First Commonwealth Financial (NYSE:FCF) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of First Commonwealth Financial (NYSE:FCF) from a sell rating to a hold rating in a research note issued to investors on Monday morning, Zacks.com reports.

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. “

A number of other analysts have also recently issued reports on the company. Boenning Scattergood reiterated a neutral rating on shares of First Commonwealth Financial in a report on Thursday, June 20th. B. Riley set a $16.00 target price on First Commonwealth Financial and gave the stock a buy rating in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. First Commonwealth Financial presently has an average rating of Hold and an average price target of $16.20.

Shares of NYSE:FCF traded down $0.36 during trading on Monday, reaching $12.81. 2,978 shares of the stock were exchanged, compared to its average volume of 266,650. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.90 and a current ratio of 0.90. First Commonwealth Financial has a 12-month low of $11.33 and a 12-month high of $17.33. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 1.58 and a beta of 1.16. The company has a 50-day moving average price of $13.20.

First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, July 23rd. The bank reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.01. First Commonwealth Financial had a return on equity of 10.49% and a net margin of 26.30%. The business had revenue of $89.03 million during the quarter, compared to analysts’ expectations of $88.15 million. During the same quarter in the previous year, the business earned $0.33 EPS. On average, analysts expect that First Commonwealth Financial will post 1.09 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 16th. Investors of record on Friday, August 2nd will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Thursday, August 1st. First Commonwealth Financial’s dividend payout ratio (DPR) is presently 36.36%.

A number of institutional investors have recently added to or reduced their stakes in FCF. Metropolitan Life Insurance Co. NY raised its position in shares of First Commonwealth Financial by 371.4% in the 4th 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 in the last quarter. LSV Asset Management raised its position in shares of First Commonwealth Financial by 14.2% during the 1st quarter. LSV Asset Management now owns 900,434 shares of the bank’s stock valued at $11,345,000 after acquiring an additional 111,700 shares in the last quarter. Stifel Financial Corp raised its position in shares of First Commonwealth Financial by 39.3% during the 4th quarter. Stifel Financial Corp now owns 16,478 shares of the bank’s stock valued at $199,000 after acquiring an additional 4,646 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of First Commonwealth Financial by 3.7% during the 1st quarter. JPMorgan Chase & Co. now owns 2,427,337 shares of the bank’s stock valued at $30,584,000 after acquiring an additional 85,816 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in shares of First Commonwealth Financial during the 4th quarter valued at approximately $1,248,000. 66.53% of the stock is currently owned by hedge funds and other institutional investors.

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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