First Commonwealth Financial (NYSE:FCF) Sets New 12-Month High - Here's Why

Key Points

• First Commonwealth Financial shares reached a new 52-week high, trading as high as $19.14 and last changing hands near $19.17.
• Analysts remain broadly positive: Weiss Ratings reiterated a buy, and the stock carries a Moderate Buy consensus with an average price target of $20.33.
• The bank recently raised its quarterly dividend to $0.14 per share, while insiders have also been selling shares in recent weeks.

First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report)'s share price hit a new 52-week high during trading on Friday . The company traded as high as $19.14 and last traded at $19.1650, with a volume of 285153 shares traded. The stock had previously closed at $18.95.

Analyst Ratings Changes

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

First Commonwealth Financial Stock Performance

The stock has a market cap of $1.94 billion, a PE ratio of 12.63 and a beta of 0.75. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average of $18.43 and a 200 day moving average of $17.70.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last posted its earnings results on Tuesday, April 28th. The bank reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.40 by ($0.03). First Commonwealth Financial had a net margin of 21.19% and a return on equity of 10.56%. 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. First Commonwealth Financial's revenue for the quarter was up 12.9% compared to the same quarter last year. Equities analysts predict that First Commonwealth Financial Corporation will post 1.71 EPS for the current fiscal year.

First Commonwealth Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were given a $0.14 dividend. This is an increase from First Commonwealth Financial's previous quarterly dividend of $0.14. This represents a $0.56 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, May 8th. First Commonwealth Financial's dividend payout ratio (DPR) is presently 37.09%.

Insider Buying and Selling at First Commonwealth Financial

In other First Commonwealth Financial news, CFO James R. Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $18.52, for a total value of $38,373.44. Following the sale, the chief financial officer owned 81,348 shares in the company, valued at $1,506,564.96. The trade was a 2.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael P. Mccuen sold 5,250 shares of First Commonwealth Financial stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $18.58, for a total value of $97,545.00. Following the completion of the sale, the executive vice president owned 56,861 shares in the company, valued at $1,056,477.38. This represents a 8.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 47,358 shares of company stock worth $869,573 over the last quarter. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Commonwealth Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. ProShare Advisors LLC lifted its position in First Commonwealth Financial by 3.0% during the 4th quarter. ProShare Advisors LLC now owns 20,253 shares of the bank's stock worth $341,000 after acquiring an additional 585 shares during the period. TD Private Client Wealth LLC raised its stake in shares of First Commonwealth Financial by 20.7% during the 4th quarter. TD Private Client Wealth LLC now owns 3,621 shares of the bank's stock worth $61,000 after buying an additional 621 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of First Commonwealth Financial by 4.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 17,801 shares of the bank's stock worth $304,000 after buying an additional 802 shares in the last quarter. Rafferty Asset Management LLC raised its stake in shares of First Commonwealth Financial by 0.9% during the 4th quarter. Rafferty Asset Management LLC now owns 94,031 shares of the bank's stock worth $1,585,000 after buying an additional 875 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of First Commonwealth Financial by 0.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 300,680 shares of the bank's stock worth $4,880,000 after buying an additional 1,068 shares in the last quarter. Hedge funds and other institutional investors own 72.58% of the company's stock.

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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