Royal Bank of Canada Raises First Commonwealth Financial (NYSE:FCF) Price Target to $18.00

First Commonwealth Financial (NYSE:FCF) had its price target increased by Royal Bank of Canada from $17.00 to $18.00 in a research report report published on Thursday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the bank’s stock.

Other research analysts have also recently issued reports about the stock. StockNews.com raised shares of First Commonwealth Financial from a sell rating to a hold rating in a report on Saturday, May 25th. Keefe, Bruyette & Woods raised their price objective on First Commonwealth Financial from $16.00 to $18.00 and gave the stock a market perform rating in a research note on Thursday. Finally, Piper Sandler upped their target price on First Commonwealth Financial from $14.00 to $17.00 and gave the company a neutral rating in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, First Commonwealth Financial currently has a consensus rating of Hold and a consensus price target of $17.13.

First Commonwealth Financial Stock Performance

FCF opened at $18.58 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.92. The business has a fifty day simple moving average of $14.21 and a 200 day simple moving average of $13.81. First Commonwealth Financial has a 1 year low of $11.16 and a 1 year high of $19.01. The company has a market capitalization of $1.90 billion, a PE ratio of 11.54 and a beta of 0.85.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results on Tuesday, July 23rd. The bank reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. First Commonwealth Financial had a net margin of 23.39% and a return on equity of 12.14%. The company had revenue of $120.20 million during the quarter, compared to analysts’ expectations of $118.34 million. During the same quarter in the previous year, the business posted $0.42 earnings per share. First Commonwealth Financial’s quarterly revenue was down 1.8% on a year-over-year basis. Research analysts expect that First Commonwealth Financial will post 1.4 EPS for the current year.

First Commonwealth Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, August 2nd will be given a dividend of $0.13 per share. The ex-dividend date is Friday, August 2nd. This represents a $0.52 annualized dividend and a yield of 2.80%. First Commonwealth Financial’s dividend payout ratio is currently 32.30%.

Institutional Investors Weigh In On First Commonwealth Financial

A number of large investors have recently modified their holdings of the business. Texas Permanent School Fund Corp lifted its position in shares of First Commonwealth Financial by 1.0% during the 1st quarter. Texas Permanent School Fund Corp now owns 89,097 shares of the bank’s stock worth $1,240,000 after buying an additional 887 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in shares of First Commonwealth Financial by 1.8% in the second quarter. Louisiana State Employees Retirement System now owns 51,300 shares of the bank’s stock worth $708,000 after acquiring an additional 900 shares during the last quarter. Inspire Investing LLC boosted its stake in shares of First Commonwealth Financial by 4.0% in the 1st quarter. Inspire Investing LLC now owns 25,775 shares of the bank’s stock valued at $359,000 after purchasing an additional 995 shares in the last quarter. ProShare Advisors LLC grew its holdings in shares of First Commonwealth Financial by 6.3% during the 1st quarter. ProShare Advisors LLC now owns 20,434 shares of the bank’s stock valued at $284,000 after purchasing an additional 1,217 shares during the last quarter. Finally, CWM LLC increased its position in First Commonwealth Financial by 451.1% during the 2nd quarter. CWM LLC now owns 1,995 shares of the bank’s stock worth $28,000 after purchasing an additional 1,633 shares in the last quarter. Institutional investors and hedge funds own 72.58% of the company’s stock.

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.