First Connecticut Bancorp, Inc. (FBNK) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of First Connecticut Bancorp, Inc. (NASDAQ:FBNK) from a hold rating to a buy rating in a report published on Wednesday. Zacks Investment Research currently has $27.00 price objective on the bank’s stock.
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. “
Several other equities analysts also recently commented on FBNK. BidaskClub downgraded shares of First Connecticut Bancorp from a sell rating to a strong sell rating in a research note on Wednesday, August 9th. ValuEngine raised shares of First Connecticut Bancorp from a hold rating to a buy rating in a research note on Friday, September 1st. Finally, Piper Jaffray Companies downgraded shares of First Connecticut Bancorp from an overweight rating to a neutral rating and set a $26.00 price objective for the company. in a research note on Wednesday, June 14th.
Shares of First Connecticut Bancorp (NASDAQ:FBNK) traded up 1.06% during mid-day trading on Wednesday, hitting $23.75. 13,960 shares of the company were exchanged. First Connecticut Bancorp has a 12-month low of $16.58 and a 12-month high of $27.50. The firm has a market capitalization of $359.36 million, a P/E ratio of 20.46 and a beta of 0.67. The company’s 50-day moving average price is $24.57 and its 200-day moving average price is $25.08.
First Connecticut Bancorp (NASDAQ:FBNK) last issued its quarterly earnings data on Friday, July 21st. The bank reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The company had revenue of $23.70 million during the quarter, compared to the consensus estimate of $23.36 million. First Connecticut Bancorp had a net margin of 17.10% and a return on equity of 6.84%. Equities research analysts predict that First Connecticut Bancorp will post $1.36 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This represents a $0.56 annualized dividend and a dividend yield of 2.36%. This is an increase from First Connecticut Bancorp’s previous quarterly dividend of $0.12. First Connecticut Bancorp’s dividend payout ratio (DPR) is presently 48.28%.
Several hedge funds have recently added to or reduced their stakes in FBNK. Russell Investments Group Ltd. raised its stake in shares of First Connecticut Bancorp by 45.7% during the first quarter. Russell Investments Group Ltd. now owns 19,057 shares of the bank’s stock valued at $472,000 after acquiring an additional 5,977 shares during the last quarter. DUPONT CAPITAL MANAGEMENT Corp bought a new position in shares of First Connecticut Bancorp during the first quarter valued at $798,000. Mutual of America Capital Management LLC raised its stake in shares of First Connecticut Bancorp by 1.4% during the first quarter. Mutual of America Capital Management LLC now owns 114,317 shares of the bank’s stock valued at $2,835,000 after acquiring an additional 1,559 shares during the last quarter. Trexquant Investment LP bought a new position in shares of First Connecticut Bancorp during the first quarter valued at $208,000. Finally, Oxford Asset Management bought a new position in shares of First Connecticut Bancorp during the first quarter valued at $240,000. 49.03% of the stock is owned by hedge funds and other institutional investors.
First Connecticut Bancorp Company Profile
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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