First Commonwealth Financial (NYSE:FCF) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of First Commonwealth Financial (NYSE:FCF) from a hold rating to a sell rating in a research note issued to investors on Monday morning, Zacks.com reports.

According to Zacks, “First Commonwealth Financial Corporation is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Corporation operates two chartered banks, First Commonwealth Bank and Southwest Bank. Personal financial planning and other financial services and insurance products are also provided through First Commonwealth Trust Company and First Commonwealth Insurance Agency. The Corporation also operates through Commonwealth Systems Corporation, a data processing subsidiary. “

A number of other brokerages have also recently issued reports on FCF. Royal Bank of Canada began coverage on shares of First Commonwealth Financial in a research note on Friday, October 11th. They issued an outperform rating and a $16.00 price target on the stock. ValuEngine lowered shares of First Commonwealth Financial from a hold rating to a sell rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $15.67.

First Commonwealth Financial stock traded up $0.16 during mid-day trading on Monday, reaching $14.34. The stock had a trading volume of 1,088 shares, compared to its average volume of 419,057. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 13.05 and a beta of 1.16. The company has a 50-day moving average price of $14.43 and a two-hundred day moving average price of $13.57. First Commonwealth Financial has a one year low of $12.02 and a one year high of $14.93. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.92 and a quick ratio of 0.91.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Tuesday, October 29th. The bank reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.02. The company had revenue of $91.10 million for the quarter, compared to analysts’ expectations of $91.58 million. First Commonwealth Financial had a net margin of 26.01% and a return on equity of 10.76%. First Commonwealth Financial’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 EPS. On average, equities research analysts anticipate that First Commonwealth Financial will post 1.11 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Smithfield Trust Co. boosted its position in shares of First Commonwealth Financial by 533.3% during the third quarter. Smithfield Trust Co. now owns 2,375 shares of the bank’s stock valued at $32,000 after buying an additional 2,000 shares during the last quarter. Winthrop Partners WNY LLC bought a new stake in First Commonwealth Financial in the 3rd quarter worth about $52,000. Grantham Mayo Van Otterloo & Co. LLC purchased a new position in First Commonwealth Financial in the 2nd quarter worth about $213,000. A.R.T. Advisors LLC raised its position in First Commonwealth Financial by 101.8% in the 2nd quarter. A.R.T. Advisors LLC now owns 27,757 shares of the bank’s stock worth $374,000 after buying an additional 14,000 shares during the last quarter. Finally, Jefferies Group LLC bought a new position in First Commonwealth Financial during the 2nd quarter valued at about $382,000. 67.21% of the stock is currently owned by hedge funds and other institutional investors.

About First Commonwealth Financial

First Commonwealth Financial Corporation, through its subsidiaries, 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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