First Connecticut Bancorp (FBNK) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of First Connecticut Bancorp (NASDAQ:FBNK) from a sell rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $30.00 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 analysts have also recently weighed in on FBNK. ValuEngine cut shares of First Connecticut Bancorp from a buy rating to a hold rating in a report on Tuesday, October 3rd. BidaskClub cut shares of First Connecticut Bancorp from a hold rating to a sell rating in a report on Thursday, December 7th. Finally, Piper Jaffray Companies reaffirmed a hold rating and issued a $26.00 target price on shares of First Connecticut Bancorp in a report on Sunday, September 17th.
First Connecticut Bancorp (NASDAQ:FBNK) last posted its quarterly earnings data on Wednesday, October 18th. The bank reported $0.35 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.35. The business had revenue of $24.15 million during the quarter, compared to analyst estimates of $25.30 million. First Connecticut Bancorp had a net margin of 18.24% and a return on equity of 7.43%. analysts forecast that First Connecticut Bancorp will post 1.35 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 18th. Shareholders of record on Friday, December 8th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $0.60 dividend on an annualized basis and a yield of 2.28%. This is a boost from First Connecticut Bancorp’s previous quarterly dividend of $0.14. First Connecticut Bancorp’s dividend payout ratio (DPR) is presently 47.62%.
A number of hedge funds have recently added to or reduced their stakes in FBNK. Goldman Sachs Group Inc. acquired a new stake in First Connecticut Bancorp during the second quarter worth approximately $210,000. Citadel Advisors LLC acquired a new position in shares of First Connecticut Bancorp in the 3rd quarter valued at $238,000. JPMorgan Chase & Co. increased its holdings in shares of First Connecticut Bancorp by 154.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,906 shares of the bank’s stock valued at $238,000 after acquiring an additional 5,410 shares during the period. California Public Employees Retirement System acquired a new position in shares of First Connecticut Bancorp in the 2nd quarter valued at $239,000. Finally, SG Americas Securities LLC acquired a new position in shares of First Connecticut Bancorp in the 3rd quarter valued at $250,000. 49.47% of the stock is currently owned by institutional investors.
TRADEMARK VIOLATION WARNING: This piece was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece on another site, it was illegally stolen and republished in violation of US and international trademark and copyright laws. The original version of this piece can be read at https://www.thecerbatgem.com/2017/12/20/first-connecticut-bancorp-fbnk-upgraded-by-zacks-investment-research-to-buy.html.
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.
Receive News & Ratings for First Connecticut Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Connecticut Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.