First Commonwealth Financial Co. (NYSE:FCF – Get Rating) – Equities research analysts at B. Riley increased their Q3 2023 earnings estimates for First Commonwealth Financial in a report issued on Sunday, July 31st. B. Riley analyst S. Moss now anticipates that the bank will earn $0.41 per share for the quarter, up from their prior estimate of $0.40. The consensus estimate for First Commonwealth Financial’s current full-year earnings is $1.41 per share. B. Riley also issued estimates for First Commonwealth Financial’s Q4 2023 earnings at $0.40 EPS.
A number of other brokerages have also recently issued reports on FCF. Raymond James reissued a “maintains” rating on shares of First Commonwealth Financial in a research note on Monday. DA Davidson reissued a “buy” rating on shares of First Commonwealth Financial in a research note on Wednesday, July 27th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.00.
First Commonwealth Financial Stock Performance
First Commonwealth Financial (NYSE:FCF – Get Rating) last announced its quarterly earnings data on Tuesday, July 26th. The bank reported $0.33 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.33. First Commonwealth Financial had a net margin of 32.04% and a return on equity of 11.74%. During the same period in the previous year, the firm earned $0.31 earnings per share.
First Commonwealth Financial Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 19th. Investors of record on Friday, August 5th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, August 4th. This represents a $0.48 annualized dividend and a yield of 3.24%. First Commonwealth Financial’s payout ratio is 35.56%.
Hedge Funds Weigh In On First Commonwealth Financial
Several institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its stake in First Commonwealth Financial by 1.3% during the first quarter. BlackRock Inc. now owns 13,993,881 shares of the bank’s stock valued at $212,147,000 after acquiring an additional 180,138 shares in the last quarter. State Street Corp increased its holdings in shares of First Commonwealth Financial by 12.8% in the 1st quarter. State Street Corp now owns 4,611,897 shares of the bank’s stock worth $69,916,000 after buying an additional 524,228 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of First Commonwealth Financial by 1.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,977,742 shares of the bank’s stock worth $29,983,000 after buying an additional 28,366 shares during the last quarter. Northern Trust Corp increased its holdings in shares of First Commonwealth Financial by 0.9% in the 4th quarter. Northern Trust Corp now owns 1,482,950 shares of the bank’s stock worth $23,860,000 after buying an additional 13,166 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its holdings in shares of First Commonwealth Financial by 0.3% in the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 1,374,348 shares of the bank’s stock worth $20,835,000 after buying an additional 3,561 shares during the last quarter. 68.56% of the stock is owned by hedge funds and other institutional investors.
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.
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