First Commonwealth Financial (NYSE:FCF) Raised to “Outperform” at Raymond James Financial

First Commonwealth Financial (NYSE:FCF) was upgraded by analysts at Raymond James Financial from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The firm currently has a $20.00 target price on the bank’s stock. Raymond James Financial’s price target would suggest a potential upside of 14.06% from the stock’s current price.

Other analysts have also recently issued research reports about the company. DA Davidson cut First Commonwealth Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Piper Sandler began coverage on First Commonwealth Financial in a research report on Wednesday, December 17th. They set an “overweight” rating and a $21.00 price target on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of First Commonwealth Financial in a 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. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.92.

First Commonwealth Financial Stock Up 2.5%

Shares of NYSE:FCF opened at $17.54 on Wednesday. The firm has a 50 day simple moving average of $16.52 and a 200-day simple moving average of $16.73. First Commonwealth Financial has a twelve month low of $13.54 and a twelve month high of $18.28. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $1.82 billion, a PE ratio of 12.71 and a beta of 0.79.

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

First Commonwealth Financial announced that its board has initiated a share buyback plan on Monday, December 1st that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the bank to repurchase up to 1.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at First Commonwealth Financial

In other news, EVP Michael P. Mccuen bought 3,090 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were bought at an average cost of $16.19 per share, for a total transaction of $50,027.10. Following the completion of the transaction, 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO James R. Reske sold 2,072 shares of the company’s stock in a transaction on Monday, January 5th. The shares were sold at an average price of $16.74, for a total value of $34,685.28. Following the completion of the sale, the chief financial officer directly owned 80,311 shares in the company, valued at $1,344,406.14. This trade represents a 2.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 5,555 shares of company stock valued at $90,752. 2.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its holdings in First Commonwealth Financial by 2,250.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,609 shares of the bank’s stock valued at $42,000 after buying an additional 2,498 shares during the last quarter. GAMMA Investing LLC boosted its position in First Commonwealth Financial by 109.6% during the second quarter. GAMMA Investing LLC now owns 4,438 shares of the bank’s stock worth $72,000 after acquiring 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 worth $85,000. Smartleaf Asset Management LLC grew its position in shares of First Commonwealth Financial by 58.5% in the third quarter. Smartleaf Asset Management LLC now owns 5,285 shares of the bank’s stock valued at $91,000 after purchasing an additional 1,950 shares during the period. Finally, CWM LLC increased its stake in First Commonwealth Financial by 10.0% in the second quarter. CWM LLC now owns 8,724 shares of the bank’s stock valued at $142,000 after purchasing an additional 792 shares during the last quarter. 72.58% of the stock is currently owned by institutional investors and hedge funds.

About First Commonwealth Financial

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.