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

Key Points

• First Commonwealth Financial hit a new 52-week high of $19.12 (last $18.99) on Friday, and analysts hold a Moderate Buy consensus with an average target of $19.75 and several $20 targets.
• The bank posted an EPS beat of $0.43 vs. $0.41 consensus and revenue rose 14.2% year-over-year to $137.82 million, with analysts projecting about $1.45 in EPS for the fiscal year.
• The firm pays a quarterly dividend of $0.135 (annualized $0.54, ~2.9% yield, payout ratio 36.99%), while insiders sold 22,742 shares last quarter (insiders own 1.9%) and institutions own roughly 72.6% of the stock.

First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $19.12 and last traded at $18.99, with a volume of 191243 shares traded. The stock had previously closed at $18.60.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Keefe, Bruyette & Woods boosted their target price on First Commonwealth Financial from $19.00 to $20.00 and gave the stock a "market perform" rating in a research report on Thursday, January 29th. Raymond James Financial set a $20.00 target price on First Commonwealth Financial and gave the stock an "outperform" rating in a research report on Wednesday, January 7th. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of First Commonwealth Financial in a research report on Thursday, January 22nd. Four investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.75.

First Commonwealth Financial Price Performance

The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of 12.88 and a beta of 0.76. The company has a 50-day moving average price of $17.81 and a 200-day moving average price of $17.12. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.92 and a current ratio of 0.95.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last posted its earnings results on Wednesday, January 28th. The bank reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.02. First Commonwealth Financial had a return on equity of 10.43% and a net margin of 20.88%.The company had revenue of $137.82 million during the quarter, compared to analyst estimates of $135.63 million. During the same period in the previous year, the company earned $0.35 EPS. The company's revenue for the quarter was up 14.2% compared to the same quarter last year. On average, equities research analysts expect that First Commonwealth Financial Corporation will post 1.45 EPS for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Friday, February 6th were given a $0.135 dividend. The ex-dividend date was Friday, February 6th. This represents a $0.54 annualized dividend and a dividend yield of 2.9%. First Commonwealth Financial's payout ratio is currently 36.99%.

Insider Activity at First Commonwealth Financial

In related news, CFO James R. Reske sold 2,072 shares of the business's stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $17.86, for a total value of $37,005.92. Following the completion of the transaction, the chief financial officer directly owned 83,420 shares in the company, valued at approximately $1,489,881.20. The trade was a 2.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jane Grebenc sold 18,598 shares of the business's stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $18.85, for a total value of $350,572.30. Following the completion of the transaction, the executive vice president owned 158,975 shares of the company's stock, valued at $2,996,678.75. This represents a 10.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 22,742 shares of company stock valued at $424,004 over the last quarter. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On First Commonwealth Financial

Several institutional investors and hedge funds have recently modified their holdings of FCF. Wakefield Asset Management LLLP bought a new stake in First Commonwealth Financial in the 3rd quarter valued at approximately $1,160,000. JPMorgan Chase & Co. lifted its stake in First Commonwealth Financial by 17.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 760,796 shares of the bank's stock valued at $12,972,000 after acquiring an additional 111,586 shares in the last quarter. Bartlett & CO. Wealth Management LLC lifted its stake in First Commonwealth Financial by 102.1% in the 3rd quarter. Bartlett & CO. Wealth Management LLC now owns 779,194 shares of the bank's stock valued at $13,285,000 after acquiring an additional 393,681 shares in the last quarter. SG Americas Securities LLC lifted its stake in First Commonwealth Financial by 146.5% in the 4th quarter. SG Americas Securities LLC now owns 97,976 shares of the bank's stock valued at $1,652,000 after acquiring an additional 58,229 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in First Commonwealth Financial by 14.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 406,469 shares of the bank's stock valued at $6,930,000 after acquiring an additional 49,853 shares in the last quarter. 72.58% of the stock is currently 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.

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