First Commonwealth Financial (NYSE:FCF) Reaches New 12-Month High – Should You Buy?

First Commonwealth Financial Corporation (NYSE:FCF)’s share price reached a new 52-week high on Thursday . The stock traded as high as $21.00 and last traded at $21.0620, with a volume of 32045 shares changing hands. The stock had previously closed at $20.64.

Wall Street Analysts Forecast Growth

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

First Commonwealth Financial Stock Performance

The firm’s 50-day moving average is $19.41 and its 200 day moving average is $18.38. The stock has a market cap of $2.16 billion, a PE ratio of 14.05 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 issued its quarterly earnings results on Tuesday, April 28th. The bank reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.03). First Commonwealth Financial had a return on equity of 10.56% and a net margin of 21.19%.The business had revenue of $133.70 million for the quarter, compared to analyst estimates of $134.32 million. During the same quarter in the prior year, the company earned $0.32 EPS. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. As a group, research analysts anticipate that First Commonwealth Financial Corporation will post 1.71 EPS for the current year.

First Commonwealth Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 8th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.6%. This is a positive change from First Commonwealth Financial’s previous quarterly dividend of $0.14. The ex-dividend date was Friday, May 8th. First Commonwealth Financial’s payout ratio is currently 37.09%.

Insider Buying and Selling

In other First Commonwealth Financial news, EVP Norman J. Montgomery sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The stock was 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 directly owned 63,068 shares of the company’s stock, valued at $1,156,667.12. This represents a 28.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael P. Mccuen sold 5,250 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $18.58, for a total value of $97,545.00. Following the sale, the executive vice president directly owned 56,861 shares of the company’s stock, valued at $1,056,477.38. The trade was a 8.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 49,430 shares of company stock valued at $914,266 over the last quarter. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Commonwealth Financial

Several hedge funds have recently modified their holdings of FCF. EverSource Wealth Advisors LLC increased its stake in First Commonwealth Financial by 2,250.5% in the 2nd 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 period. Smithfield Trust Co purchased a new position in First Commonwealth Financial during the 4th quarter worth $51,000. TD Private Client Wealth LLC lifted its stake in shares of First Commonwealth Financial by 20.7% in 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 shares of First Commonwealth Financial in the 3rd quarter worth $85,000. Finally, GAMMA Investing LLC boosted its holdings in shares of First Commonwealth Financial by 29.7% in the fourth quarter. GAMMA Investing LLC now owns 6,378 shares of the bank’s stock valued at $108,000 after acquiring an additional 1,460 shares in the last quarter. 72.58% of the stock is owned by institutional investors and hedge funds.

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.