First Commonwealth Financial (NYSE:FCF) Shares Gap Down on Disappointing Earnings

First Commonwealth Financial Co. (NYSE:FCF)’s stock price gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $16.82, but opened at $16.32. First Commonwealth Financial shares last traded at $16.45, with a volume of 74,552 shares.

The bank reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). First Commonwealth Financial had a return on equity of 11.19% and a net margin of 21.87%.

Analysts Set New Price Targets

FCF has been the topic of several recent analyst reports. Piper Sandler lowered their target price on shares of First Commonwealth Financial from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Keefe, Bruyette & Woods boosted their target price on First Commonwealth Financial from $18.00 to $20.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com upgraded First Commonwealth Financial from a “sell” rating to a “hold” rating in a research note on Wednesday, January 1st. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $17.70.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its holdings in shares of First Commonwealth Financial by 15.3% in the 3rd quarter. Franklin Resources Inc. now owns 3,435,002 shares of the bank’s stock worth $58,601,000 after purchasing an additional 456,119 shares in the last quarter. Barclays PLC grew its position in First Commonwealth Financial by 121.8% during the third quarter. Barclays PLC now owns 211,797 shares of the bank’s stock valued at $3,631,000 after acquiring an additional 116,295 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of First Commonwealth Financial by 2.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,782,837 shares of the bank’s stock worth $64,876,000 after acquiring an additional 105,116 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of First Commonwealth Financial by 39.5% in the 3rd quarter. Jane Street Group LLC now owns 150,590 shares of the bank’s stock worth $2,583,000 after acquiring an additional 42,632 shares during the last quarter. Finally, Royce & Associates LP purchased a new stake in shares of First Commonwealth Financial in the 3rd quarter valued at $678,000. Institutional investors own 72.58% of the company’s stock.

First Commonwealth Financial Stock Performance

The company has a market cap of $1.66 billion, a P/E ratio of 11.09 and a beta of 0.88. The company’s fifty day moving average is $17.48 and its 200 day moving average is $17.16. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.10.

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.