FBR & Co Reiterates “Neutral” Rating for First Commonwealth Financial Corporation (FCF)

FBR & Co reissued their neutral rating on shares of First Commonwealth Financial Corporation (NYSE:FCF) in a research note published on Friday morning. FBR & Co currently has a $14.00 price objective on the bank’s stock. FBR & Co also issued estimates for First Commonwealth Financial Corporation’s FY2017 earnings at $0.83 EPS, Q1 2019 earnings at $0.21 EPS, Q2 2019 earnings at $0.23 EPS, Q3 2019 earnings at $0.23 EPS and FY2019 earnings at $0.90 EPS.

“First Commonwealth reported good 3Q17 results that beat both FBR and consensus estimates due to lower credit costs. FCF showcased its asset sensitivity this quarter, with 7bps of NIM expansion from the June rate hike that offset stable loan balances. NIM expansion from future Fed hikes, accretion from the DCB acquisition, and ongoing efficiency initiatives should continue to support earnings growth, but loan growth appears limited due to C&I headwinds.”,” the firm’s analyst wrote.

A number of other research analysts also recently commented on FCF. Keefe, Bruyette & Woods reissued a hold rating and issued a $14.00 price target on shares of First Commonwealth Financial Corporation in a report on Thursday, August 10th. Zacks Investment Research raised First Commonwealth Financial Corporation from a hold rating to a buy rating and set a $15.00 price target for the company in a report on Wednesday, August 2nd. Raymond James Financial, Inc. reduced their price target on First Commonwealth Financial Corporation from C$4.50 to C$3.75 and set an outperform rating for the company in a report on Wednesday, August 30th. BidaskClub downgraded First Commonwealth Financial Corporation from a hold rating to a sell rating in a report on Thursday, July 27th. Finally, Royal Bank Of Canada reissued a buy rating and issued a $14.00 price target on shares of First Commonwealth Financial Corporation in a report on Friday, September 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $9.96.

First Commonwealth Financial Corporation (NYSE:FCF) opened at 14.38 on Friday. The stock has a market cap of $1.40 billion, a PE ratio of 20.31 and a beta of 1.01. The stock has a 50 day moving average price of $13.84 and a 200 day moving average price of $13.04. First Commonwealth Financial Corporation has a 52 week low of $9.95 and a 52 week high of $14.76.

First Commonwealth Financial Corporation (NYSE:FCF) last posted its earnings results on Wednesday, October 25th. The bank reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. The business had revenue of $80.46 million during the quarter, compared to analyst estimates of $79.29 million. First Commonwealth Financial Corporation had a return on equity of 9.53% and a net margin of 21.96%. The company’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.19 earnings per share. On average, equities analysts predict that First Commonwealth Financial Corporation will post $0.82 earnings per share for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Investors of record on Monday, November 6th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date of this dividend is Friday, November 3rd. First Commonwealth Financial Corporation’s dividend payout ratio is currently 43.24%.

A number of institutional investors and hedge funds have recently modified their holdings of FCF. BlackRock Inc. lifted its holdings in First Commonwealth Financial Corporation by 45,299.4% during the 1st quarter. BlackRock Inc. now owns 10,979,393 shares of the bank’s stock worth $145,588,000 after buying an additional 10,955,209 shares during the last quarter. Vanguard Group Inc. lifted its holdings in First Commonwealth Financial Corporation by 10.0% during the 1st quarter. Vanguard Group Inc. now owns 8,687,245 shares of the bank’s stock worth $115,193,000 after buying an additional 792,067 shares during the last quarter. State Street Corp lifted its holdings in First Commonwealth Financial Corporation by 14.5% during the 1st quarter. State Street Corp now owns 3,001,842 shares of the bank’s stock worth $39,802,000 after buying an additional 379,322 shares during the last quarter. Citadel Advisors LLC bought a new position in First Commonwealth Financial Corporation during the 2nd quarter worth approximately $3,416,000. Finally, Koch Industries Inc. bought a new position in First Commonwealth Financial Corporation during the 2nd quarter worth approximately $201,000. 63.03% of the stock is owned by hedge funds and other institutional investors.

First Commonwealth Financial Corporation Company Profile

First Commonwealth Financial Corporation is a financial holding company. The Company, through its subsidiary, First Commonwealth Bank (the Bank), provides a range of consumer and commercial banking services. The Company also provides trust and wealth management services, and offers insurance products through the Bank and its other operating subsidiaries.

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