Insider Selling: First Commonwealth Financial (NYSE:FCF) CFO Sells 2,250 Shares of Company Stock

Key Points

• CFO James Reske sold 2,250 shares at an average price of $21.91, totaling about $49,298. The trade was made under a pre-arranged Rule 10b5-1 plan; he retained 68,738 shares afterward.
• First Commonwealth reported quarterly EPS of $0.45, slightly below the $0.46 consensus, while revenue of $143.34 million exceeded estimates. The bank declared a quarterly dividend of $0.14 per share, equivalent to a 2.7% annualized yield.
• Analysts’ consensus rating is Moderate Buy, with an average $24 price target. Shares recently traded at $20.89.

First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report) CFO James Reske sold 2,250 shares of the firm's stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $21.91, for a total value of $49,297.50. Following the sale, the chief financial officer directly owned 68,738 shares of the company's stock, valued at $1,506,049.58. This trade represents a 3.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

First Commonwealth Financial Stock Down 0.9%

Shares of First Commonwealth Financial stock traded down $0.18 during trading on Friday, hitting $20.89. 471,671 shares of the stock traded hands, compared to its average volume of 835,225. The stock has a market cap of $2.11 billion, a P/E ratio of 12.36 and a beta of 0.72. The company has a fifty day moving average price of $20.77 and a two-hundred day moving average price of $19.50. First Commonwealth Financial Corporation has a twelve month low of $15.30 and a twelve month high of $22.34. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.91 and a current ratio of 0.92.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The bank reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.46 by ($0.01). The business had revenue of $143.34 million for the quarter, compared to the consensus estimate of $141.36 million. First Commonwealth Financial had a net margin of 23.06% and a return on equity of 11.17%. Equities research analysts predict that First Commonwealth Financial Corporation will post 1.74 EPS for the current fiscal year.

First Commonwealth Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, November 6th. First Commonwealth Financial's payout ratio is presently 33.14%.

Analyst Upgrades and Downgrades

FCF has been the topic of several analyst reports. Royal Bank Of Canada increased their target price on shares of First Commonwealth Financial from $23.00 to $24.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th. DA Davidson set a $23.00 price target on First Commonwealth Financial in a research report on Thursday, October 29th. Weiss Ratings raised shares of First Commonwealth Financial from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday. Raymond James Financial reissued an "outperform" rating and issued a $24.00 price target on shares of First Commonwealth Financial in a research report on Friday, July 31st. Finally, Piper Sandler restated an "overweight" rating and issued a $25.00 price objective (up from $21.00) on shares of First Commonwealth Financial in a research note on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $24.00.

Hedge Funds Weigh In On First Commonwealth Financial

Large investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC acquired a new stake in First Commonwealth Financial during the second quarter worth approximately $29,000. Public Employees Retirement System of Ohio bought a new stake in shares of First Commonwealth Financial in the 2nd quarter valued at $32,000. MCF Advisors LLC acquired a new position in shares of First Commonwealth Financial during the 2nd quarter valued at $32,000. HB Wealth Management LLC acquired a new position in shares of First Commonwealth Financial during the 2nd quarter valued at $229,000. Finally, D.A. Davidson & CO. bought a new position in First Commonwealth Financial during the first quarter worth $198,000. 72.58% of the stock is currently owned by institutional investors and hedge funds.

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 financial services to consumers, businesses, municipalities and nonprofit organizations.

Its offerings include checking and savings accounts, certificates of deposit, residential and consumer lending, commercial loans, mortgages, treasury management and online and mobile banking. The company also provides wealth management, investment and trust services, along with insurance and other financial solutions through affiliated businesses.

First Commonwealth Bank serves communities primarily in western and central Pennsylvania and northeastern Ohio through a network of community banking offices and digital channels.

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