First Commonwealth Financial Co. (NYSE:FCF) Receives Consensus “Buy” Recommendation from Analysts

ByDavid M. Conte

May 20, 2022

Shares of First Commonwealth Financial Co. (NYSE: FCFGet a rating) received an average “buy” recommendation from the seven rating agencies that currently cover the stock, market beat reports. Three investment analysts rated the stock with a hold recommendation and three gave the company a buy recommendation. The 12-month average target price among analysts who have reported on the stock in the past year is $18.33.

Several research companies have recently published reports on FCF. B. Riley cut his price target on First Commonwealth Financial shares from $19.00 to $18.00 in a Tuesday, April 12 research report. DA Davidson reissued a “buy” rating on First Commonwealth Financial shares in a research note on Thursday, January 27. To finish, StockNews.com began covering First Commonwealth Financial shares in a research note on Thursday, March 31. They set a “holding” rating for the company.

Shares of FCF on Friday, it fell $0.12 to $13.04. The company’s shares had a trading volume of 9,622 shares, compared to an average volume of 584,455. The company has a debt ratio of 0.17, a current ratio of 0.89 and a quick ratio of 0, 89. The stock has a market capitalization of $1.23 billion, a P/E ratio of 9.80 and a beta of 1.04. The stock’s 50-day simple moving average is $14.53 and its two-hundred-day simple moving average is $15.53. First Commonwealth Financial has a 12-month low of $12.36 and a 12-month high of $17.63.

First Commonwealth Financial (NYSE: FCFGet a rating) last released its quarterly results on Tuesday, April 26. The bank reported earnings per share of $0.29 for the quarter, missing the consensus estimate of $0.30 per ($0.01). First Commonwealth Financial had a net margin of 32.00% and a return on equity of 11.51%. The company posted revenue of $92.15 million for the quarter, versus $93.91 million expected by analysts. During the same period of the previous year, the company achieved EPS of $0.41. First Commonwealth Financial’s revenue for the quarter was down 4.8% from the same quarter last year. Analysts expect First Commonwealth Financial to post earnings per share of 1.32 for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, May 20. Investors of record on Friday, May 6 will receive a dividend of $0.12. This is an increase from First Commonwealth Financial’s previous quarterly dividend of $0.12. This represents an annualized dividend of $0.48 and a yield of 3.68%. The ex-dividend date is Thursday, May 5. First Commonwealth Financial’s dividend payout ratio is currently 36.09%.

Several institutional investors and hedge funds have recently changed their FCF holdings. Norges Bank bought a new equity position in First Commonwealth Financial in Q4, valued at around $15,828,000. Invesco Ltd. increased its holding in shares of First Commonwealth Financial by 107.1% in the first quarter. Invesco Ltd. now owns 1,100,043 shares of the bank valued at $16,677,000 after purchasing an additional 568,755 shares during the period. State Street Corp increased its holdings of First Commonwealth Financial shares 12.8% in the first quarter. State Street Corp now owns 4,611,897 shares of the bank valued at $69,916,000 after purchasing an additional 524,228 shares during the period. Artemis Investment Management LLP bought a new stake in shares of First Commonwealth Financial in the fourth quarter worth approximately $7,274,000. Finally, Assenagon Asset Management SA increased its stake in shares of First Commonwealth Financial by 542.6% in the fourth quarter. Assenagon Asset Management SA now owns 386,816 shares in the bank valued at $6,224,000 after purchasing an additional 326,622 shares last quarter. 68.56% of the shares are held by institutional investors and hedge funds.

Profile of the Commonwealth’s First Financial Corporation (Get a rating)

First Commonwealth Financial Corporation, a financial holding company, provides various retail and corporate banking services in the United States. Its consumer services include personal checking accounts, interest-bearing checking accounts, savings and health savings accounts, insured money market accounts, debit cards, investment certificates, interest rate certificates of deposit fixed and variable loans, mortgages, secured and unsecured installment loans, construction and home loans, safe deposit boxes, credit cards, lines of credit with overdraft protection, IRA accounts and automated teller machine (ATM) services ), as well as internet, mobile and telephone banking.

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Analyst Recommendations for First Commonwealth Financial (NYSE:FCF)



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