First Commonwealth Financial (NYSE:FCF) Posts Quarterly Earnings Results

First Commonwealth Financial (NYSE:FCF – Get Rating) posted its earnings results on Tuesday. The bank reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.05), Briefing.com reports. The firm had revenue of $120.59 million during the quarter, compared to analysts’ expectations of $113.63 million. First Commonwealth Financial had a net margin of 31.21% and a return on equity of 12.01%. During the same period in the previous year, the firm posted $0.37 earnings per share.

First Commonwealth Financial Price Performance

Shares of NYSE FCF traded down $0.77 during trading on Wednesday, hitting $13.13. 141,250 shares of the company were exchanged, compared to its average volume of 364,491. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.91 and a quick ratio of 0.91. First Commonwealth Financial has a 1 year low of $12.76 and a 1 year high of $17.41. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 10.30 and a beta of 0.99. The firm’s fifty day moving average price is $14.18 and its 200 day moving average price is $14.07.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FCF. BlackRock Inc. grew its position in shares of First Commonwealth Financial by 1.3% in the first quarter. BlackRock Inc. now owns 13,993,881 shares of the bank’s stock valued at $212,147,000 after purchasing an additional 180,138 shares during the last quarter. State Street Corp raised its stake in First Commonwealth Financial by 12.8% in the 1st quarter. State Street Corp now owns 4,611,897 shares of the bank’s stock valued at $69,916,000 after purchasing an additional 524,228 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in First Commonwealth Financial by 1.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,977,742 shares of the bank’s stock valued at $29,983,000 after purchasing an additional 28,366 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in shares of First Commonwealth Financial by 0.3% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,374,348 shares of the bank’s stock worth $20,835,000 after purchasing an additional 3,561 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of First Commonwealth Financial by 0.5% in the first quarter. Bank of New York Mellon Corp now owns 1,284,307 shares of the bank’s stock valued at $19,471,000 after buying an additional 6,988 shares during the last quarter. 69.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on FCF shares. StockNews.com began coverage on First Commonwealth Financial in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Piper Sandler reduced their price target on shares of First Commonwealth Financial to $15.00 in a research report on Wednesday, October 5th. Finally, Janney Montgomery Scott started coverage on shares of First Commonwealth Financial in a research report on Thursday, September 29th. They set a “buy” rating and a $16.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, First Commonwealth Financial presently has an average rating of “Moderate Buy” and a consensus target price of $15.90.

First Commonwealth Financial Company Profile

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First Commonwealth Financial Corporation, a financial holding company, provides various consumer and commercial banking services in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, savings and health 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.