Zacks Investment Research Downgrades First Connecticut Bancorp (NASDAQ:FBNK) to Hold

Zacks Investment Research cut shares of First Connecticut Bancorp (NASDAQ:FBNK) from a buy rating to a hold rating in a research report released on Monday, December 25th.

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 equities research analysts have also recently commented on the stock. 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 reissued a hold rating and set a $26.00 target price on shares of First Connecticut Bancorp in a report on Sunday, September 17th.

Shares of First Connecticut Bancorp (NASDAQ:FBNK) opened at $27.05 on Monday. The company has a market capitalization of $434.72, a PE ratio of 21.47 and a beta of 0.67. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.12 and a quick ratio of 1.12. First Connecticut Bancorp has a 12 month low of $20.50 and a 12 month high of $28.50.

First Connecticut Bancorp (NASDAQ:FBNK) last released its quarterly earnings results on Wednesday, October 18th. The bank reported $0.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.35. First Connecticut Bancorp had a return on equity of 7.43% and a net margin of 18.24%. The business had revenue of $24.15 million during the quarter, compared to the consensus estimate of $25.30 million. analysts anticipate that First Connecticut Bancorp will post 1.35 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, December 18th. Investors of record on Friday, December 8th were given a $0.15 dividend. The ex-dividend date was Thursday, December 7th. This is a positive change from First Connecticut Bancorp’s previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 2.22%. First Connecticut Bancorp’s payout ratio is 47.62%.

A number of large investors have recently made changes to their positions in FBNK. Vanguard Group Inc. grew 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 acquiring an additional 6,464 shares in the last quarter. First Trust Advisors LP boosted its position in First Connecticut Bancorp by 216.2% during the second quarter. First Trust Advisors LP now owns 35,999 shares of the bank’s stock valued at $923,000 after buying an additional 24,615 shares during the period. Bank of New York Mellon Corp boosted its position in First Connecticut Bancorp by 1.5% during the second quarter. Bank of New York Mellon Corp now owns 107,631 shares of the bank’s stock valued at $2,761,000 after buying an additional 1,590 shares during the period. Chicago Equity Partners LLC purchased a new stake in First Connecticut Bancorp during the second quarter valued at about $1,253,000. Finally, Seizert Capital Partners LLC purchased a new stake in First Connecticut Bancorp during the second quarter valued at about $2,148,000. Institutional investors own 49.47% of the company’s stock.

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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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