CORRECTED-First Commonwealth Q2 adjusted EPS beats estimates, announces $25 mln buyback
Overview
First Commonwealth Q2 adjusted rev rises to $131.33 mln, beating analysts' expectations
Adjusted EPS of $0.38 beat consensus
Core net income of $39.5 mln exceeded analysts' expectations
Co announces new $25 mln share repurchase program
Result Drivers
NET INTEREST INCOME - Driven by a 21 basis point expansion in net interest margin and a $411.1 mln increase in interest-earning assets
LOAN GROWTH - Total loans increased $183.7 mln, or 8.1% annualized, from the previous quarter
NONINTEREST INCOME - Increased $2.3 mln from the previous quarter, despite a decrease in card-related interchange income due to regulatory changes
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Adjusted Revenue |
| $131.33 mln | $125.90 mln (5 analysts) |
Q2 Adjusted EPS | Beat | $0.38 | $0.34 (6 Analysts) |
Q2 EPS |
| $0.32 |
|
Q2 Adjusted Net Income | Beat | $39.50 mln | $34.30 mln (5 Analysts) |
Q2 Net Income |
| $33.40 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for First Commonwealth Financial Corp is $18.00, about 9.4% above its July 28 closing price of $16.31
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago
Press Release: ID:nGNX1sYHpH
