First Commonwealth Financial (NYSE:FCF) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of First Commonwealth Financial (NYSE:FCF) from a hold rating to a sell rating in a research report report published on Thursday morning, Zacks.com reports.

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. “

Separately, Boenning Scattergood reiterated an outperform rating and issued a $47.75 price objective on shares of WSFS Financial in a report on Thursday, June 20th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $16.20.

Shares of NYSE FCF opened at $13.31 on Thursday. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 12.10, a P/E/G ratio of 1.53 and a beta of 1.16. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.89 and a quick ratio of 0.89. The business has a 50-day simple moving average of $13.01. First Commonwealth Financial has a twelve month low of $11.33 and a twelve month high of $17.91.

First Commonwealth Financial (NYSE:FCF) last announced its earnings results on Tuesday, April 23rd. The bank reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The business had revenue of $84.80 million during the quarter, compared to the consensus estimate of $84.91 million. First Commonwealth Financial had a return on equity of 11.25% and a net margin of 27.84%. First Commonwealth Financial’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 earnings per share. On average, sell-side analysts expect that First Commonwealth Financial will post 1.09 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace LLP purchased a new position in shares of First Commonwealth Financial in the 1st quarter worth about $1,479,000. Jennison Associates LLC purchased a new position in shares of First Commonwealth Financial in the 1st quarter worth about $671,000. NumerixS Investment Technologies Inc boosted its holdings in shares of First Commonwealth Financial by 2,233.3% in the 1st quarter. NumerixS Investment Technologies Inc now owns 7,000 shares of the bank’s stock worth $88,000 after purchasing an additional 6,700 shares in the last quarter. Parametric Portfolio Associates LLC boosted its holdings in shares of First Commonwealth Financial by 0.4% in the 1st quarter. Parametric Portfolio Associates LLC now owns 1,116,064 shares of the bank’s stock worth $14,062,000 after purchasing an additional 4,994 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. boosted its holdings in shares of First Commonwealth Financial by 4.9% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 24,836 shares of the bank’s stock worth $313,000 after purchasing an additional 1,170 shares in the last quarter. Hedge funds and other institutional investors own 66.57% of the company’s stock.

First Commonwealth Financial Company Profile

First Commonwealth Financial Corporation, through its subsidiaries, 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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