First Commonwealth Financial (NYSE:FCF) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of First Commonwealth Financial (NYSE:FCF) from a sell rating to a hold rating in a report issued on Tuesday morning.

Several other analysts have also recently weighed in on FCF. Piper Sandler cut their price objective on First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Keefe, Bruyette & Woods lifted their price objective on First Commonwealth Financial from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, First Commonwealth Financial presently has an average rating of “Hold” and a consensus target price of $17.70.

First Commonwealth Financial Stock Up 0.7 %

Shares of First Commonwealth Financial stock opened at $17.22 on Tuesday. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 11.64 and a beta of 0.86. First Commonwealth Financial has a 52-week low of $12.41 and a 52-week high of $19.96. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.92 and a current ratio of 0.92. The company’s 50 day moving average price is $17.98 and its 200-day moving average price is $16.63.

First Commonwealth Financial (NYSE:FCF) last released its quarterly earnings data on Tuesday, October 29th. The bank reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). The business had revenue of $121.21 million during the quarter, compared to analysts’ expectations of $119.47 million. First Commonwealth Financial had a return on equity of 11.19% and a net margin of 21.87%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 EPS. Equities research analysts forecast that First Commonwealth Financial will post 1.4 EPS for the current year.

First Commonwealth Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 8th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date was Friday, November 8th. First Commonwealth Financial’s dividend payout ratio is 35.14%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. boosted its position in shares of First Commonwealth Financial by 2.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,782,837 shares of the bank’s stock worth $64,876,000 after purchasing an additional 105,116 shares in the last quarter. Royce & Associates LP acquired a new position in shares of First Commonwealth Financial during the third quarter valued at about $678,000. Barclays PLC raised its position in shares of First Commonwealth Financial by 121.8% in the 3rd quarter. Barclays PLC now owns 211,797 shares of the bank’s stock valued at $3,631,000 after purchasing an additional 116,295 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in First Commonwealth Financial by 64.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 34,892 shares of the bank’s stock worth $598,000 after purchasing an additional 13,643 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its position in First Commonwealth Financial by 53.3% during the 2nd quarter. Texas Permanent School Fund Corp now owns 136,563 shares of the bank’s stock worth $1,886,000 after purchasing an additional 47,466 shares during the last quarter. Hedge funds and other institutional investors 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.