First Commonwealth Financial (NYSE:FCF) stock spread narrows on weak earnings

Shares of First Commonwealth Financial Co. (NYSE:FCF – Get Rating) widened ahead of Tuesday’s trading after the company reported weaker-than-expected quarterly results. The stock had previously closed at $14.41, but opened at $13.94. Shares of First Commonwealth Financial last traded at $14.19, with volume traded at 4,084 shares. The bank reported earnings per share (EPS) of $0.29 for the quarter, missing analyst consensus estimates of $0.30 per ($0.01). First Commonwealth Financial had a return on equity of 12.55% and a net margin of 34.51%. The company posted revenue of $92.15 million for the quarter, versus a consensus estimate of $93.91 million. During the same period a year earlier, the company posted earnings per share of $0.41. First Commonwealth Financial’s revenue for the quarter was down 4.8% from the same quarter last year.

FCF has been the subject of several research reports. DA Davidson reaffirmed a “buy” rating on shares of First Commonwealth Financial in a report on Thursday, January 27. StockNews.com began covering First Commonwealth Financial shares in a research report on Thursday, March 31. They have set a “holding” rating on the stock. B. Riley cut his price target on First Commonwealth Financial shares from $19.00 to $18.00 in a Tuesday, April 12 research report. Finally, Zacks Investment Research moved shares of First Commonwealth Financial from a “hold” rating to a “buy” rating and set a price target of $18.00 for the company in a Wednesday, January 5, report. Three research analysts gave the stock a hold rating and four gave the company a buy rating. According to data from MarketBeat, First Commonwealth Financial currently has a consensus rating of “Buy” and a consensus price target of $18.33.

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Hedge funds and other institutional investors have recently changed their positions in the company. Artemis Investment Management LLP raised its position in shares of First Commonwealth Financial by 16.9% in the first quarter. Artemis Investment Management LLP now owns 529,440 shares of the bank worth $8,012,000 after buying an additional 76,680 shares last quarter. Inspire Investing LLC bought a new position in shares of First Commonwealth Financial during the first quarter, valued at approximately $236,000. Virginia Retirement Systems ET AL bought a new position in First Commonwealth Financial in the first quarter worth $450,000. Diversified Trust Co bought a new position in First Commonwealth Financial in the first quarter worth $240,000. Finally, Norges Bank bought a new position in shares of First Commonwealth Financial during the fourth quarter at a value of $15,828,000. 67.70% of the shares are held by institutional investors and hedge funds.

The company has a market capitalization of $1.33 billion, a PE ratio of 9.94 and a beta of 1.02. The company has a debt ratio of 0.16, a current ratio of 0.88 and a quick ratio of 0.88. The company has a 50-day moving average of $15.39 and a 200-day moving average of $15.67.

Profile of the Commonwealth’s First Financial Corporation (NYSE:FCF)

First Commonwealth Financial Corporation, a financial holding company, provides various retail and corporate banking services in the United States. Its consumer services include personal checking accounts, interest-bearing checking accounts, savings and health savings accounts, insured money market accounts, debit cards, investment certificates, interest rate certificates of deposit fixed and variable loans, mortgages, secured and unsecured installment loans, construction and home loans, safe deposit boxes, credit cards, lines of credit with overdraft protection, IRA accounts and automated teller machine (ATM) services ), as well as internet, mobile and telephone banking.

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