First Commonwealth Financial (NYSE:FCF) CFO Sells 2,072 Shares of Stock

Key Points

• CFO James Reske sold 2,072 shares of First Commonwealth Financial at an average price of $20.52, generating $42,517.44. The transaction occurred under a pre-arranged Rule 10b5-1 trading plan, leaving him with 70,988 shares.
• FCF shares traded at $20.23, while the company reported quarterly EPS of $0.44, exceeding the $0.42 consensus estimate. First Commonwealth also maintains a quarterly dividend of $0.14 per share, representing a 2.8% yield.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $24.20; institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report) CFO James Reske sold 2,072 shares of First Commonwealth Financial stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $20.52, for a total transaction of $42,517.44. Following the sale, the chief financial officer owned 70,988 shares in the company, valued at approximately $1,456,673.76. This represents a 2.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

First Commonwealth Financial Price Performance

Shares of FCF traded down $0.15 during trading hours on Tuesday, hitting $20.23. 243,022 shares of the company were exchanged, compared to its average volume of 832,524. First Commonwealth Financial Corporation has a one year low of $15.00 and a one year high of $22.34. The company has a market capitalization of $2.04 billion, a PE ratio of 12.41 and a beta of 0.76. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a fifty day simple moving average of $21.13 and a 200-day simple moving average of $19.79.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 EPS for the quarter, beating the consensus estimate of $0.42 by $0.02. First Commonwealth Financial had a return on equity of 10.79% and a net margin of 22.62%.The company had revenue of $139.42 million for the quarter, compared to the consensus estimate of $137.48 million. As a group, sell-side analysts predict that First Commonwealth Financial Corporation will post 1.72 earnings per share for the current year.

First Commonwealth Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were issued a $0.14 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.56 dividend on an annualized basis and a yield of 2.8%. First Commonwealth Financial's dividend payout ratio (DPR) is 34.36%.

Hedge Funds Weigh In On First Commonwealth Financial

Hedge funds have recently added to or reduced their stakes in the company. Weiss Asset Management LP bought a new position in First Commonwealth Financial during the 1st quarter worth approximately $1,751,000. Bank of America Corp DE raised its stake in First Commonwealth Financial by 95.4% during the 1st quarter. Bank of America Corp DE now owns 559,989 shares of the bank's stock worth $9,845,000 after buying an additional 273,351 shares during the period. Renaissance Technologies LLC grew its stake in First Commonwealth Financial by 453.3% in the first quarter. Renaissance Technologies LLC now owns 215,591 shares of the bank's stock valued at $3,790,000 after acquiring an additional 176,626 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of First Commonwealth Financial in the second quarter worth about $22,028,000. Finally, First Trust Advisors LP raised its position in shares of First Commonwealth Financial by 42.8% during the first quarter. First Trust Advisors LP now owns 174,997 shares of the bank's stock worth $3,076,000 after purchasing an additional 52,410 shares during the period. Institutional investors own 72.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FCF shares. Royal Bank Of Canada increased their price target on shares of First Commonwealth Financial from $23.00 to $24.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. Piper Sandler reissued an "overweight" rating and set a $25.00 price objective (up from $21.00) on shares of First Commonwealth Financial in a report on Thursday, July 30th. Raymond James Financial reiterated an "outperform" rating and set a $24.00 price target on shares of First Commonwealth Financial in a research note on Friday, July 31st. Keefe, Bruyette & Woods upped their price target on First Commonwealth Financial from $21.00 to $24.00 and gave the company a "market perform" rating in a research report on Friday, July 31st. Finally, DA Davidson assumed coverage on shares of First Commonwealth Financial in a report on Monday, September 28th. They set a "neutral" rating and a $24.00 price target for the company. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, First Commonwealth Financial presently has a consensus rating of "Moderate Buy" and an average target price of $24.20.

About First Commonwealth Financial

First Commonwealth Financial Corporation NYSE: FCF is a bank holding company headquartered in Indiana, Pennsylvania. Through its principal subsidiary, First Commonwealth Bank, the company provides community banking and financial services to individuals, businesses, and institutions.

Its offerings include checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, commercial lending, and other credit products. First Commonwealth also provides wealth management, trust, investment, and insurance services through affiliated and specialized business lines.

The company serves customers through banking locations and digital channels in western and central Pennsylvania and eastern Ohio.

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