First Commonwealth Financial (NYSE:FCF) Issues Earnings Results, Beats Estimates By $0.02 EPS

First Commonwealth Financial (NYSE:FCF) issued its quarterly earnings results on Tuesday. The bank reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02, FiscalAI reports. The company had revenue of $139.42 million for the quarter, compared to analyst estimates of $137.48 million. First Commonwealth Financial had a return on equity of 10.82% and a net margin of 22.62%.

First Commonwealth Financial Trading Down 1.8%

NYSE FCF traded down $0.40 during mid-day trading on Thursday, reaching $21.39. 285,720 shares of the stock were exchanged, compared to its average volume of 810,215. The stock has a 50 day simple moving average of $19.95 and a 200-day simple moving average of $18.67. First Commonwealth Financial has a one year low of $15.00 and a one year high of $22.34. 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 stock has a market cap of $2.18 billion, a P/E ratio of 13.13 and a beta of 0.74.

First Commonwealth Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 7th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, August 7th. This represents a $0.56 annualized dividend and a dividend yield of 2.6%. First Commonwealth Financial’s dividend payout ratio is 37.09%.

Insider Buying and Selling at First Commonwealth Financial

In other news, EVP Norman J. Montgomery sold 12,964 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were 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 trade represents a 20.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Michael P. Mccuen sold 5,250 shares of First Commonwealth Financial stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $18.58, for a total transaction of $97,545.00. Following the completion of the sale, the executive vice president owned 56,861 shares of the company’s stock, valued at $1,056,477.38. This represents a 8.45% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 24,430 shares of company stock valued at $455,766. 1.90% of the stock is currently owned by company insiders.

Institutional Trading of First Commonwealth Financial

Institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of 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 worth $42,000 after buying an additional 2,498 shares during the last quarter. iSAM Funds UK Ltd bought a new stake in shares of First Commonwealth Financial during the 3rd quarter valued at $85,000. Smartleaf Asset Management LLC increased its position in shares of First Commonwealth Financial by 21.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 6,425 shares of the bank’s stock valued at $109,000 after buying an additional 1,140 shares during the period. Kestra Advisory Services LLC bought a new stake in First Commonwealth Financial during the fourth quarter valued at $120,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of First Commonwealth Financial by 46.9% during the second quarter. BNP Paribas Financial Markets now owns 10,480 shares of the bank’s stock worth $170,000 after purchasing an additional 3,344 shares in the last quarter. Institutional investors own 72.58% of the company’s stock.

Analysts Set New Price Targets

FCF has been the topic of a number of research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of First Commonwealth Financial in a research note on Tuesday, May 19th. Piper Sandler reissued an “overweight” rating and issued a $25.00 price objective on shares of First Commonwealth Financial in a research note on Thursday. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.67.

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.