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

Key Points

• CFO James Reske sold 2,072 First Commonwealth Financial shares at an average price of $21.85, generating $45,273.20; the transaction occurred under a pre-arranged Rule 10b5-1 plan.
• First Commonwealth reported quarterly earnings of $0.44 per share and revenue of $139.42 million, exceeding analyst expectations. The company also declared a $0.14 quarterly dividend, representing a 2.6% annualized yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $24.25, while 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 the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $21.85, for a total transaction of $45,273.20. Following the completion of the transaction, the chief financial officer owned 75,132 shares of the company's stock, valued at $1,641,634.20. This trade represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

First Commonwealth Financial Price Performance

FCF stock traded down $0.11 during mid-day trading on Thursday, hitting $21.57. 195,438 shares of the stock were exchanged, compared to its average volume of 817,914. The stock has a market capitalization of $2.19 billion, a price-to-earnings ratio of 13.24 and a beta of 0.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92. First Commonwealth Financial Corporation has a 12 month low of $15.00 and a 12 month high of $22.34. The business has a fifty day moving average price of $20.25 and a 200 day moving average price of $18.82.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The bank reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.02. The business had revenue of $139.42 million during the quarter, compared to analysts' expectations of $137.48 million. First Commonwealth Financial had a net margin of 22.62% and a return on equity of 10.79%. On average, sell-side analysts anticipate that First Commonwealth Financial Corporation will post 1.73 EPS for the current year.

First Commonwealth Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 7th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, August 7th. First Commonwealth Financial's dividend payout ratio (DPR) is currently 34.36%.

Hedge Funds Weigh In On First Commonwealth Financial

A number of hedge funds have recently added to or reduced their stakes in the company. ProShare Advisors LLC boosted its position in shares of First Commonwealth Financial by 3.0% during the fourth quarter. ProShare Advisors LLC now owns 20,253 shares of the bank's stock valued at $341,000 after buying an additional 585 shares during the period. TD Private Client Wealth LLC raised its holdings in shares of First Commonwealth Financial by 20.7% in the fourth 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 during the period. Rafferty Asset Management LLC raised its holdings in shares of First Commonwealth Financial by 0.9% in the fourth 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 during the period. Bill Few Associates Inc. lifted its stake in shares of First Commonwealth Financial by 3.6% during the 2nd quarter. Bill Few Associates Inc. now owns 26,167 shares of the bank's stock worth $532,000 after acquiring an additional 905 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted 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 acquiring an additional 1,068 shares during the last quarter. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Commonwealth Financial in a research report on Tuesday, May 19th. Raymond James Financial restated an "outperform" rating and set a $24.00 price target on shares of First Commonwealth Financial in a research report on Friday, July 31st. Keefe, Bruyette & Woods increased their price objective on First Commonwealth Financial from $21.00 to $24.00 and gave the stock a "market perform" rating in a report on Friday, July 31st. Piper Sandler restated an "overweight" rating and set a $25.00 target price (up from $21.00) on shares of First Commonwealth Financial in a report on Thursday, July 30th. Finally, Royal Bank Of Canada boosted their price objective on shares of First Commonwealth Financial from $23.00 to $24.00 and gave the stock an "outperform" rating in a research note on Thursday, July 30th. Four investment 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $24.25.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source