First Commonwealth exec Michael P. McCuen buys $49.6k in stock

In a recent transaction, Michael P. McCuen, EVP and Chief Lending Officer of First Commonwealth (NYSE:FCF ) Financial Corp. (NYSE:FCF), acquired 2,919 shares of the company's common stock. The purchase, dated September 23, 2024, was made at a price of $16.99 per share, totaling approximately $49,593.

This acquisition has increased McCuen's beneficial ownership in the company to 57,623 shares, which includes 8,000 shares of restricted stock set to vest on September 11, 2026, and 45,000 shares of restricted stock vesting in equal installments on July 1 of 2025, 2026, and 2027. These restricted shares are subject to the terms of Restricted Stock Agreements between McCuen and First Commonwealth Financial Corp .

The purchase by McCuen demonstrates a commitment to the company's future, as executives investing in their own company's stock is often seen as a sign of confidence in the company's prospects. First Commonwealth Financial Corp., based in Indiana, Pennsylvania, operates as a financial holding company for First Commonwealth Bank, which offers various consumer and commercial banking services.

Investors and market watchers often look to such transactions as indicators of an executive's belief in the company's performance and potential. The details of this transaction were made public through a Form 4 filing with the Securities and Exchange Commission.



In other recent news, First Commonwealth Financial Corporation has been making headlines with its strong financial performance. The company's second-quarter earnings for 2024 outperformed analyst estimates, reporting earnings per share (EPS) of $0.36, two cents above the projected figure. This achievement was credited to an unexpected rise in net interest income and well-managed expenses.

Piper Sandler and RBC Capital Markets have both reviewed the financial institution's performance, with Piper Sandler raising its price target from $14.00 to $17.00, maintaining a Neutral rating, while RBC Capital Markets upped its target from $17.00 to $18.00, retaining an Outperform rating. These adjustments reflect the company's robust profitability metrics, including a core return on assets (ROA) of 1.3% and a return on tangible common equity (ROTCE) of 15.9% for the second quarter.

First Commonwealth Financial also reported a slight expansion in its net interest margin, contrary to the expected flat results. The company's management anticipates a return to mid-single-digit growth rates by the fourth quarter of 2024. Furthermore, the company's solid performance in the first quarter of 2024 was characterized by strong fundamentals such as margin expansion and net interest income growth.

In addition to these developments, First Commonwealth Financial has set multiple earnings records in 2023 and improved balance sheet liquidity, despite a decline in net interest income. The company also announced a dividend increase and the redemption of $50 million in subordinated debentures, expected to save about $1 million in pretax expense annually. These are the recent developments that have been shaping the financial narrative of First Commonwealth Financial Corporation.
InvestingPro Insights


Following the recent stock acquisition by EVP and Chief Lending Officer Michael P. McCuen of First Commonwealth Financial Corp. (NYSE:FCF), investors may be curious about the company's financial health and future prospects. According to real-time data from InvestingPro, First Commonwealth Financial Corp. has a market capitalization of $1.73 billion, reflecting its standing in the financial sector. The company's P/E ratio stands at 10.89, which is adjusted to 10.65 over the last twelve months as of Q2 2024, indicating how investors are valuing its earnings.

One notable InvestingPro Tip highlights that First Commonwealth Financial Corp. has raised its dividend for 7 consecutive years, suggesting a commitment to returning value to shareholders. Additionally, the company has maintained dividend payments for an impressive 38 consecutive years, further reinforcing its reputation for financial stability and shareholder loyalty.

The company's revenue growth over the last twelve months as of Q2 2024 is 6.55%, showing a steady increase in its financial intake. However, it's important to note that the quarterly revenue growth for Q2 2024 shows a decrease of -6.07%, which may warrant further investigation by investors. Despite this, the company's strong return over the last three months, with a price total return of 29.08%, suggests a positive market sentiment.

For those seeking more in-depth analysis, InvestingPro offers additional tips and metrics to help investors make informed decisions. There are currently 9 more InvestingPro Tips available for First Commonwealth Financial Corp., which can be found at https://www.investing.com/pro/FCF.

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Source: Investing.com