First Commonwealth Financial (NYSE:FCF) Shares Gap Down After Earnings Miss

First Commonwealth Financial Co. (NYSE:FCF) gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $16.82, but opened at $16.32. First Commonwealth Financial shares last traded at $16.45, with a volume of 74,552 shares trading hands.

The bank reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.01). First Commonwealth Financial had a net margin of 21.87% and a return on equity of 11.19%.

First Commonwealth Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 21st. Stockholders of record on Friday, February 7th will be given a $0.13 dividend. The ex-dividend date is Friday, February 7th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 3.21%. First Commonwealth Financial’s dividend payout ratio (DPR) is currently 35.14%.

Analysts Set New Price Targets

Several analysts have issued reports on FCF shares. StockNews.com cut shares of First Commonwealth Financial from a “hold” rating to a “sell” rating in a research note on Wednesday. Stephens reissued an “overweight” rating and set a $21.50 price objective on shares of First Commonwealth Financial in a research note on Wednesday. Keefe, Bruyette & Woods upped their target price on First Commonwealth Financial from $18.00 to $20.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler dropped their price target on First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, First Commonwealth Financial currently has an average rating of “Hold” and an average target price of $18.90.

Institutional Investors Weigh In On First Commonwealth Financial

Hedge funds have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in shares of First Commonwealth Financial by 2,572.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,657 shares of the bank’s stock valued at $28,000 after buying an additional 1,595 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of First Commonwealth Financial during the third quarter worth approximately $46,000. CWM LLC lifted its holdings in shares of First Commonwealth Financial by 92.0% in the 3rd quarter. CWM LLC now owns 3,830 shares of the bank’s stock worth $66,000 after acquiring an additional 1,835 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of First Commonwealth Financial in the 3rd quarter valued at $72,000. Finally, KBC Group NV boosted its stake in shares of First Commonwealth Financial by 61.6% in the 4th quarter. KBC Group NV now owns 5,842 shares of the bank’s stock valued at $99,000 after purchasing an additional 2,226 shares in the last quarter. Institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Stock Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market cap of $1.65 billion, a PE ratio of 10.94 and a beta of 0.88. The business’s 50-day moving average is $17.43 and its 200 day moving average is $17.15.

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.