First Commonwealth Financial (NYSE:FCF) Upgraded at DA Davidson

Key Points

• DA Davidson upgraded First Commonwealth Financial to a “hold” rating, while the broader analyst consensus remains “Moderate Buy,” with an average price target of $24.20.
• First Commonwealth reported quarterly EPS of $0.44, exceeding the $0.42 consensus estimate, while revenue of $139.42 million also topped expectations.
• The stock opened at $20.34, down 1.1%, and insiders have sold 6,216 shares worth approximately $131,779 over the past three months; institutional investors own 72.58% of the company.

First Commonwealth Financial (NYSE:FCF - Get Free Report) was upgraded by equities research analysts at DA Davidson to a "hold" rating in a report released on Monday, Zacks reports.

FCF has been the topic of a number of other reports. Raymond James Financial reiterated an "outperform" rating and issued a $24.00 price target on shares of First Commonwealth Financial in a research report on Friday, July 31st. Royal Bank Of Canada boosted their price objective on shares of First Commonwealth Financial from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. Piper Sandler reaffirmed an "overweight" rating and issued a $25.00 target price (up from $21.00) on shares of First Commonwealth Financial in a research note on Thursday, July 30th. Keefe, Bruyette & Woods increased their target price on shares of First Commonwealth Financial from $21.00 to $24.00 and gave the stock a "market perform" rating in a report on Friday, July 31st. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of First Commonwealth Financial in a research report on Friday, August 14th. Four 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.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $24.20.

First Commonwealth Financial Stock Down 1.1%

Shares of First Commonwealth Financial stock opened at $20.34 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08. First Commonwealth Financial has a 12 month low of $15.00 and a 12 month high of $22.34. The business has a fifty day simple moving average of $21.17 and a 200 day simple moving average of $19.69. The stock has a market cap of $2.06 billion, a PE ratio of 12.48 and a beta of 0.74.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. First Commonwealth Financial had a return on equity of 10.79% and a net margin of 22.62%.The business had revenue of $139.42 million during the quarter, compared to the consensus estimate of $137.48 million. Research analysts predict that First Commonwealth Financial will post 1.73 EPS for the current year.

Insider Activity

In related news, CFO James Reske sold 2,072 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $21.25, for a total transaction of $44,030.00. Following the completion of the sale, the chief financial officer directly owned 73,060 shares of the company's stock, valued at approximately $1,552,525. This represents a 2.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 6,216 shares of company stock valued at $131,779. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Waverly Advisors LLC increased its holdings in shares of First Commonwealth Financial by 1.1% during the 2nd quarter. Waverly Advisors LLC now owns 46,469 shares of the bank's stock worth $945,000 after acquiring an additional 493 shares during the last quarter. 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. Bill Few Associates Inc. lifted its holdings in First Commonwealth Financial by 3.6% during the 2nd quarter. Bill Few Associates Inc. now owns 26,167 shares of the bank's stock valued at $532,000 after purchasing an additional 905 shares during the last quarter. Penn Capital Management Company LLC lifted its holdings in First Commonwealth Financial by 3.6% during the 2nd quarter. Penn Capital Management Company LLC now owns 28,189 shares of the bank's stock valued at $573,000 after purchasing an additional 971 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its position in First Commonwealth Financial by 2.3% during the first quarter. Illinois Municipal Retirement Fund now owns 55,385 shares of the bank's stock worth $974,000 after purchasing an additional 1,244 shares during the period. Institutional investors and hedge funds own 72.58% of the company's stock.

About First Commonwealth Financial

First Commonwealth Financial Corporation is a financial services company headquartered in Indiana, Pennsylvania, and the parent company of First Commonwealth Bank. The bank serves individuals, families, businesses and institutions through a network of community banking offices and digital banking channels.

First Commonwealth Bank provides a range of consumer and commercial banking products, including checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, personal lending, commercial loans and lines of credit.

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