First Commonwealth Financial (NYSE:FCF) was downgraded by Boenning Scattergood from a “buy” rating to a “neutral” rating in a report issued on Thursday, MarketBeat reports. Boenning Scattergood also issued estimates for First Commonwealth Financial’s FY2018 earnings at $1.02 EPS.
Other analysts have also issued research reports about the stock. ValuEngine lowered shares of First Commonwealth Financial from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Sandler O’Neill assumed coverage on shares of First Commonwealth Financial in a research note on Thursday, August 30th. They issued a “hold” rating and a $18.00 price objective for the company. DA Davidson assumed coverage on shares of First Commonwealth Financial in a research note on Thursday, August 23rd. They issued a “neutral” rating and a $18.00 price objective for the company. Zacks Investment Research lowered shares of First Commonwealth Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, September 26th. Finally, Raymond James reiterated a “hold” rating on shares of First Commonwealth Financial in a research note on Friday, September 7th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $16.67.
Shares of NYSE:FCF traded up $0.25 on Thursday, hitting $13.45. 676,361 shares of the company were exchanged, compared to its average volume of 763,316. First Commonwealth Financial has a one year low of $12.01 and a one year high of $17.91.
First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings results on Tuesday, October 23rd. The bank reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.03). The firm had revenue of $83.57 million during the quarter, compared to analyst estimates of $84.76 million. First Commonwealth Financial had a return on equity of 11.00% and a net margin of 22.65%. During the same quarter last year, the firm posted $0.22 EPS.
First Commonwealth Financial announced that its Board of Directors has approved a share buyback plan on Tuesday, October 23rd that allows the company to buyback $25.00 million in shares. This buyback authorization allows the bank to reacquire up to 1.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In other First Commonwealth Financial news, Director Ray T. Charley purchased 4,000 shares of the firm’s stock in a transaction on Monday, October 29th. The stock was acquired at an average price of $12.90 per share, for a total transaction of $51,600.00. Following the purchase, the director now owns 280,041 shares of the company’s stock, valued at approximately $3,612,528.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.42% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Comerica Bank increased its stake in First Commonwealth Financial by 3.4% during the 2nd quarter. Comerica Bank now owns 105,919 shares of the bank’s stock valued at $1,682,000 after purchasing an additional 3,476 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in First Commonwealth Financial by 8.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 48,395 shares of the bank’s stock valued at $751,000 after purchasing an additional 3,652 shares in the last quarter. Legal & General Group Plc increased its stake in First Commonwealth Financial by 1.9% during the 1st quarter. Legal & General Group Plc now owns 205,407 shares of the bank’s stock valued at $2,898,000 after purchasing an additional 3,779 shares in the last quarter. State Board of Administration of Florida Retirement System increased its stake in First Commonwealth Financial by 4.2% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 102,891 shares of the bank’s stock valued at $1,661,000 after purchasing an additional 4,146 shares in the last quarter. Finally, Aperio Group LLC increased its stake in First Commonwealth Financial by 7.3% during the 2nd quarter. Aperio Group LLC now owns 62,067 shares of the bank’s stock valued at $963,000 after purchasing an additional 4,243 shares in the last quarter. Institutional investors and hedge funds own 68.70% of the company’s stock.
About First Commonwealth Financial
First Commonwealth Financial Corporation, through its subsidiary First Commonwealth Bank, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, 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.
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