Breaking News

Tuesday
Show Full Stories

X

To view all stories in expanded form, please subscribe.
Send Info
Earnings
First Commonwealth reports Q3 EPS 24c, consensus 23c » 17:09
10/27/20
10/27
17:09
10/27/20
17:09
FCF

First Commonwealth

$8.68 /

-0.335 (-3.72%)

Reports Q3 PPNR $41.1M…

Reports Q3 PPNR $41.1M vs. $39.9M last year. Reports Q3 net interest margin 3.11% vs. 3.76% last year and provision for loan loss of $11.2M vs. $2.7M last year. "I am encouraged by our results for the third quarter of 2020. Our performance highlights the investments we have made in our fee businesses, geographic expansion and a more balanced approach to commercial and consumer lending," stated T. Michael Price, CEO, "While we saw a meaningful improvement in our fee income and consumer lending, the shift in earning asset mix resulting from the additional liquidity continues to pressure our net interest margin. Additionally, our operating efficiency continues to improve as reflected in the core efficiency ratio of 54.5% for the third quarter. This marks the first time our efficiency ratio has been below 55% for a quarter since well before the last financial crisis. Although we did see improvement in our asset quality metrics, our reserve build of $6.9 million reflects ongoing uncertainty in the hospitality and retail sectors. Despite the myriad of challenges facing our industry, we continue to be a source of strength for our customers and communities and we remain focused on delivering sustainable, long-term performance for our shareholders."

ShowHide Related Items >><<
FCF First Commonwealth
$8.68 /

-0.335 (-3.72%)

FCF First Commonwealth
$8.68 /

-0.335 (-3.72%)

09/24/20 Boenning & Scattergood
First Commonwealth resumed with an Outperform at Boenning & Scattergood
05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/01/20 Piper Sandler
First Commonwealth downgraded to Neutral from Overweight at Piper Sandler
FCF First Commonwealth
$8.68 /

-0.335 (-3.72%)

Over a month ago
Initiation
First Commonwealth resumed with an Outperform at Boenning & Scattergood » 07:42
09/24/20
09/24
07:42
09/24/20
07:42
FCF

First Commonwealth

$7.15 /

-0.15 (-2.05%)

Boenning &…

Boenning & Scattergood analyst Joseph Plevelich initiated coverage of First Commonwealth with an Outperform rating and $10 price target. The firm is resuming coverage of the community bank sector and has "generally positive views" on the space given that deferrals have peaked and near-term expectations are "relatively muted," although it notes that this emerging credit cycle is early innings and "could last extra innings depending upon the timing of a successful vaccine or treatment for COVID-19."

ShowHide Related Items >><<
FCF First Commonwealth
$7.15 /

-0.15 (-2.05%)

FCF First Commonwealth
$7.15 /

-0.15 (-2.05%)

05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/01/20 Piper Sandler
First Commonwealth downgraded to Neutral from Overweight at Piper Sandler
03/25/20 B. Riley Securities
First Commonwealth downgraded to Neutral from Buy at B. Riley FBR
FCF First Commonwealth
$7.15 /

-0.15 (-2.05%)

Conference/Events
First Commonwealth participates in a conference call hosted by B. Riley FBR » 12:25
09/22/20
09/22
12:25
09/22/20
12:25
FCF

First Commonwealth

$7.31 /

+0.01 (+0.14%)

Conference call will be…

Conference call will be held on September 22 at 1 pm hosted by B. Riley FBR.

ShowHide Related Items >><<
FCF First Commonwealth
$7.31 /

+0.01 (+0.14%)

FCF First Commonwealth
$7.31 /

+0.01 (+0.14%)

05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/01/20 Piper Sandler
First Commonwealth downgraded to Neutral from Overweight at Piper Sandler
03/25/20 B. Riley Securities
First Commonwealth downgraded to Neutral from Buy at B. Riley FBR
FCF First Commonwealth
$7.31 /

+0.01 (+0.14%)

Conference/Events
First Commonwealth participates in a conference call hosted by B. Riley FBR » 04:55
09/22/20
09/22
04:55
09/22/20
04:55
FCF

First Commonwealth

$7.29 /

-0.37 (-4.83%)

Conference call will be…

Conference call will be held on September 22 at 1 pm hosted by B. Riley FBR.

ShowHide Related Items >><<
FCF First Commonwealth
$7.29 /

-0.37 (-4.83%)

FCF First Commonwealth
$7.29 /

-0.37 (-4.83%)

05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/01/20 Piper Sandler
First Commonwealth downgraded to Neutral from Overweight at Piper Sandler
03/25/20 B. Riley Securities
First Commonwealth downgraded to Neutral from Buy at B. Riley FBR
FCF First Commonwealth
$7.29 /

-0.37 (-4.83%)

Conference/Events
First Commonwealth participates in a conference call hosted by B. Riley FBR » 11:50
09/18/20
09/18
11:50
09/18/20
11:50
FCF

First Commonwealth

$7.63 /

-0.06 (-0.78%)

Conference call will be…

Conference call will be held on September 22 at 1 pm hosted by B. Riley FBR.

ShowHide Related Items >><<
FCF First Commonwealth
$7.63 /

-0.06 (-0.78%)

FCF First Commonwealth
$7.63 /

-0.06 (-0.78%)

05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/01/20 Piper Sandler
First Commonwealth downgraded to Neutral from Overweight at Piper Sandler
03/25/20 B. Riley Securities
First Commonwealth downgraded to Neutral from Buy at B. Riley FBR
FCF First Commonwealth
$7.63 /

-0.06 (-0.78%)

Over a quarter ago
Earnings
First Commonwealth reports Q2 EPS 24c, consensus 9c » 18:03
07/28/20
07/28
18:03
07/28/20
18:03
FCF

First Commonwealth

$7.63 /

-0.145 (-1.87%)

Reports Q2 pre-provision…

Reports Q2 pre-provision net revenue $36.1M vs $37.3M last year. Reports Q2: net charge offs $4.5M vs. $1.4M last year, net interest margin 3.29% vs. 3.75% last year, provision expense $6.9M vs. $2.8M last year.

