First Commonwealth Financial (NYSE:FCF) Price Target Raised to $17.00

First Commonwealth Financial (NYSE:FCF) had its target price upped by research analysts at Piper Sandler from $14.00 to $17.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. Piper Sandler’s target price would suggest a potential downside of 1.76% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. StockNews.com raised First Commonwealth Financial from a “sell” rating to a “hold” rating in a report on Saturday, May 25th. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 target price on shares of First Commonwealth Financial in a report on Tuesday, April 9th.

First Commonwealth Financial Trading Up 3.1 %

Shares of First Commonwealth Financial stock opened at $17.31 on Thursday. The business has a fifty day simple moving average of $14.03 and a two-hundred day simple moving average of $13.76. First Commonwealth Financial has a 1 year low of $11.16 and a 1 year high of $17.70. The company has a market capitalization of $1.77 billion, a price-to-earnings ratio of 10.75 and a beta of 0.85. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.92 and a quick ratio of 0.92.

First Commonwealth Financial (NYSE:FCF) last posted its earnings results on Tuesday, July 23rd. The bank reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. First Commonwealth Financial had a return on equity of 12.29% and a net margin of 23.39%. The company had revenue of $120.20 million during the quarter, compared to the consensus estimate of $118.34 million. During the same quarter last year, the firm earned $0.42 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis. Research analysts forecast that First Commonwealth Financial will post 1.38 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FCF. Franklin Resources Inc. grew its position in First Commonwealth Financial by 155.0% in the fourth quarter. Franklin Resources Inc. now owns 2,697,502 shares of the bank’s stock valued at $41,649,000 after acquiring an additional 1,639,667 shares during the last quarter. Norges Bank bought a new position in First Commonwealth Financial in the fourth quarter valued at about $10,803,000. Assenagon Asset Management S.A. grew its position in First Commonwealth Financial by 131.0% in the first quarter. Assenagon Asset Management S.A. now owns 189,922 shares of the bank’s stock valued at $2,644,000 after acquiring an additional 107,706 shares during the last quarter. Federated Hermes Inc. grew its position in First Commonwealth Financial by 43.2% in the fourth quarter. Federated Hermes Inc. now owns 286,934 shares of the bank’s stock valued at $4,430,000 after acquiring an additional 86,587 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in First Commonwealth Financial in the fourth quarter valued at about $1,066,000. 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.