First Commonwealth Financial Corporation (NYSE:FCF) Stock Has Consensus Target Price of $24.20

Key Points

• Analysts remain moderately bullish on First Commonwealth Financial, with four buy ratings and two holds. The consensus 12-month price target is $24.20, above the stock’s reported $20.09 price.
• The bank exceeded quarterly expectations, posting $0.44 in EPS versus the $0.42 consensus and revenue of $139.42 million compared with estimates of $137.48 million.
• First Commonwealth declared a quarterly dividend of $0.14 per share, representing an annualized payout of $0.56 and a 2.8% yield; institutional investors own 72.58% of the stock.

Shares of First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report) have been given an average rating of "Moderate Buy" by the six research firms that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $24.20.

A number of equities analysts have issued reports on FCF shares. 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 report on Thursday, July 30th. DA Davidson began coverage on First Commonwealth Financial in a report on Monday, September 28th. They set a "neutral" rating and a $24.00 price target on the stock. 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 note on Friday, July 31st. Royal Bank Of Canada raised 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. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of First Commonwealth Financial in a research report on Friday, August 14th.

First Commonwealth Financial Stock Performance

NYSE FCF opened at $20.09 on Wednesday. The firm's fifty day moving average price is $21.11 and its two-hundred day moving average price is $19.82. The stock has a market cap of $2.03 billion, a PE ratio of 12.32 and a beta of 0.76. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.92. First Commonwealth Financial has a fifty-two week low of $15.00 and a fifty-two week high of $22.34.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.42 by $0.02. The company had revenue of $139.42 million during the quarter, compared to analysts' expectations of $137.48 million. First Commonwealth Financial had a return on equity of 10.79% and a net margin of 22.62%. On average, equities analysts expect that First Commonwealth Financial will post 1.72 EPS for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.56 annualized dividend and a dividend yield of 2.8%. First Commonwealth Financial's dividend payout ratio (DPR) is presently 34.36%.

Insider Activity at First Commonwealth Financial

In other news, CFO James Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction on Monday, October 5th. The shares were sold at an average price of $20.52, for a total transaction of $42,517.44. Following the transaction, the chief financial officer owned 70,988 shares in the company, valued at approximately $1,456,673.76. The trade was a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 6,216 shares of company stock worth $131,821 in the last quarter. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp bought a new stake in shares of First Commonwealth Financial in the 2nd quarter valued at $22,028,000. Bank of America Corp DE raised its stake in First Commonwealth Financial by 95.4% during the first quarter. Bank of America Corp DE now owns 559,989 shares of the bank's stock worth $9,845,000 after buying an additional 273,351 shares during the last quarter. Renaissance Technologies LLC raised its stake in First Commonwealth Financial by 453.3% during the first quarter. Renaissance Technologies LLC now owns 215,591 shares of the bank's stock worth $3,790,000 after buying an additional 176,626 shares during the last quarter. Weiss Asset Management LP acquired a new position in First Commonwealth Financial in the first quarter valued at $1,751,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in First Commonwealth Financial by 23.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 283,563 shares of the bank's stock valued at $4,985,000 after buying an additional 54,439 shares during the period. 72.58% of the stock is 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 community banking and financial services to individuals, businesses, and institutions.

Its offerings include checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, commercial lending, and other credit products. First Commonwealth also provides wealth management, trust, investment, and insurance services through affiliated and specialized business lines.

The company serves customers through banking locations and digital channels in western and central Pennsylvania and eastern Ohio.

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