First Commonwealth Financial (NYSE:FCF) Sets New 1-Year High Following Better-Than-Expected Earnings

Key Points

• First Commonwealth Financial shares hit a new 52-week high of $21.41 after the bank reported quarterly earnings of $0.44 per share, beating estimates by $0.02, while revenue of $139.42 million also exceeded expectations.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating from six analysts and an average price target of $20.33.
• Institutional investors own 72.58% of the company, while insiders sold 49,430 shares worth approximately $914,266 over the past 90 days.

First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $21.41 and last traded at $21.3470, with a volume of 811249 shares changing hands. The stock had previously closed at $20.87.

The bank reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. The company had revenue of $139.42 million during the quarter, compared to the consensus estimate of $137.48 million. First Commonwealth Financial had a return on equity of 10.56% and a net margin of 21.19%.

Analysts Set New Price Targets

Separately, Weiss Ratings restated 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 assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $20.33.

Insiders Place Their Bets

In other news, EVP Norman J. Montgomery sold 25,000 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $18.34, for a total transaction of $458,500.00. Following the transaction, the executive vice president owned 63,068 shares of the company's stock, valued at approximately $1,156,667.12. This trade represents a 28.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael P. Mccuen sold 5,250 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $18.58, for a total transaction of $97,545.00. Following the transaction, the executive vice president directly owned 56,861 shares in the company, valued at $1,056,477.38. The trade was a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 49,430 shares of company stock valued at $914,266 in the last ninety days. Corporate insiders own 1.90% of the company's stock.

Institutional Trading of First Commonwealth Financial

Several institutional investors and hedge funds have recently bought and sold shares of the company. UBS Group AG increased its holdings in shares of First Commonwealth Financial by 103.0% in the 4th quarter. UBS Group AG now owns 210,197 shares of the bank's stock valued at $3,544,000 after acquiring an additional 106,654 shares during the last quarter. SG Americas Securities LLC raised its position in shares of First Commonwealth Financial by 146.5% during 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. Intech Investment Management LLC lifted its stake in First Commonwealth Financial by 147.1% during the fourth quarter. Intech Investment Management LLC now owns 239,641 shares of the bank's stock worth $4,040,000 after purchasing an additional 142,645 shares during the last quarter. Weiss Asset Management LP bought a new position in First Commonwealth Financial during the first quarter worth $1,751,000. Finally, MQS Management LLC acquired a new position in First Commonwealth Financial in the fourth quarter worth $572,000. Institutional investors and hedge funds own 72.58% of the company's stock.

First Commonwealth Financial Trading Up 2.3%

The company has a debt-to-equity ratio of 0.09, a current ratio of 0.93 and a quick ratio of 0.92. The business's fifty day simple moving average is $19.83 and its 200 day simple moving average is $18.61. The stock has a market cap of $2.17 billion, a price-to-earnings ratio of 14.14 and a beta of 0.74.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.