Wall Street Zen Upgrades First Commonwealth Financial (NYSE:FCF) to Hold

Key Points

• First Commonwealth Financial was upgraded from a "sell" to a "hold" rating by Wall Street Zen, signaling a more positive outlook for the stock.
• Consensus ratings indicate a Moderate Buy for First Commonwealth Financial with an average price target of $18.90.
• Recent insider activity shows Director Todd D. Brice increased his stake in the company by acquiring 7,000 shares at an average price of $16.09 per share.

First Commonwealth Financial (NYSE:FCF - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday.

A number of other equities analysts have also weighed in on the stock. Keefe, Bruyette & Woods dropped their target price on shares of First Commonwealth Financial from $19.00 to $18.00 and set a "market perform" rating for the company in a research report on Friday, May 2nd. Royal Bank Of Canada dropped their target price on shares of First Commonwealth Financial from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, First Commonwealth Financial currently has an average rating of "Moderate Buy" and a consensus target price of $18.90.

First Commonwealth Financial Stock Performance

FCF stock traded up $0.05 during midday trading on Friday, reaching $16.63. 290,171 shares of the company's stock traded hands, compared to its average volume of 709,946. First Commonwealth Financial has a 52-week low of $13.54 and a 52-week high of $19.96. The stock has a market cap of $1.74 billion, a P/E ratio of 12.78 and a beta of 0.84. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.17. The stock's 50-day moving average is $16.24 and its 200 day moving average is $15.92.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The bank reported $0.38 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.04. The business had revenue of $131.33 million during the quarter, compared to analyst estimates of $125.88 million. First Commonwealth Financial had a net margin of 18.94% and a return on equity of 9.71%. During the same period in the prior year, the business posted $0.37 earnings per share. As a group, analysts anticipate that First Commonwealth Financial will post 1.45 EPS for the current year.

Insider Buying and Selling at First Commonwealth Financial

In other news, Director Todd D. Brice bought 7,000 shares of First Commonwealth Financial stock in a transaction dated Tuesday, May 13th. The shares were acquired at an average price of $16.09 per share, with a total value of $112,630.00. Following the completion of the purchase, the director owned 10,500 shares in the company, valued at $168,945. The trade was a 200.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.17% of the company's stock.

Institutional Investors Weigh In On First Commonwealth Financial

Several hedge funds and other institutional investors have recently made changes to their positions in FCF. US Bancorp DE raised its stake in shares of First Commonwealth Financial by 2,911.4% in the first quarter. US Bancorp DE now owns 2,379 shares of the bank's stock valued at $37,000 after acquiring an additional 2,300 shares during the period. Sterling Capital Management LLC raised its stake in shares of First Commonwealth Financial by 815.8% in the fourth quarter. Sterling Capital Management LLC now owns 3,187 shares of the bank's stock valued at $54,000 after acquiring an additional 2,839 shares during the period. GAMMA Investing LLC increased its stake in First Commonwealth Financial by 109.6% in the 2nd quarter. GAMMA Investing LLC now owns 4,438 shares of the bank's stock worth $72,000 after buying an additional 2,321 shares during the period. CWM LLC increased its stake in First Commonwealth Financial by 73.6% in the 1st quarter. CWM LLC now owns 7,932 shares of the bank's stock worth $123,000 after buying an additional 3,362 shares during the period. Finally, Aquatic Capital Management LLC increased its stake in First Commonwealth Financial by 128.9% in the 4th quarter. Aquatic Capital Management LLC now owns 8,011 shares of the bank's stock worth $136,000 after buying an additional 4,511 shares during the period. Hedge funds and other institutional investors own 72.58% of the company's stock.

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.