First Commonwealth Financial (NYSE:FCF) Cut to Hold at Zacks Investment Research

First Commonwealth Financial (NYSE:FCF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, 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 research firms have also issued reports on FCF. Boenning Scattergood reaffirmed a “neutral” rating on shares of First Commonwealth Financial in a report on Thursday, June 20th. B. Riley set a $16.00 price target on First Commonwealth Financial and gave the stock a “buy” rating in a report on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $14.67.

FCF stock traded up $0.27 during mid-day trading on Wednesday, reaching $13.21. 386,787 shares of the stock traded hands, compared to its average volume of 354,379. The firm has a market capitalization of $1.25 billion, a PE ratio of 12.01, a P/E/G ratio of 1.45 and a beta of 1.17. The business has a 50-day moving average of $12.67 and a two-hundred day moving average of $13.10. First Commonwealth Financial has a 52 week low of $11.33 and a 52 week high of $16.67. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.23.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings data on Tuesday, July 23rd. The bank reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. First Commonwealth Financial had a return on equity of 10.49% and a net margin of 26.30%. The business had revenue of $89.03 million for the quarter, compared to analyst estimates of $88.15 million. During the same period in the previous year, the company posted $0.33 earnings per share. On average, equities research analysts anticipate that First Commonwealth Financial will post 1.1 EPS for the current fiscal year.

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its position in shares of First Commonwealth Financial by 3.7% during the first quarter. JPMorgan Chase & Co. now owns 2,427,337 shares of the bank’s stock valued at $30,584,000 after purchasing an additional 85,816 shares during the period. Victory Capital Management Inc. raised its stake in shares of First Commonwealth Financial by 10.4% in the second quarter. Victory Capital Management Inc. now owns 2,224,562 shares of the bank’s stock valued at $29,965,000 after purchasing an additional 209,096 shares in the last quarter. Northern Trust Corp lifted its position in First Commonwealth Financial by 2.3% in the second quarter. Northern Trust Corp now owns 1,641,552 shares of the bank’s stock worth $22,112,000 after purchasing an additional 36,630 shares during the period. Nuveen Asset Management LLC bought a new position in First Commonwealth Financial in the second quarter worth $19,160,000. Finally, Parametric Portfolio Associates LLC lifted its position in First Commonwealth Financial by 11.6% in the second quarter. Parametric Portfolio Associates LLC now owns 1,244,998 shares of the bank’s stock worth $16,770,000 after purchasing an additional 128,934 shares during the period. 67.05% of the stock is owned by hedge funds and other institutional investors.

First Commonwealth Financial Company Profile

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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