Piper Sandler Issues Pessimistic Forecast for First Commonwealth Financial (NYSE:FCF) Stock Price

First Commonwealth Financial (NYSE:FCF) had its target price dropped by stock analysts at Piper Sandler from $17.00 to $16.00 in a report released on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. Piper Sandler’s price objective suggests a potential downside of 2.85% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Janney Montgomery Scott lowered First Commonwealth Financial from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $16.00 to $19.00 in a research note on Monday, July 29th. StockNews.com downgraded First Commonwealth Financial from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods increased their target price on First Commonwealth Financial from $16.00 to $18.00 and gave the company a “market perform” rating in a report on Thursday, July 25th. Finally, Royal Bank of Canada boosted their price target on First Commonwealth Financial from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $17.30.

First Commonwealth Financial Stock Performance

Shares of FCF stock opened at $16.47 on Thursday. First Commonwealth Financial has a 12 month low of $12.24 and a 12 month high of $19.01. The stock has a market capitalization of $1.69 billion, a P/E ratio of 11.13 and a beta of 0.83. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average is $16.84 and its 200 day moving average is $15.34.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings results on Tuesday, October 29th. The bank reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). The company had revenue of $121.21 million during the quarter, compared to analysts’ expectations of $119.47 million. First Commonwealth Financial had a net margin of 21.87% and a return on equity of 11.19%. First Commonwealth Financial’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.39 earnings per share. On average, sell-side analysts anticipate that First Commonwealth Financial will post 1.44 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Michael P. Mccuen bought 2,919 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were purchased at an average cost of $16.99 per share, with a total value of $49,593.81. Following the completion of the acquisition, the executive vice president now directly owns 57,623 shares in the company, valued at approximately $979,014.77. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.97% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of First Commonwealth Financial by 38.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 81,530 shares of the bank’s stock valued at $1,074,000 after purchasing an additional 22,444 shares in the last quarter. BNP Paribas Financial Markets boosted its position in First Commonwealth Financial by 137.7% during the first quarter. BNP Paribas Financial Markets now owns 68,729 shares of the bank’s stock worth $957,000 after acquiring an additional 39,811 shares during the last quarter. GSA Capital Partners LLP raised its position in shares of First Commonwealth Financial by 288.4% in the 1st quarter. GSA Capital Partners LLP now owns 65,603 shares of the bank’s stock worth $913,000 after buying an additional 48,714 shares during the period. Texas Permanent School Fund Corp lifted its position in First Commonwealth Financial by 1.0% during the first quarter. Texas Permanent School Fund Corp now owns 89,097 shares of the bank’s stock valued at $1,240,000 after buying an additional 887 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in shares of First Commonwealth Financial by 8.1% in the first quarter. Empowered Funds LLC now owns 184,197 shares of the bank’s stock valued at $2,564,000 after purchasing an additional 13,837 shares during the period. Hedge funds and other institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Company Profile

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.