First Commonwealth Financial (NYSE:FCF) Hits New 52-Week High – Here’s What Happened
by Kim Johansen · The Markets DailyFirst Commonwealth Financial Corporation (NYSE:FCF – Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $20.05 and last traded at $20.03, with a volume of 618932 shares. The stock had previously closed at $19.70.
Wall Street Analyst Weigh In
Separately, Weiss Ratings restated a “buy (b)” rating on shares of First Commonwealth Financial in a report on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $20.33.
Get Our Latest Stock Analysis on FCF
First Commonwealth Financial Trading Up 0.6%
The stock has a market capitalization of $2.06 billion, a P/E ratio of 13.43 and a beta of 0.75. The stock’s fifty day moving average price is $18.88 and its 200 day moving average price is $18.04. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.93 and a quick ratio of 0.92.
First Commonwealth Financial (NYSE:FCF – Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The bank reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.40 by ($0.03). The company had revenue of $133.70 million for the quarter, compared to the consensus estimate of $134.32 million. First Commonwealth Financial had a net margin of 21.19% and a return on equity of 10.56%. The company’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 EPS. Research analysts forecast that First Commonwealth Financial Corporation will post 1.71 earnings per share for the current year.
First Commonwealth Financial Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 8th were paid a dividend of $0.14 per share. This is a boost from First Commonwealth Financial’s previous quarterly dividend of $0.14. This represents a $0.56 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, May 8th. First Commonwealth Financial’s payout ratio is presently 37.09%.
Insider Activity
In other First Commonwealth Financial news, EVP Michael P. Mccuen sold 5,250 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $18.58, for a total transaction of $97,545.00. Following the transaction, the executive vice president directly owned 56,861 shares in the company, valued at $1,056,477.38. This trade represents a 8.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Norman J. Montgomery sold 12,964 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $18.37, for a total value of $238,148.68. Following the transaction, the executive vice president owned 50,104 shares in the company, valued at $920,410.48. The trade was a 20.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 49,430 shares of company stock valued at $908,796. Corporate insiders own 1.90% of the company’s stock.
Hedge Funds Weigh In On First Commonwealth Financial
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in shares of First Commonwealth Financial by 12.6% in the first quarter. Royal Bank of Canada now owns 188,826 shares of the bank’s stock valued at $2,935,000 after acquiring an additional 21,108 shares in the last quarter. AQR Capital Management LLC grew its holdings in First Commonwealth Financial by 15.0% during the 1st quarter. AQR Capital Management LLC now owns 194,601 shares of the bank’s stock worth $3,024,000 after acquiring an additional 25,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in First Commonwealth Financial by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,483 shares of the bank’s stock valued at $940,000 after purchasing an additional 2,952 shares during the period. Millennium Management LLC increased its position in First Commonwealth Financial by 700.8% during the 1st quarter. Millennium Management LLC now owns 384,829 shares of the bank’s stock valued at $5,980,000 after purchasing an additional 336,775 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of First Commonwealth Financial by 9.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 242,968 shares of the bank’s stock valued at $3,776,000 after purchasing an additional 21,839 shares in 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.