Brokers Set Expectations for First Commonwealth Financial Co.’s Q2 2024 Earnings (NYSE:FCF)

First Commonwealth Financial Co. (NYSE:FCF) – Research analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for First Commonwealth Financial in a note issued to investors on Thursday, April 25th. DA Davidson analyst M. Navas anticipates that the bank will post earnings of $0.35 per share for the quarter. The consensus estimate for First Commonwealth Financial’s current full-year earnings is $1.41 per share. DA Davidson also issued estimates for First Commonwealth Financial’s FY2024 earnings at $1.40 EPS.

A number of other research firms also recently commented on FCF. Stephens cut their target price on shares of First Commonwealth Financial from $16.50 to $15.50 and set an “overweight” rating for the company in a research report on Tuesday, February 6th. StockNews.com downgraded First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price objective on shares of First Commonwealth Financial in a research report on Tuesday, April 9th.

First Commonwealth Financial Stock Performance

Shares of FCF stock opened at $13.55 on Friday. The firm has a market capitalization of $1.38 billion, a PE ratio of 8.42 and a beta of 0.87. The company has a 50 day moving average price of $13.28 and a 200-day moving average price of $13.62. First Commonwealth Financial has a 52 week low of $11.16 and a 52 week high of $15.90. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.14.

First Commonwealth Financial (NYSE:FCF) last issued its earnings results on Tuesday, April 23rd. The bank reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The business had revenue of $116.60 million during the quarter, compared to analyst estimates of $119.80 million. First Commonwealth Financial had a return on equity of 12.89% and a net margin of 24.96%. First Commonwealth Financial’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 EPS.

Institutional Investors Weigh In On First Commonwealth Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Emerald Advisers LLC bought a new stake in First Commonwealth Financial during the third quarter valued at about $49,000. International Assets Investment Management LLC purchased a new position in shares of First Commonwealth Financial during the 4th quarter valued at about $74,000. Tower Research Capital LLC TRC grew its stake in shares of First Commonwealth Financial by 50.5% during the 4th quarter. Tower Research Capital LLC TRC now owns 6,666 shares of the bank’s stock valued at $103,000 after acquiring an additional 2,236 shares during the period. Quantbot Technologies LP bought a new position in shares of First Commonwealth Financial during the 3rd quarter valued at approximately $90,000. Finally, EMC Capital Management increased its holdings in First Commonwealth Financial by 7.0% in the 3rd quarter. EMC Capital Management now owns 12,300 shares of the bank’s stock worth $150,000 after acquiring an additional 807 shares in the last quarter. 72.58% of the stock is currently owned by hedge funds and other institutional investors.

First Commonwealth Financial Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Friday, May 3rd will be given a dividend of $0.13 per share. This is an increase from First Commonwealth Financial’s previous quarterly dividend of $0.13. The ex-dividend date is Thursday, May 2nd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.84%. First Commonwealth Financial’s payout ratio is presently 31.06%.

About First Commonwealth Financial

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.