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 the firm’s stock in a transaction dated Thursday, November 5th. The shares were 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 in the company, valued at approximately $1,506,049.58. The trade was a 3.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

First Commonwealth Financial Stock Performance

Shares of First Commonwealth Financial stock traded down $0.18 during mid-day trading on Friday, hitting $20.89. 471,671 shares of the stock were exchanged, compared to its average volume of 835,225. First Commonwealth Financial Corporation has a 12 month low of $15.30 and a 12 month high of $22.34. The company has a 50-day simple moving average of $20.77 and a 200 day simple moving average of $19.50. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.91 and a current ratio of 0.92. The company has a market capitalization of $2.11 billion, a P/E 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 the consensus estimate of $141.36 million. Sell-side analysts anticipate that First Commonwealth Financial Corporation will post 1.74 earnings per share for the current fiscal year.

First Commonwealth Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Stockholders of record on Friday, November 6th will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, November 6th. First Commonwealth Financial’s payout ratio is 33.14%.

Analyst Upgrades and Downgrades

FCF has been the subject of several research reports. Royal Bank Of Canada upped their price objective on shares of First Commonwealth Financial from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Thursday, July 30th. Raymond James Financial restated an “outperform” rating and set a $24.00 price target on shares of First Commonwealth Financial in a report on Friday, July 31st. Keefe, Bruyette & Woods upped 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. Weiss Ratings upgraded First Commonwealth Financial from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $25.00 price target (up from $21.00) on shares of First Commonwealth Financial in a report on Thursday, July 30th. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Hedge Funds Weigh In On First Commonwealth Financial

Hedge funds and other institutional investors have recently modified their holdings of the business. Maryland State Retirement & Pension System grew its holdings in shares of First Commonwealth Financial by 51.8% during the third quarter. Maryland State Retirement & Pension System now owns 22,207 shares of the bank’s stock valued at $449,000 after buying an additional 7,574 shares during the last quarter. Vise Technologies Inc. purchased a new stake in shares of First Commonwealth Financial in the third quarter worth about $243,000. Choreo LLC boosted its stake in shares of First Commonwealth Financial by 7.0% in the third quarter. Choreo LLC now owns 11,376 shares of the bank’s stock worth $230,000 after buying an additional 749 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in First Commonwealth Financial during the third quarter worth about $494,000. Finally, Cim Investment Management Inc. grew its holdings in First Commonwealth Financial by 7.3% during the second quarter. Cim Investment Management Inc. now owns 11,657 shares of the bank’s stock worth $237,000 after acquiring an additional 789 shares during the period. 72.58% of the stock is currently owned by institutional investors.

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 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.