First Commonwealth Financial (NYSE:FCF) CFO James Reske Sells 2,072 Shares of Company Stock

First Commonwealth Financial Corporation (NYSE:FCF) CFO James Reske sold 2,072 shares of the company’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $20.52, for a total value of $42,517.44. Following the transaction, the chief financial officer directly owned 70,988 shares of the company’s stock, valued at $1,456,673.76. This represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

First Commonwealth Financial Stock Down 0.7%

NYSE FCF traded down $0.15 during trading on Tuesday, hitting $20.23. The stock had a trading volume of 243,022 shares, compared to its average volume of 832,524. First Commonwealth Financial Corporation has a 12 month low of $15.00 and a 12 month high of $22.34. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.92. The company’s 50-day moving average price is $21.13 and its two-hundred day moving average price is $19.79. The company has a market capitalization of $2.04 billion, a PE ratio of 12.41 and a beta of 0.76.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, topping 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 10.79%. The business had revenue of $139.42 million during the quarter, compared to analysts’ expectations of $137.48 million. As a group, sell-side analysts forecast that First Commonwealth Financial Corporation will post 1.72 EPS for the current year.

First Commonwealth Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, August 7th. First Commonwealth Financial’s dividend payout ratio (DPR) is presently 34.36%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Cim Investment Management Inc. raised its stake in First Commonwealth Financial by 7.3% in the 2nd quarter. Cim Investment Management Inc. now owns 11,657 shares of the bank’s stock valued at $237,000 after acquiring an additional 789 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of First Commonwealth Financial by 11.3% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 24,039 shares of the bank’s stock worth $489,000 after acquiring an additional 2,436 shares during the period. Tidal Investments LLC bought a new stake in shares of First Commonwealth Financial during the 2nd quarter valued at $706,000. MCF Advisors LLC purchased a new position in First Commonwealth Financial during the 2nd quarter valued at about $32,000. Finally, Engineers Gate Manager LP increased its position in shares of First Commonwealth Financial by 72.6% during the second quarter. Engineers Gate Manager LP now owns 41,083 shares of the bank’s stock valued at $835,000 after buying an additional 17,283 shares during the period. Institutional investors own 72.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on FCF shares. Weiss Ratings reiterated a “buy (b)” rating on shares of First Commonwealth Financial in a research report on Friday, August 14th. DA Davidson assumed coverage on First Commonwealth Financial in a report on Monday, September 28th. They set a “neutral” rating and a $24.00 price objective on the stock. Piper Sandler restated an “overweight” rating and issued a $25.00 price target (up from $21.00) on shares of First Commonwealth Financial in a research report on Thursday, July 30th. Royal Bank Of Canada lifted their price objective on First Commonwealth Financial from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Finally, 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 note on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $24.20.

About First Commonwealth Financial

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 community banking and financial services to individuals, businesses, and institutions.

Its offerings include checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, commercial lending, and other credit products. First Commonwealth also provides wealth management, trust, investment, and insurance services through affiliated and specialized business lines.

The company serves customers through banking locations and digital channels in western and central Pennsylvania and eastern Ohio.