First Connecticut Bancorp, Inc. (FBNK) Upgraded 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 research note published on Monday morning. Zacks Investment Research currently has $28.00 target price 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 research firms also recently weighed in on FBNK. BidaskClub downgraded First Connecticut Bancorp from a sell rating to a strong sell rating in a research report on Wednesday, August 9th. Piper Jaffray Companies downgraded First Connecticut Bancorp from an overweight rating to a neutral rating and set a $26.00 target price on the stock. in a research report on Wednesday, June 14th. Finally, ValuEngine upgraded First Connecticut Bancorp from a hold rating to a buy rating in a research report on Friday, September 1st.
Shares of First Connecticut Bancorp (FBNK) opened at 25.95 on Monday. The firm has a market capitalization of $392.65 million, a P/E ratio of 22.35 and a beta of 0.67. First Connecticut Bancorp has a 12 month low of $16.86 and a 12 month high of $27.50. The company’s 50 day moving average price is $24.39 and its 200-day moving average price is $25.12.
First Connecticut Bancorp (NASDAQ:FBNK) last released its earnings results on Friday, July 21st. The bank reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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 business had revenue of $23.70 million for the quarter, compared to analysts’ expectations of $23.36 million. On average, equities analysts predict that First Connecticut Bancorp will post $1.36 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Friday, September 1st were issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.16%. This is an increase from First Connecticut Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Wednesday, August 30th. First Connecticut Bancorp’s dividend payout ratio (DPR) is 48.28%.
Institutional investors have recently added to or reduced their stakes in the company. Trexquant Investment LP purchased a new position in shares of First Connecticut Bancorp in the 1st quarter worth about $208,000. Goldman Sachs Group Inc. purchased a new position in shares of First Connecticut Bancorp in the 2nd quarter worth about $210,000. American International Group Inc. raised its holdings in shares of First Connecticut Bancorp by 6.8% in the 1st quarter. American International Group Inc. now owns 8,581 shares of the bank’s stock worth $213,000 after purchasing an additional 545 shares during the period. California Public Employees Retirement System purchased a new position in shares of First Connecticut Bancorp in the 2nd quarter worth about $239,000. Finally, Oxford Asset Management purchased a new position in shares of First Connecticut Bancorp in the 1st quarter worth about $240,000. Institutional investors own 49.03% of the company’s stock.
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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