First Commonwealth Financial (NYSE:FCF) Sets New 1-Year High – Here’s Why

First Commonwealth Financial Corporation (NYSE:FCF)’s stock price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $19.14 and last traded at $19.1650, with a volume of 285153 shares traded. The stock had previously closed at $18.95.

Analyst Ratings Changes

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

First Commonwealth Financial Stock Up 0.7%

The company has a debt-to-equity ratio of 0.09, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a 50-day moving average of $18.47 and a 200 day moving average of $17.71. The stock has a market capitalization of $1.94 billion, a price-to-earnings ratio of 12.63 and a beta of 0.75.

First Commonwealth Financial (NYSE:FCF) last released 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 during the quarter, compared to the consensus estimate of $134.32 million. First Commonwealth Financial had a net margin of 21.19% and a return on equity of 10.56%. First Commonwealth Financial’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 EPS. As a group, sell-side analysts forecast that First Commonwealth Financial Corporation will post 1.71 earnings per share for the current fiscal year.

First Commonwealth Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a $0.14 dividend. This is a positive change from First Commonwealth Financial’s previous quarterly dividend of $0.14. This represents a $0.56 annualized dividend and a yield of 2.9%. The ex-dividend date was Friday, May 8th. First Commonwealth Financial’s dividend payout ratio is currently 37.09%.

Insider Buying and Selling at First Commonwealth Financial

In other First Commonwealth Financial news, EVP Norman J. Montgomery sold 12,964 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $18.37, for a total value of $238,148.68. Following the sale, the executive vice president owned 50,104 shares in the company, valued at $920,410.48. This represents a 20.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO James R. Reske sold 2,072 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $18.52, for a total value of $38,373.44. Following the completion of the sale, the chief financial officer owned 81,348 shares in the company, valued at $1,506,564.96. This represents a 2.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 47,358 shares of company stock worth $869,573 over the last 90 days. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FCF. EverSource Wealth Advisors LLC grew its position in shares of First Commonwealth Financial by 2,250.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock valued at $42,000 after purchasing an additional 2,498 shares during the last quarter. Smithfield Trust Co acquired a new position in shares of First Commonwealth Financial in the fourth quarter valued at approximately $51,000. TD Private Client Wealth LLC grew its position in shares of First Commonwealth Financial by 20.7% in the fourth quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank’s stock valued at $61,000 after purchasing an additional 621 shares during the last quarter. iSAM Funds UK Ltd acquired a new position in shares of First Commonwealth Financial in the third quarter valued at approximately $85,000. Finally, Smartleaf Asset Management LLC grew its position in shares of First Commonwealth Financial by 58.5% in the third quarter. Smartleaf Asset Management LLC now owns 5,285 shares of the bank’s stock valued at $91,000 after purchasing an additional 1,950 shares during the last quarter. 72.58% of the stock is owned by institutional investors.

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.