First Commonwealth Financial (NYSE:FCF) Sees Large Decline in Short Interest

First Commonwealth Financial (NYSE:FCF) was the recipient of a significant decrease in short interest in October. As of October 31st, there was short interest totalling 2,140,000 shares, a decrease of 6.6% from the September 30th total of 2,290,000 shares. Currently, 2.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 314,000 shares, the short-interest ratio is currently 6.8 days.

Several institutional investors and hedge funds have recently bought and sold shares of FCF. Nuveen Asset Management LLC acquired a new stake in shares of First Commonwealth Financial in the 2nd quarter valued at approximately $19,160,000. Morgan Stanley raised its holdings in First Commonwealth Financial by 549.5% in the 2nd quarter. Morgan Stanley now owns 477,233 shares of the bank’s stock valued at $6,427,000 after buying an additional 403,760 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new position in First Commonwealth Financial in the 3rd quarter valued at approximately $5,025,000. LSV Asset Management raised its holdings in First Commonwealth Financial by 26.4% in the 2nd quarter. LSV Asset Management now owns 1,137,834 shares of the bank’s stock valued at $15,326,000 after buying an additional 237,400 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in First Commonwealth Financial by 10.4% in the 2nd quarter. Victory Capital Management Inc. now owns 2,224,562 shares of the bank’s stock valued at $29,965,000 after buying an additional 209,096 shares during the last quarter. Institutional investors own 66.95% of the company’s stock.

A number of equities research analysts have issued reports on FCF shares. Royal Bank of Canada started coverage on shares of First Commonwealth Financial in a research note on Friday, October 11th. They set an “outperform” rating and a $16.00 price objective on the stock. Zacks Investment Research downgraded shares of First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Tuesday, October 29th. ValuEngine downgraded shares of First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Finally, B. Riley set a $16.00 price objective on shares of First Commonwealth Financial and gave the stock a “buy” rating in a research note on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $15.67.

FCF opened at $14.24 on Tuesday. The company’s 50 day moving average is $13.70 and its 200-day moving average is $13.20. First Commonwealth Financial has a 1-year low of $11.33 and a 1-year high of $14.78. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The company has a market cap of $1.40 billion, a P/E ratio of 12.95 and a beta of 1.16.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings results on Tuesday, October 29th. The bank reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.02. First Commonwealth Financial had a net margin of 26.01% and a return on equity of 10.76%. The company had revenue of $91.10 million for the quarter, compared to the consensus estimate of $91.58 million. During the same period last year, the company posted $0.25 EPS. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities analysts forecast that First Commonwealth Financial will post 1.11 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.81%. First Commonwealth Financial’s payout ratio is currently 36.36%.

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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