First Commonwealth Financial (NYSE:FCF) Given Buy Rating at DA Davidson

DA Davidson reaffirmed their buy rating on shares of First Commonwealth Financial (NYSE:FCF) in a report released on Thursday morning,Benzinga reports. The brokerage currently has a $21.00 target price on the bank’s stock.

Several other equities research analysts have also weighed in on FCF. Stephens restated an “overweight” rating and set a $21.50 price target on shares of First Commonwealth Financial in a research report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 price target on shares of First Commonwealth Financial in a research note on Thursday. Piper Sandler dropped their price objective on shares of First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. StockNews.com cut shares of First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods lifted their target price on First Commonwealth Financial from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, First Commonwealth Financial presently has an average rating of “Hold” and an average price target of $19.58.

First Commonwealth Financial Price Performance

Shares of NYSE FCF opened at $16.66 on Thursday. The stock has a market capitalization of $1.70 billion, a PE ratio of 11.98 and a beta of 0.88. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.92. First Commonwealth Financial has a fifty-two week low of $12.41 and a fifty-two week high of $19.96. The business has a fifty day moving average price of $17.39 and a two-hundred day moving average price of $17.15.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Tuesday, January 28th. The bank reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.01). First Commonwealth Financial had a net margin of 20.38% and a return on equity of 10.43%. As a group, equities analysts predict that First Commonwealth Financial will post 1.43 earnings per share for the current fiscal year.

First Commonwealth Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Friday, February 7th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.12%. First Commonwealth Financial’s payout ratio is currently 37.41%.

Hedge Funds Weigh In On First Commonwealth Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its position in First Commonwealth Financial by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,782,837 shares of the bank’s stock valued at $64,876,000 after acquiring an additional 105,116 shares in the last quarter. Barclays PLC lifted its stake in shares of First Commonwealth Financial by 121.8% in the 3rd quarter. Barclays PLC now owns 211,797 shares of the bank’s stock valued at $3,631,000 after purchasing an additional 116,295 shares during the period. Royce & Associates LP purchased a new stake in First Commonwealth Financial during the third quarter worth $678,000. BNP Paribas Financial Markets grew its position in First Commonwealth Financial by 64.2% during the third quarter. BNP Paribas Financial Markets now owns 34,892 shares of the bank’s stock valued at $598,000 after buying an additional 13,643 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of First Commonwealth Financial by 7.2% in the third quarter. Principal Financial Group Inc. now owns 538,964 shares of the bank’s stock worth $9,243,000 after acquiring an additional 36,001 shares during the period. Institutional investors and hedge funds own 72.58% of the company’s stock.

About First Commonwealth Financial

First Commonwealth Financial Corporation, a financial holding company, provides various consumer and commercial banking services in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings and health 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.