First Connecticut Bancorp, Inc. (FBNK) Lowered to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of First Connecticut Bancorp, Inc. (NASDAQ:FBNK) from a buy rating to a hold rating in a research report report published on Friday.
According to Zacks, “First Connecticut Bancorp Inc. is a banking company. Farmington Bank provides commercial, consumer and banking services to businesses, individuals and governments across Central Connecticut. It also offers residential mortgage loan services along with brokerage and investment advisory services. The Company’s consumer loans include installment, demand, revolving credit and collateral loans. Its installment and collateral consumer loans generally consist of loans on new and used automobiles, loans collateralized by deposit accounts and unsecured personal loans. “
A number of other research firms have also recently commented on FBNK. BidaskClub cut shares of First Connecticut Bancorp from a sell rating to a strong sell rating in a research note on Wednesday, August 9th. Piper Jaffray Companies cut shares of First Connecticut Bancorp from an overweight rating to a neutral rating and set a $26.00 price target for the company. in a research note on Wednesday, June 14th.
Shares of First Connecticut Bancorp (FBNK) traded up 1.03% on Friday, reaching $24.45. The company had a trading volume of 24,098 shares. The company has a market capitalization of $369.95 million, a PE ratio of 21.06 and a beta of 0.65. First Connecticut Bancorp has a one year low of $16.58 and a one year high of $27.50. The company’s 50-day moving average is $25.18 and its 200-day moving average is $25.06.
First Connecticut Bancorp (NASDAQ:FBNK) last released its quarterly earnings results on Friday, July 21st. The bank reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by $0.01. First Connecticut Bancorp had a return on equity of 6.84% and a net margin of 17.10%. The firm had revenue of $23.70 million for the quarter, compared to analysts’ expectations of $23.36 million. Equities research analysts predict that First Connecticut Bancorp will post $1.36 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Investors of record on Friday, September 1st will be paid a dividend of $0.14 per share. The ex-dividend date is Wednesday, August 30th. This is a boost from First Connecticut Bancorp’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.29%. First Connecticut Bancorp’s payout ratio is currently 41.38%.
Several institutional investors have recently added to or reduced their stakes in FBNK. Vanguard Group Inc. boosted its position in First Connecticut Bancorp by 1.2% in the first quarter. Vanguard Group Inc. now owns 562,763 shares of the bank’s stock worth $13,956,000 after buying an additional 6,464 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in First Connecticut Bancorp by 2.4% in the second quarter. The Manufacturers Life Insurance Company now owns 537,969 shares of the bank’s stock worth $13,799,000 after buying an additional 12,542 shares in the last quarter. Rutabaga Capital Management LLC MA boosted its position in First Connecticut Bancorp by 2.0% in the first quarter. Rutabaga Capital Management LLC MA now owns 437,222 shares of the bank’s stock worth $10,843,000 after buying an additional 8,582 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in First Connecticut Bancorp by 8.5% in the second quarter. Dimensional Fund Advisors LP now owns 390,596 shares of the bank’s stock worth $10,019,000 after buying an additional 30,718 shares in the last quarter. Finally, State Street Corp boosted its position in First Connecticut Bancorp by 8.1% in the second quarter. State Street Corp now owns 314,924 shares of the bank’s stock worth $8,079,000 after buying an additional 23,657 shares in the last quarter. 48.78% of the stock is owned by hedge funds and other institutional investors.
About First Connecticut Bancorp
First Connecticut Bancorp, Inc (FCB) is a stock holding company. The Company operates through its subsidiary, Farmington Bank (the Bank), which is a full-service community bank with branch locations throughout central Connecticut and western Massachusetts. The Bank offers commercial and residential lending, as well as wealth management services.
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