shares of the company’s stock, valued at $920,410.48. This represents a 20.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 24,430 shares of company stock worth $455,766 in the last 90 days. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC grew its stake in First Commonwealth Financial by 3.0% in the 4th quarter. ProShare Advisors LLC now owns 20,253 shares of the bank’s stock valued at $341,000 after buying an additional 585 shares during the last quarter. TD Private Client Wealth LLC boosted its position in shares of 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 valued at $61,000 after acquiring an additional 621 shares in the last quarter. Rafferty Asset Management LLC boosted its holdings in First Commonwealth Financial by 0.9% during the fourth quarter. Rafferty Asset Management LLC now owns 94,031 shares of the bank’s stock valued at $1,585,000 after purchasing an additional 875 shares in the last quarter. Bill Few Associates Inc. boosted its stake in First Commonwealth Financial by 3.6% in the 2nd quarter. Bill Few Associates Inc. now owns 26,167 shares of the bank’s stock valued at $532,000 after buying an additional 905 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in First Commonwealth Financial by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 300,680 shares of the bank’s stock valued at $4,880,000 after acquiring an additional 1,068 shares during the period. Institutional investors and hedge funds own 72.58% of the company’s stock.

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.