Royal Bank of Canada Lowers First Commonwealth Financial (NYSE:FCF) Price Target to $18.00

First Commonwealth Financial (NYSE:FCF) had its price target lowered by Royal Bank of Canada from $20.00 to $18.00 in a research report released on Thursday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the bank’s stock.

Other equities research analysts have also issued research reports about the company. DA Davidson reaffirmed a “buy” rating and issued a $21.00 price objective on shares of First Commonwealth Financial in a report on Thursday, January 30th. Stephens restated an “overweight” rating and issued a $21.50 price target on shares of First Commonwealth Financial in a research note on Wednesday, January 29th. Finally, StockNews.com cut First Commonwealth Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $18.92.

First Commonwealth Financial Trading Up 2.5 %

NYSE:FCF opened at $15.89 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.19. The stock’s 50 day simple moving average is $15.27 and its 200-day simple moving average is $16.61. First Commonwealth Financial has a 12-month low of $12.71 and a 12-month high of $19.96. The firm has a market cap of $1.62 billion, a P/E ratio of 11.43 and a beta of 0.72.

First Commonwealth Financial (NYSE:FCF) last announced its quarterly earnings data on Tuesday, April 29th. The bank reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. The company had revenue of $118.51 million during the quarter, compared to the consensus estimate of $117.70 million. First Commonwealth Financial had a net margin of 20.38% and a return on equity of 10.36%. First Commonwealth Financial’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 EPS. Equities analysts anticipate that First Commonwealth Financial will post 1.45 EPS for the current year.

First Commonwealth Financial Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Friday, May 9th will be issued a $0.135 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 3.40%. This is a boost from First Commonwealth Financial’s previous quarterly dividend of $0.13. First Commonwealth Financial’s dividend payout ratio is currently 40.30%.

Hedge Funds Weigh In On First Commonwealth Financial

Hedge funds and other institutional investors have recently bought and sold shares of the company. MQS Management LLC purchased a new position in shares of First Commonwealth Financial in the first quarter valued at $292,000. CWM LLC increased its holdings in First Commonwealth Financial by 73.6% during the 1st quarter. CWM LLC now owns 7,932 shares of the bank’s stock valued at $123,000 after acquiring an additional 3,362 shares in the last quarter. Cerity Partners LLC purchased a new position in First Commonwealth Financial during the 1st quarter valued at about $163,000. Envestnet Asset Management Inc. raised its position in First Commonwealth Financial by 52.5% during the first quarter. Envestnet Asset Management Inc. now owns 41,877 shares of the bank’s stock worth $651,000 after acquiring an additional 14,419 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its holdings in shares of First Commonwealth Financial by 26.0% in the first quarter. D.A. Davidson & CO. now owns 23,815 shares of the bank’s stock valued at $370,000 after purchasing an additional 4,911 shares in the last quarter. 72.58% of the stock is owned by institutional investors and hedge funds.

First Commonwealth Financial Company Profile

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.