First Connecticut Bancorp (NASDAQ:FBNK) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of First Connecticut Bancorp (NASDAQ:FBNK) from a hold rating to a buy rating in a research report released on Friday, December 29th. They currently have $30.00 price target 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. “

Other analysts have also recently issued research reports about the stock. BidaskClub cut shares of First Connecticut Bancorp from a hold rating to a sell rating in a research report on Thursday, December 7th. 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 reaffirmed a hold rating and issued a $26.00 target price on shares of First Connecticut Bancorp in a research note on Sunday, September 17th.

First Connecticut Bancorp (NASDAQ FBNK) opened at $26.80 on Friday. First Connecticut Bancorp has a 1-year low of $20.50 and a 1-year high of $28.50. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.99. The company has a market capitalization of $430.73, a P/E ratio of 21.27 and a beta of 0.67.

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

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 18th. Stockholders of record on Friday, December 8th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.24%. This is an increase from First Connecticut Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date was Thursday, December 7th. First Connecticut Bancorp’s dividend payout ratio is currently 47.62%.

A number of large investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company lifted its stake in First Connecticut Bancorp by 2.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 537,969 shares of the bank’s stock valued at $13,799,000 after purchasing an additional 12,542 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in First Connecticut Bancorp by 11.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 433,738 shares of the bank’s stock valued at $11,602,000 after acquiring an additional 43,142 shares during the period. State Street Corp raised its holdings in First Connecticut Bancorp by 8.1% in the 2nd quarter. State Street Corp now owns 314,924 shares of the bank’s stock valued at $8,079,000 after acquiring an additional 23,657 shares during the period. Northern Trust Corp raised its holdings in First Connecticut Bancorp by 7.8% in the 2nd quarter. Northern Trust Corp now owns 178,477 shares of the bank’s stock valued at $4,577,000 after acquiring an additional 12,860 shares during the period. Finally, Mutual of America Capital Management LLC raised its holdings in First Connecticut Bancorp by 2.8% in the 3rd quarter. Mutual of America Capital Management LLC now owns 118,530 shares of the bank’s stock valued at $3,171,000 after acquiring an additional 3,258 shares during the period. Institutional investors and hedge funds 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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