Zacks Investment Research upgraded shares of First Commonwealth Financial (NYSE:FCF) from a hold rating to a strong-buy rating in a research report sent to investors on Friday, Zacks.com reports. They currently have $15.00 price target on the bank’s stock.
According to Zacks, “First Commonwealth Financial Corporation is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Corporation operates two chartered banks, First Commonwealth Bank and Southwest Bank. Personal financial planning and other financial services and insurance products are also provided through First Commonwealth Trust Company and First Commonwealth Insurance Agency. The Corporation also operates through Commonwealth Systems Corporation, a data processing subsidiary. “
FCF has been the subject of a number of other reports. ValuEngine downgraded shares of First Commonwealth Financial from a hold rating to a sell rating in a report on Thursday, March 7th. Boenning Scattergood reiterated a hold rating on shares of First Commonwealth Financial in a report on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $16.20.
First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Tuesday, April 23rd. The bank reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The firm had revenue of $84.80 million for the quarter, compared to analysts’ expectations of $84.91 million. First Commonwealth Financial had a return on equity of 11.25% and a net margin of 27.84%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 earnings per share. As a group, analysts expect that First Commonwealth Financial will post 1.09 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. First Commonwealth Financial Corp PA grew its holdings in First Commonwealth Financial by 68.8% in the fourth quarter. First Commonwealth Financial Corp PA now owns 492,377 shares of the bank’s stock valued at $5,948,000 after purchasing an additional 200,655 shares during the period. Metropolitan Life Insurance Co. NY grew its holdings in First Commonwealth Financial by 371.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 32,303 shares of the bank’s stock valued at $390,000 after purchasing an additional 25,450 shares during the period. LSV Asset Management grew its holdings in First Commonwealth Financial by 14.2% in the first quarter. LSV Asset Management now owns 900,434 shares of the bank’s stock valued at $11,345,000 after purchasing an additional 111,700 shares during the period. Stifel Financial Corp grew its holdings in First Commonwealth Financial by 39.3% in the fourth quarter. Stifel Financial Corp now owns 16,478 shares of the bank’s stock valued at $199,000 after purchasing an additional 4,646 shares during the period. Finally, Oregon Public Employees Retirement Fund purchased a new stake in First Commonwealth Financial in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 66.57% of the company’s stock.
About First Commonwealth Financial
First Commonwealth Financial Corporation, through its subsidiaries, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, 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.
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