Zacks Investment Research Lowers First Commonwealth Financial (FCF) to Hold

First Commonwealth Financial (NYSE:FCF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “First Commonwealth Financial Corporation is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended. The Corporation operates two chartered banks, First Commonwealth Bank and Southwest Bank. Personal financial planning and other financial services and insurance products are also provided through First Commonwealth Trust Company and First Commonwealth Insurance Agency. The Corporation also operates through Commonwealth Systems Corporation, a data processing subsidiary. “

Several other research analysts have also issued reports on the stock. Sandler O’Neill started coverage on shares of First Commonwealth Financial in a research report on Thursday, August 30th. They issued a “hold” rating and a $18.00 price target for the company. ValuEngine raised shares of First Commonwealth Financial from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Raymond James reissued a “hold” rating on shares of First Commonwealth Financial in a research report on Friday, September 7th. DA Davidson started coverage on shares of First Commonwealth Financial in a research report on Thursday, August 23rd. They issued a “neutral” rating and a $18.00 price target for the company. Finally, Boenning Scattergood reissued a “hold” rating on shares of First Commonwealth Financial in a research report on Wednesday, July 25th. Nine investment analysts have rated the stock with a hold rating, First Commonwealth Financial has a consensus rating of “Hold” and a consensus price target of $16.67.

NYSE:FCF opened at $16.05 on Wednesday. First Commonwealth Financial has a 12-month low of $13.50 and a 12-month high of $17.91. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.88 and a quick ratio of 0.88. The stock has a market capitalization of $1.64 billion, a P/E ratio of 19.54 and a beta of 0.99.

First Commonwealth Financial (NYSE:FCF) last posted its quarterly earnings results on Tuesday, July 24th. The bank reported $0.33 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.07. First Commonwealth Financial had a net margin of 22.17% and a return on equity of 10.81%. The firm had revenue of $89.98 million during the quarter, compared to analyst estimates of $82.38 million. During the same quarter in the prior year, the business posted $0.21 earnings per share. equities analysts predict that First Commonwealth Financial will post 1.06 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Willingdon Wealth Management acquired a new stake in shares of First Commonwealth Financial during the second quarter worth approximately $104,000. SG Americas Securities LLC acquired a new stake in shares of First Commonwealth Financial during the first quarter worth approximately $148,000. A.R.T. Advisors LLC acquired a new stake in shares of First Commonwealth Financial during the first quarter worth approximately $152,000. Bank of Montreal Can acquired a new stake in shares of First Commonwealth Financial during the second quarter worth approximately $188,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of First Commonwealth Financial during the second quarter worth approximately $201,000. 68.69% of the stock is owned by institutional investors.

About First Commonwealth Financial

First Commonwealth Financial Corporation, through its subsidiary First Commonwealth Bank, provides consumer and commercial banking services to individuals, and small and mid-sized businesses in the United States. Its consumer services include personal checking accounts, interest-earning checking accounts, 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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