Zacks Investment Research Downgrades First Commonwealth Financial (FCF) to Hold

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Zacks Investment Research cut shares of First Commonwealth Financial (NYSE:FCF) from a buy rating to a hold rating in a research report released on Thursday.

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. “

Separately, ValuEngine upgraded First Commonwealth Financial from a hold rating to a buy rating in a research report on Wednesday, March 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $12.00.

NYSE:FCF opened at $16.10 on Thursday. The firm has a market cap of $1.62 billion, a P/E ratio of 19.63 and a beta of 0.93. First Commonwealth Financial has a 52-week low of $12.06 and a 52-week high of $16.40. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.86.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings data on Tuesday, April 24th. The bank reported $0.24 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.24. The company had revenue of $81.73 million during the quarter, compared to analyst estimates of $79.69 million. First Commonwealth Financial had a return on equity of 9.69% and a net margin of 18.06%. During the same quarter last year, the company earned $0.18 earnings per share. equities research analysts anticipate that First Commonwealth Financial will post 1.03 EPS for the current year.

In other First Commonwealth Financial news, CEO T Michael Price sold 50,127 shares of the firm’s stock in a transaction dated Wednesday, May 30th. The stock was sold at an average price of $15.75, for a total transaction of $789,500.25. Following the sale, the chief executive officer now owns 182,510 shares in the company, valued at $2,874,532.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.42% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in shares of First Commonwealth Financial in the first quarter worth about $148,000. A.R.T. Advisors LLC purchased a new position in shares of First Commonwealth Financial in the first quarter worth about $152,000. Jane Street Group LLC purchased a new position in shares of First Commonwealth Financial in the first quarter worth about $208,000. Xact Kapitalforvaltning AB purchased a new position in shares of First Commonwealth Financial in the fourth quarter worth about $217,000. Finally, Koch Industries Inc. purchased a new position in shares of First Commonwealth Financial in the first quarter worth about $230,000. Institutional investors and hedge funds own 66.75% of the company’s stock.

First Commonwealth Financial Company Profile

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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Analyst Recommendations for First Commonwealth Financial (NYSE:FCF)

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