First Commonwealth Financial (NYSE:FCF) Shares Pass Above 200-Day Moving Average – What’s Next?

Shares of First Commonwealth Financial Corporation (NYSE:FCF) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $16.66 and traded as high as $17.18. First Commonwealth Financial shares last traded at $17.0750, with a volume of 409,450 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FCF. Piper Sandler began coverage on shares of First Commonwealth Financial in a report on Wednesday, December 17th. They issued an “overweight” rating and a $21.00 price target on the stock. DA Davidson lowered shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Weiss Ratings reissued a “buy (b-)” rating on shares of First Commonwealth Financial in a research report on Wednesday, October 8th. Finally, Zacks Research lowered shares of First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Four research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, First Commonwealth Financial has a consensus rating of “Moderate Buy” and a consensus target price of $19.90.

First Commonwealth Financial Trading Down 0.1%

The firm’s 50-day moving average price is $16.37 and its 200-day moving average price is $16.66. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.17. The company has a market cap of $1.77 billion, a P/E ratio of 12.37 and a beta of 0.82.

First Commonwealth Financial (NYSE:FCF) last posted its earnings results on Tuesday, October 28th. The bank reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.02). The company had revenue of $135.98 million for the quarter, compared to analysts’ expectations of $136.30 million. First Commonwealth Financial had a return on equity of 10.12% and a net margin of 20.00%.During the same quarter in the prior year, the company earned $0.31 EPS. As a group, equities research analysts expect that First Commonwealth Financial Corporation will post 1.45 earnings per share for the current fiscal year.

First Commonwealth Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 21st. Shareholders of record on Friday, November 7th were issued a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Friday, November 7th. First Commonwealth Financial’s payout ratio is presently 39.13%.

First Commonwealth Financial declared that its board has approved a share repurchase plan on Monday, December 1st that permits the company to repurchase $25.00 million in shares. This repurchase authorization permits the bank to purchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP Michael P. Mccuen purchased 3,090 shares of the firm’s stock in a transaction dated Friday, November 21st. The shares were purchased at an average price of $16.19 per share, with a total value of $50,027.10. Following the completion of the acquisition, the executive vice president owned 62,111 shares in the company, valued at $1,005,577.09. This trade represents a 5.24% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO James R. Reske sold 1,965 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $16.52, for a total value of $32,461.80. Following the completion of the sale, the chief financial officer directly owned 82,383 shares in the company, valued at approximately $1,360,967.16. The trade was a 2.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,673 shares of company stock worth $93,275 in the last ninety days. 2.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its stake in First Commonwealth Financial by 2,250.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock worth $42,000 after purchasing an additional 2,498 shares during the last quarter. GAMMA Investing LLC increased its position in shares of First Commonwealth Financial by 109.6% during the 2nd quarter. GAMMA Investing LLC now owns 4,438 shares of the bank’s stock valued at $72,000 after purchasing an additional 2,321 shares during the last quarter. iSAM Funds UK Ltd purchased a new position in shares of First Commonwealth Financial during the 3rd quarter valued at about $85,000. Smartleaf Asset Management LLC lifted its position in First Commonwealth Financial by 58.5% in the 3rd quarter. Smartleaf Asset Management LLC now owns 5,285 shares of the bank’s stock worth $91,000 after buying an additional 1,950 shares during the last quarter. Finally, CWM LLC lifted its position in First Commonwealth Financial by 10.0% in the 2nd quarter. CWM LLC now owns 8,724 shares of the bank’s stock worth $142,000 after buying an additional 792 shares during the last quarter. Institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Company Profile

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.