First Commonwealth Financial (NYSE:FCF) – Analysts at B. Riley decreased their FY2018 earnings estimates for shares of First Commonwealth Financial in a report issued on Thursday, November 8th. B. Riley analyst S. Moss now expects that the bank will earn $1.03 per share for the year, down from their previous estimate of $1.07. B. Riley currently has a “Buy” rating and a $16.00 target price on the stock. B. Riley also issued estimates for First Commonwealth Financial’s Q4 2018 earnings at $0.26 EPS, Q1 2019 earnings at $0.26 EPS, Q3 2019 earnings at $0.28 EPS, Q4 2019 earnings at $0.29 EPS, FY2019 earnings at $1.11 EPS, Q2 2020 earnings at $0.29 EPS, Q3 2020 earnings at $0.30 EPS and FY2020 earnings at $1.20 EPS.
First Commonwealth Financial (NYSE:FCF) last posted its earnings results on Tuesday, October 23rd. The bank reported $0.25 earnings per share for the quarter, missing the 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 net margin of 22.65% and a return on equity of 11.00%. During the same quarter in the previous year, the firm earned $0.22 earnings per share.
NYSE:FCF opened at $13.88 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.66 and a beta of 1.08. First Commonwealth Financial has a 1-year low of $12.01 and a 1-year high of $17.91.
First Commonwealth Financial declared that its Board of Directors has approved a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 16th. Stockholders of record on Friday, November 2nd will be issued a $0.09 dividend. The ex-dividend date is Thursday, November 1st. This represents a $0.36 annualized dividend and a dividend yield of 2.59%. First Commonwealth Financial’s dividend payout ratio is currently 43.90%.
In related news, Director Ray T. Charley acquired 4,000 shares of the firm’s stock in a transaction dated Monday, October 29th. The shares were purchased at an average cost of $12.90 per share, for a total transaction of $51,600.00. Following the acquisition, the director now owns 280,041 shares in the company, valued at approximately $3,612,528.90. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.42% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Ontario Teachers Pension Plan Board acquired a new position in shares of First Commonwealth Financial in the 3rd quarter worth approximately $805,000. FMR LLC lifted its holdings in shares of First Commonwealth Financial by 0.3% in the 3rd quarter. FMR LLC now owns 1,366,889 shares of the bank’s stock worth $22,062,000 after acquiring an additional 4,689 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of First Commonwealth Financial by 4.0% in the 3rd quarter. BlackRock Inc. now owns 14,632,667 shares of the bank’s stock worth $236,172,000 after acquiring an additional 569,462 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of First Commonwealth Financial by 3.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,456,527 shares of the bank’s stock worth $23,508,000 after acquiring an additional 45,827 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in shares of First Commonwealth Financial by 3.1% in the 3rd quarter. Swiss National Bank now owns 175,100 shares of the bank’s stock worth $2,826,000 after acquiring an additional 5,300 shares during the last quarter. Hedge funds and other institutional investors own 68.68% 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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