ShowHide Related Items >><<
FCF First Commonwealth
$7.63 /

-0.145 (-1.87%)

FCF First Commonwealth
$7.63 /

-0.145 (-1.87%)

05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/01/20 Piper Sandler
First Commonwealth downgraded to Neutral from Overweight at Piper Sandler
03/25/20 B. Riley Securities
First Commonwealth downgraded to Neutral from Buy at B. Riley FBR
FCF First Commonwealth
$7.63 /

-0.145 (-1.87%)

Downgrade
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital » 06:27
05/13/20
05/13
06:27
05/13/20
06:27
FCF

First Commonwealth

$7.36 /

-0.47 (-6.01%)

RBC Capital analyst…

RBC Capital analyst Steven Duong downgraded First Commonwealth to Sector Perform from Outperform with a price target of $9, down from $12. The analyst warns that the company may be among the smaller banks with elevated exposure to COVID-19 impacted industries and less-scaled borrowers that will face difficulty remaining solvent if the outbreak lasts into 2021 or even late 2020. Duong adds that the bank currently has about 20% of its total loans in COVID exposures, with 8.5% of that in retail & malls and 4.1% in hospitality.

ShowHide Related Items >><<
FCF First Commonwealth
$7.36 /

-0.47 (-6.01%)

FCF First Commonwealth
$7.36 /

-0.47 (-6.01%)

05/13/20 RBC Capital
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital
05/01/20 Piper Sandler
First Commonwealth downgraded to Neutral from Overweight at Piper Sandler
03/25/20 B. Riley Securities
First Commonwealth downgraded to Neutral from Buy at B. Riley FBR
10/11/19 RBC Capital
First Commonwealth initiated with an Outperform rating at RBC Capital
FCF First Commonwealth
$7.36 /

-0.47 (-6.01%)

Downgrade
First Commonwealth downgraded to Sector Perform from Outperform at RBC Capital » 05:18
05/13/20
05/13
05:18
05/13/20
05:18
FCF

First Commonwealth

$7.36 /

-0.47 (-6.01%)

RBC Capital analyst…

RBC Capital analyst Steven Duong downgraded First Commonwealth Financial to Sector Perform from Outperform with a price target of $9, down from $12.

ShowHide Related Items >><<
FCF First Commonwealth
$7.36 /

-0.47 (-6.01%)

FCF First Commonwealth
$7.36 /

-0.47 (-6.01%)

05/01/20 Piper Sandler
First Commonwealth downgraded to Neutral from Overweight at Piper Sandler
03/25/20 B. Riley Securities
First Commonwealth downgraded to Neutral from Buy at B. Riley FBR
10/11/19 RBC Capital
First Commonwealth initiated with an Outperform rating at RBC Capital
FCF First Commonwealth
$7.36 /

-0.47 (-6.01%)

Downgrade
First Commonwealth downgraded to Neutral from Overweight at Piper Sandler » 06:51
05/01/20
05/01
06:51
05/01/20
06:51
FCF

First Commonwealth

$9.56 /

-0.27 (-2.75%)

Piper Sandler analyst…

Piper Sandler analyst Frank Schiraldi downgraded First Commonwealth Financial to Neutral from Overweight with a $10 price target. The analyst reduced the company's estimates following the company's Q1 results.

ShowHide Related Items >><<
FCF First Commonwealth
$9.56 /

-0.27 (-2.75%)

03/25/20 B. Riley Securities
First Commonwealth downgraded to Neutral from Buy at B. Riley FBR
10/11/19 RBC Capital
First Commonwealth initiated with an Outperform rating at RBC Capital
Hot Stocks
First Commonwealth processes over 1,500 loan application in PPP » 07:23
04/28/20
04/28
07:23
04/28/20
07:23
FCF

First Commonwealth

$9.38 /

+0.62 (+7.08%)

The company said,…

The company said, "The Company took early action by executing its business continuity plan to protect the health and welfare of its associates and mitigate customer disruption. The bank is operating 144 financial service centers today, with only 3 required to close due to their locations in shopping malls or other facilities subject to mandatory closure. All FSC's remain drive-up only and access to lobbies is by appointment only. There are approximately 600 employees working remotely, which is approximately 40% of our total workforce. We have modified our benefits plans to provide additional assistance during the COVID-19 pandemic, including additional hours of paid sick leave to all on-site staff and financial assistance to all employees through interest-free loans. We are monitoring the health of our employees on a daily basis. The bank has established client assistance programs, including a payment forbearance plan that is available to assist consumer and commercial clients impacted by COVID-19, upon request. The bank is also waiving and reversing certain fees for impacted clients, and offering forbearance on foreclosure and repossessions. The bank is supporting its communities by launching a companywide virtual COVID-19 food drive, matching up to $75,000 of all contributions to benefit local food banks in each of our communities. The bank is participating in the CARES Act. The Company processed over 1,500 loan applications in the first round of the SBA Paycheck Protection Program, representing a total of $426 million in funds for our business customers."

ShowHide Related Items >><<
FCF First Commonwealth
$9.38 /

+0.62 (+7.08%)

03/25/20 B. Riley Securities
First Commonwealth downgraded to Neutral from Buy at B. Riley FBR
10/11/19 RBC Capital
First Commonwealth initiated with an Outperform rating at RBC Capital

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.