First Commonwealth Financial (NYSE:FCF) Downgraded to "Hold" Rating by DA Davidson

Key Points

• First Commonwealth Financial has been downgraded from a "strong-buy" to a "hold" rating by DA Davidson, while other analysts have varied in their ratings, reflecting mixed sentiments on the stock.
• The bank reported an earnings per share of $0.38 for the last quarter, exceeding analysts' expectations, and has a consensus price target of $18.90.
• Insider trading activity has seen the CFO selling 2,190 shares, while other executives have increased their stakes, indicating varying confidence among company leaders.

First Commonwealth Financial (NYSE:FCF - Get Free Report) was downgraded by equities researchers at DA Davidson from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of First Commonwealth Financial in a research note on Wednesday, October 8th. Wall Street Zen raised shares of First Commonwealth Financial from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. Finally, Zacks Research lowered shares of First Commonwealth Financial from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 30th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $18.90.

First Commonwealth Financial Price Performance

NYSE:FCF opened at $16.16 on Monday. First Commonwealth Financial has a 52 week low of $13.54 and a 52 week high of $19.96. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $1.69 billion, a PE ratio of 12.43 and a beta of 0.82. The stock's 50-day moving average price is $17.14 and its 200-day moving average price is $16.28.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The bank reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.04. The firm had revenue of $131.33 million for the quarter, compared to analyst estimates of $125.88 million. First Commonwealth Financial had a net margin of 18.94% and a return on equity of 9.71%. During the same period last year, the company posted $0.37 EPS. As a group, equities analysts expect that First Commonwealth Financial will post 1.45 EPS for the current fiscal year.

Insider Activity at First Commonwealth Financial

In other First Commonwealth Financial news, CFO James R. Reske sold 2,190 shares of the business's stock in a transaction on Monday, October 6th. The shares were sold at an average price of $16.99, for a total value of $37,208.10. Following the completion of the transaction, the chief financial officer owned 85,866 shares in the company, valued at $1,458,863.34. The trade was a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Michael P. Mccuen acquired 2,826 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were purchased at an average cost of $17.67 per share, with a total value of $49,935.42. Following the completion of the transaction, the executive vice president owned 59,021 shares in the company, valued at approximately $1,042,901.07. The trade was a 5.03% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 6,570 shares of company stock valued at $112,544 in the last quarter. 2.17% of the stock is owned by insiders.

Institutional Investors Weigh In On First Commonwealth Financial

Institutional investors and hedge funds have recently bought and sold shares of the stock. US Bancorp DE lifted its position in First Commonwealth Financial by 2,911.4% in the first quarter. US Bancorp DE now owns 2,379 shares of the bank's stock valued at $37,000 after acquiring an additional 2,300 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in First Commonwealth Financial by 2,250.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank's stock valued at $42,000 after acquiring an additional 2,498 shares during the last quarter. GAMMA Investing LLC raised its stake in First Commonwealth Financial by 109.6% during the 2nd quarter. GAMMA Investing LLC now owns 4,438 shares of the bank's stock valued at $72,000 after acquiring an additional 2,321 shares during the last quarter. CWM LLC raised its stake in First Commonwealth Financial by 73.6% during the 1st quarter. CWM LLC now owns 7,932 shares of the bank's stock valued at $123,000 after acquiring an additional 3,362 shares during the last quarter. Finally, Choreo LLC purchased a new stake in First Commonwealth Financial during the 1st quarter valued at approximately $156,000. 72.58% of the stock is owned by hedge funds and other institutional investors.

About First Commonwealth Financial

First Commonwealth Financial Corporation, a financial holding company, provides various consumer and commercial banking services in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings and health savings accounts, insured money market accounts, debit cards, investment certificates, fixed and variable rate certificates of deposit, mortgage loans, secured and unsecured installment loans, construction and real estate loans, safe deposit facilities, credit cards, credit lines with overdraft checking protection, IRA accounts, and automated teller machine (atm) services, as well as internet, mobile, and telephone banking services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.