First Commonwealth Financial (NYSE:FCF) Announces Earnings Results

Key Points

• First Commonwealth Financial reported quarterly earnings of $0.38 per share, exceeding analysts' estimates of $0.34 by $0.04, with a net margin of 19.68%.
• The company announced a dividend increase to $0.135 per share, resulting in an annualized dividend of $0.54 and a yield of 3.35%.
• Analyst ratings on First Commonwealth Financial vary, with one sell rating, three hold ratings, and three buy ratings, alongside an average price target of $18.92.

First Commonwealth Financial (NYSE:FCF - Get Free Report) released its quarterly earnings results on Tuesday. The bank reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.04, Zacks reports. First Commonwealth Financial had a return on equity of 9.71% and a net margin of 18.94%. The business had revenue of $131.33 million during the quarter, compared to analysts' expectations of $125.88 million. During the same period in the previous year, the business posted $0.37 earnings per share.

First Commonwealth Financial Trading Down 1.1%

NYSE:FCF traded down $0.18 on Friday, hitting $16.33. 929,599 shares of the stock were exchanged, compared to its average volume of 674,475. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 12.56 and a beta of 0.84. First Commonwealth Financial has a 52 week low of $13.54 and a 52 week high of $19.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.92 and a current ratio of 0.93. The company's 50-day moving average price is $16.22 and its 200 day moving average price is $15.92.

First Commonwealth Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Friday, August 8th will be issued a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Friday, August 8th. First Commonwealth Financial's payout ratio is currently 41.54%.

Insiders Place Their Bets

In other news, Director Todd D. Brice acquired 7,000 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was purchased at an average cost of $16.09 per share, with a total value of $112,630.00. Following the acquisition, the director owned 10,500 shares of the company's stock, valued at $168,945. This trade represents a 200.00% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.17% of the company's stock.

Hedge Funds Weigh In On First Commonwealth Financial

Several institutional investors have recently modified their holdings of the stock. Millennium Management LLC grew its position in shares of First Commonwealth Financial by 700.8% in the 1st quarter. Millennium Management LLC now owns 384,829 shares of the bank's stock valued at $5,980,000 after purchasing an additional 336,775 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of First Commonwealth Financial by 9.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank's stock valued at $3,776,000 after purchasing an additional 21,839 shares during the period. AQR Capital Management LLC grew its position in shares of First Commonwealth Financial by 15.0% in the 1st quarter. AQR Capital Management LLC now owns 194,601 shares of the bank's stock valued at $3,024,000 after purchasing an additional 25,310 shares during the period. Royal Bank of Canada grew its position in shares of First Commonwealth Financial by 12.6% in the 1st quarter. Royal Bank of Canada now owns 188,826 shares of the bank's stock valued at $2,935,000 after purchasing an additional 21,108 shares during the period. Finally, Jane Street Group LLC grew its position in shares of First Commonwealth Financial by 214.9% in the 1st quarter. Jane Street Group LLC now owns 108,604 shares of the bank's stock valued at $1,688,000 after purchasing an additional 74,117 shares during the period. 72.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FCF shares. Royal Bank Of Canada cut their price target on First Commonwealth Financial from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Wall Street Zen raised First Commonwealth Financial from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Keefe, Bruyette & Woods cut their price target on First Commonwealth Financial from $19.00 to $18.00 and set a "market perform" rating for the company in a report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $18.90.

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.