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

Key Points

• First Commonwealth Financial hit a new 52-week high, trading as high as $20.05, after climbing above its previous close of $19.70.
• Analysts remain generally positive: Weiss Ratings reiterated a buy, and MarketBeat shows a Moderate Buy consensus with an average price target of $20.33.
• The bank recently raised its quarterly dividend to $0.14 per share, implying an annualized yield of 2.8%, even as recent earnings slightly missed estimates.

First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report)'s share price reached a new 52-week high on Tuesday . The stock traded as high as $20.05 and last traded at $20.03, with a volume of 618932 shares traded. The stock had previously closed at $19.70.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a "buy (b)" rating on shares of First Commonwealth Financial in a research note on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, First Commonwealth Financial currently has a consensus rating of "Moderate Buy" and an average price target of $20.33.

First Commonwealth Financial Price Performance

The firm has a 50-day moving average of $18.83 and a 200-day moving average of $17.99. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market capitalization of $2.04 billion, a P/E ratio of 13.26 and a beta of 0.75.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The bank reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.03). First Commonwealth Financial had a return on equity of 10.56% and a net margin of 21.19%.The business had revenue of $133.70 million during the quarter, compared to analysts' expectations of $134.32 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The firm's revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, analysts predict that First Commonwealth Financial Corporation will post 1.71 EPS for the current year.

First Commonwealth Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a dividend of $0.14 per share. The ex-dividend date was Friday, May 8th. This represents a $0.56 annualized dividend and a yield of 2.8%. This is an increase from First Commonwealth Financial's previous quarterly dividend of $0.14. First Commonwealth Financial's dividend payout ratio (DPR) is currently 37.09%.

Insider Activity

In other news, EVP Michael P. Mccuen sold 5,250 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $18.58, for a total transaction of $97,545.00. Following the completion of the transaction, the executive vice president directly owned 56,861 shares of the company's stock, valued at $1,056,477.38. The trade was a 8.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Norman J. Montgomery sold 12,964 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $18.37, for a total transaction of $238,148.68. Following the transaction, the executive vice president owned 50,104 shares in the company, valued at approximately $920,410.48. This trade represents a 20.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 49,430 shares of company stock valued at $908,796 in the last 90 days. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Commonwealth Financial

A number of hedge funds have recently added to or reduced their stakes in the stock. ProShare Advisors LLC boosted its stake in shares of First Commonwealth Financial by 3.0% in the 4th quarter. ProShare Advisors LLC now owns 20,253 shares of the bank's stock worth $341,000 after buying an additional 585 shares during the last quarter. TD Private Client Wealth LLC increased its position in First Commonwealth Financial by 20.7% during the fourth quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank's stock valued at $61,000 after acquiring an additional 621 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in First Commonwealth Financial by 4.7% in the third quarter. PNC Financial Services Group Inc. now owns 17,801 shares of the bank's stock valued at $304,000 after acquiring an additional 802 shares during the period. Rafferty Asset Management LLC lifted its holdings in First Commonwealth Financial by 0.9% in the fourth quarter. Rafferty Asset Management LLC now owns 94,031 shares of the bank's stock valued at $1,585,000 after acquiring an additional 875 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in First Commonwealth Financial by 0.4% in the second quarter. The Manufacturers Life Insurance Company now owns 300,680 shares of the bank's stock worth $4,880,000 after purchasing an additional 1,068 shares during the last quarter. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

First Commonwealth Financial Company Profile

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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