Short Interest in First Commonwealth Financial Corporation (NYSE:FCF) Declines By 30.1%

Key Points

• Short interest in First Commonwealth (NYSE:FCF) fell 30.1% in March to 2,207,351 shares (about 2.2% of shares sold short), with a short‑interest ratio of 1.6 days.
• The bank beat quarterly estimates with $0.43 EPS vs. $0.41 expected and reported revenue up 14.2% year‑over‑year, and analysts hold a consensus "Moderate Buy" with a ~$19.75 target.
• First Commonwealth pays a quarterly dividend of $0.135 ($0.54 annual), implying a 2.9% yield and a payout ratio of 36.99%.

First Commonwealth Financial Corporation (NYSE:FCF - Get Free Report) saw a large decline in short interest in the month of March. As of March 31st, there was short interest totaling 2,207,351 shares, a decline of 30.1% from the March 15th total of 3,157,986 shares. Currently, 2.2% of the company's shares are sold short. Based on an average daily trading volume, of 1,338,147 shares, the short-interest ratio is currently 1.6 days.

First Commonwealth Financial Trading Up 0.5%

NYSE:FCF opened at $18.82 on Tuesday. First Commonwealth Financial has a one year low of $13.77 and a one year high of $19.08. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.92 and a current ratio of 0.95. The firm has a market cap of $1.92 billion, a P/E ratio of 12.89 and a beta of 0.76. The firm has a 50-day simple moving average of $17.81 and a 200-day simple moving average of $17.09.

First Commonwealth Financial (NYSE:FCF - Get Free Report) last posted its quarterly earnings results on Wednesday, January 28th. The bank reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. First Commonwealth Financial had a net margin of 20.88% and a return on equity of 10.43%. The business had revenue of $137.82 million during the quarter, compared to analyst estimates of $135.63 million. During the same quarter in the previous year, the business posted $0.35 EPS. The company's quarterly revenue was up 14.2% compared to the same quarter last year. Equities analysts anticipate that First Commonwealth Financial will post 1.45 EPS for the current fiscal year.

First Commonwealth Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 20th. Stockholders of record on Friday, February 6th were issued a $0.135 dividend. The ex-dividend date was Friday, February 6th. This represents a $0.54 annualized dividend and a dividend yield of 2.9%. First Commonwealth Financial's payout ratio is currently 36.99%.

Insider Activity

In other First Commonwealth Financial news, CFO James R. Reske sold 2,072 shares of the business's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $17.86, for a total value of $37,005.92. Following the completion of the sale, the chief financial officer directly owned 83,420 shares of the company's stock, valued at $1,489,881.20. The trade was a 2.42% decrease in their position. The transaction 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. Also, EVP Jane Grebenc sold 18,598 shares of the business's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $18.85, for a total transaction of $350,572.30. Following the completion of the sale, the executive vice president directly owned 158,975 shares of the company's stock, valued at approximately $2,996,678.75. This trade represents a 10.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 22,742 shares of company stock valued at $424,004. 1.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its stake in shares of First Commonwealth Financial by 2,250.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank's stock worth $42,000 after acquiring an additional 2,498 shares in the last quarter. Smithfield Trust Co bought a new position in shares of First Commonwealth Financial during the 4th quarter worth approximately $51,000. 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 acquiring an additional 621 shares in the last quarter. iSAM Funds UK Ltd bought a new position in shares of First Commonwealth Financial during the 3rd quarter worth approximately $85,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of First Commonwealth Financial by 58.5% during the 3rd quarter. Smartleaf Asset Management LLC now owns 5,285 shares of the bank's stock worth $91,000 after acquiring an additional 1,950 shares in the last quarter. Institutional investors own 72.58% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Piper Sandler assumed coverage on shares of First Commonwealth Financial in a research report on Wednesday, December 17th. They issued an "overweight" rating and a $21.00 price objective for the company. Keefe, Bruyette & Woods boosted their price objective on shares of First Commonwealth Financial from $19.00 to $20.00 and gave the company a "market perform" rating in a research report on Thursday, January 29th. Weiss Ratings restated a "buy (b-)" rating on shares of First Commonwealth Financial in a report on Thursday, January 22nd. Finally, Raymond James Financial set a $20.00 price target on shares of First Commonwealth Financial and gave the company an "outperform" rating in a report on Wednesday, January 7th. Four research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $19.75.

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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