Zacks Research Downgrades First Commonwealth Financial (NYSE:FCF) to Hold

Key Points

• Zacks Research has downgraded First Commonwealth Financial's rating from "strong-buy" to "hold", reflecting a shift in analysts' outlook on the stock.
• The stock currently holds an average target price of $18.90 with both buy and hold ratings from analysts, indicating mixed sentiment among market observers.
• First Commonwealth Financial's recent quarterly earnings exceeded expectations, reporting $0.38 EPS against analysts' projections of $0.34, signifying solid financial performance despite the downgrade.

First Commonwealth Financial (NYSE:FCF - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Tuesday,Zacks.com reports.

Separately, Wall Street Zen raised First Commonwealth Financial from a "sell" rating to a "hold" rating in a report on Saturday, August 2nd. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.90.

First Commonwealth Financial Stock Down 1.1%

FCF opened at $16.86 on Tuesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $1.76 billion, a P/E ratio of 12.97 and a beta of 0.82. The stock has a fifty day moving average of $17.12 and a 200-day moving average of $16.19. First Commonwealth Financial has a fifty-two week low of $13.54 and a fifty-two week high of $19.96.

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

Insider Activity

In other First Commonwealth Financial news, CFO James R. Reske sold 2,190 shares of the company's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $17.74, for a total value of $38,850.60. Following the completion of the transaction, the chief financial officer directly owned 88,056 shares in the company, valued at $1,562,113.44. This represents a 2.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael P. Mccuen acquired 2,826 shares of the firm's stock in a transaction dated Wednesday, September 3rd. The shares were purchased at an average cost of $17.67 per share, for a total transaction of $49,935.42. Following the completion of the acquisition, the executive vice president directly owned 59,021 shares in the company, valued at approximately $1,042,901.07. This represents a 5.03% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.17% of the company's stock.

Institutional Investors Weigh In On First Commonwealth Financial

Institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its stake in shares of First Commonwealth Financial by 3.4% during the 1st quarter. Principal Financial Group Inc. now owns 576,222 shares of the bank's stock valued at $8,954,000 after buying an additional 18,825 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of First Commonwealth Financial by 12.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 82,687 shares of the bank's stock valued at $1,281,000 after purchasing an additional 8,828 shares during the last quarter. Entropy Technologies LP acquired a new stake in First Commonwealth Financial during the first quarter worth about $400,000. SG Americas Securities LLC acquired a new stake in shares of First Commonwealth Financial during the 1st quarter worth about $484,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of First Commonwealth Financial by 10.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 21,680 shares of the bank's stock worth $337,000 after purchasing an additional 2,088 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.