First Commonwealth Financial (NYSE:FCF) Announces $0.11 Quarterly Dividend

First Commonwealth Financial (NYSE:FCF) declared a quarterly dividend on Tuesday, July 28th, Zacks reports. Stockholders of record on Friday, August 7th will be paid a dividend of 0.11 per share by the bank on Friday, August 21st. This represents a $0.44 annualized dividend and a dividend yield of 5.56%. The ex-dividend date is Thursday, August 6th.

First Commonwealth Financial has increased its dividend payment by an average of 42.9% per year over the last three years and has increased its dividend every year for the last 3 years. First Commonwealth Financial has a payout ratio of 71.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First Commonwealth Financial to earn $0.72 per share next year, which means the company should continue to be able to cover its $0.44 annual dividend with an expected future payout ratio of 61.1%.

NYSE:FCF traded down $0.35 during midday trading on Thursday, hitting $7.91. 6,314 shares of the company were exchanged, compared to its average volume of 579,141. First Commonwealth Financial has a fifty-two week low of $6.77 and a fifty-two week high of $14.93. The company has a market capitalization of $776.29 million, a PE ratio of 9.95 and a beta of 1.09. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22. The company has a fifty day simple moving average of $7.93 and a 200 day simple moving average of $9.94.

First Commonwealth Financial (NYSE:FCF) last issued its quarterly earnings data on Tuesday, July 28th. The bank reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.15. First Commonwealth Financial had a return on equity of 8.07% and a net margin of 20.32%. The company had revenue of $88.86 million for the quarter, compared to analyst estimates of $87.56 million. During the same quarter last year, the company posted $0.28 earnings per share. The business’s quarterly revenue was down .7% compared to the same quarter last year. As a group, equities research analysts expect that First Commonwealth Financial will post 0.61 EPS for the current year.

A number of equities research analysts have weighed in on FCF shares. ValuEngine upgraded First Commonwealth Financial from a “sell” rating to a “hold” rating in a research note on Thursday, July 2nd. Royal Bank of Canada reiterated a “hold” rating and issued a $9.00 price target on shares of First Commonwealth Financial in a research report on Monday, July 20th. DA Davidson dropped their price objective on shares of First Commonwealth Financial from $10.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, April 30th. Piper Sandler downgraded shares of First Commonwealth Financial from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $11.00 to $10.00 in a research note on Friday, May 1st. Finally, Zacks Investment Research raised First Commonwealth Financial from a “sell” rating to a “hold” rating in a report on Tuesday, June 30th. Six analysts have rated the stock with a hold rating, First Commonwealth Financial currently has a consensus rating of “Hold” and a consensus price target of $10.40.

In other First Commonwealth Financial news, EVP Matthew C. Tomb purchased 4,000 shares of First Commonwealth Financial stock in a transaction on Wednesday, May 13th. The shares were bought at an average price of $6.93 per share, with a total value of $27,720.00. Following the completion of the acquisition, the executive vice president now directly owns 63,647 shares of the company’s stock, valued at $441,073.71. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.53% of the company’s stock.

About First Commonwealth Financial

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.

See Also: Coverage Ratio

Dividend History for First Commonwealth Financial (NYSE:FCF)

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