First Connecticut Bancorp (FBNK) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of First Connecticut Bancorp (NASDAQ:FBNK) from a buy rating to a hold rating in a research report report published 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. “

Several other brokerages have also issued reports on FBNK. Piper Jaffray Companies reaffirmed a hold rating and set a $26.00 target price on shares of First Connecticut Bancorp in a research report on Sunday, September 17th. ValuEngine raised First Connecticut Bancorp from a hold rating to a buy rating in a report on Friday, September 1st. Finally, BidaskClub lowered First Connecticut Bancorp from a hold rating to a sell rating in a report on Thursday, December 7th.

First Connecticut Bancorp (FBNK) opened at $26.85 on Monday. First Connecticut Bancorp has a 1 year low of $20.50 and a 1 year high of $28.50. The stock has a market capitalization of $420.36, a PE ratio of 21.31 and a beta of 0.67. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.12 and a current ratio of 1.12.

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

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 18th. Stockholders of record on Friday, December 8th were issued a $0.15 dividend. The ex-dividend date of this dividend 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 dividend on an annualized basis and a dividend yield of 2.23%. First Connecticut Bancorp’s dividend payout ratio is currently 47.62%.

Several hedge funds have recently made changes to their positions in the company. Mutual of America Capital Management LLC increased its holdings in shares of First Connecticut Bancorp by 0.8% in the second quarter. Mutual of America Capital Management LLC now owns 115,272 shares of the bank’s stock valued at $2,957,000 after purchasing an additional 955 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of First Connecticut Bancorp by 1.5% in 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 purchasing an additional 1,590 shares during the period. ClariVest Asset Management LLC increased its holdings in shares of First Connecticut Bancorp by 13.6% in the third quarter. ClariVest Asset Management LLC now owns 29,630 shares of the bank’s stock valued at $793,000 after purchasing an additional 3,543 shares during the period. Parametric Portfolio Associates LLC increased its holdings in shares of First Connecticut Bancorp by 54.5% in the second quarter. Parametric Portfolio Associates LLC now owns 15,310 shares of the bank’s stock valued at $393,000 after purchasing an additional 5,399 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of First Connecticut Bancorp by 154.7% in the third quarter. JPMorgan Chase & Co. now owns 8,906 shares of the bank’s stock valued at $238,000 after purchasing an additional 5,410 shares during the period. 49.47% of the stock is currently owned by institutional investors and hedge funds.

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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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