First Commonwealth Financial (NYSE:FCF) – Stock analysts at B. Riley cut their Q2 2019 EPS estimates for shares of First Commonwealth Financial in a research note issued to investors on Tuesday, January 8th. B. Riley analyst S. Moss now anticipates that the bank will earn $0.27 per share for the quarter, down from their prior estimate of $0.28. B. Riley currently has a “Buy” rating and a $16.00 target price on the stock.
Other equities analysts have also issued research reports about the stock. ValuEngine lowered shares of First Commonwealth Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. Zacks Investment Research lowered shares of First Commonwealth Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, September 26th. Boenning Scattergood reiterated a “hold” rating and set a $14.00 target price on shares of First Commonwealth Financial in a research report on Wednesday, October 24th. Finally, Sandler O’Neill upgraded shares of First Commonwealth Financial from a “hold” rating to a “buy” rating in a research report on Thursday, October 25th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $16.67.
First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, October 23rd. The bank reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). The business had revenue of $83.57 million for the quarter, compared to the consensus estimate 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 in the prior year, the business earned $0.22 EPS.
Institutional investors have recently made changes to their positions in the company. Huntington National Bank purchased a new stake in shares of First Commonwealth Financial in the third quarter worth about $170,000. Lynch & Associates IN raised its stake in First Commonwealth Financial by 7.6% in the fourth quarter. Lynch & Associates IN now owns 14,100 shares of the bank’s stock valued at $170,000 after purchasing an additional 1,000 shares in the last quarter. Stevens Capital Management LP purchased a new stake in First Commonwealth Financial in the third quarter valued at approximately $191,000. McKinley Carter Wealth Services Inc. purchased a new stake in First Commonwealth Financial in the third quarter valued at approximately $209,000. Finally, V Wealth Management LLC purchased a new stake in First Commonwealth Financial in the third quarter valued at approximately $235,000. 69.41% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Director Luke A. Latimer purchased 8,000 shares of the stock in a transaction dated Tuesday, December 18th. The shares were purchased at an average cost of $12.24 per share, with a total value of $97,920.00. Following the completion of the acquisition, the director now owns 145,918 shares in the company, valued at approximately $1,786,036.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ray T. Charley purchased 4,000 shares of the stock in a transaction dated Monday, October 29th. The stock was purchased at an average cost of $12.90 per share, for a total transaction of $51,600.00. Following the completion of the acquisition, the director now owns 280,041 shares of the company’s stock, valued at approximately $3,612,528.90. The disclosure for this purchase can be found here. Over the last three months, insiders bought 13,170 shares of company stock worth $164,449. Insiders own 1.42% of the company’s stock.
First Commonwealth Financial announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 23rd that authorizes the company to repurchase $25.00 million in outstanding shares. This repurchase authorization authorizes the bank to repurchase up to 1.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
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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