In a report released today, Steve Moss from B.Riley FBR reiterated a Buy rating on First Commonwealth (FCF), with a price target of $16. The company’s shares opened today at $12.22, close to its 52-week low of $12.01.
Moss observed:
“We hosted meetings with FCF’s CEO Michael Price, EVP and CFO James Reske, and VP of Finance and Investor Relations Ryan Thomas, and institutional investors. FCF was upbeat about business prospects and the opportunity for continued improvement in financial performance. In particular, FCF noted loan production remains strong, credit quality remains strong, and that the efficiency ratio should continue to improve. FCF also remains interested in small, accretive, in-market acquisitions to further enhance its franchise. We expect high single-digit earnings growth will be driven by organic loan growth, efficiency improvements, and enhanced by strategic acquisitions from time to time.”
According to TipRanks.com, Moss is a 1-star analyst with an average return of -2.2% and a 38.5% success rate. Moss covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, Seacoast Banking Corporation Of Florida, and The Bank of Princeton.
Currently, the analyst consensus on First Commonwealth is a Moderate Buy with an average price target of $15.50.
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Based on First Commonwealth’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $25.15 million. In comparison, last year the company had a net profit of $21.28 million.
Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FCF in relation to earlier this year.
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First Commonwealth Financial Corp. is a financial holding company, whichprovides a diversified array of consumer and commercial banking services through its bank subsidiary, First Commonwealth Bank. It also offerstrust and wealth management services and offer insurance products through FCB and its other operating subsidiaries.
