Keefe, Bruyette & Woods Upgrades First Connecticut Bancorp (FBNK) to Outperform

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First Connecticut Bancorp (NASDAQ:FBNK) was upgraded by equities researchers at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a report issued on Wednesday.

A number of other brokerages have also recently weighed in on FBNK. Zacks Investment Research upgraded shares of First Connecticut Bancorp from a “sell” rating to a “hold” rating in a report on Monday. ValuEngine upgraded shares of First Connecticut Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, June 20th. Finally, BidaskClub upgraded shares of First Connecticut Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, March 3rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. First Connecticut Bancorp currently has a consensus rating of “Buy” and a consensus price target of $28.00.

Shares of NASDAQ FBNK opened at $30.85 on Wednesday. First Connecticut Bancorp has a 1 year low of $23.25 and a 1 year high of $31.90. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.13 and a current ratio of 1.14. The stock has a market cap of $487.69 million, a P/E ratio of 22.10 and a beta of 0.60.

First Connecticut Bancorp (NASDAQ:FBNK) last announced its quarterly earnings results on Thursday, April 19th. The bank reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.40 by ($0.02). First Connecticut Bancorp had a net margin of 14.85% and a return on equity of 8.07%. The company had revenue of $24.07 million for the quarter, compared to analysts’ expectations of $24.35 million. equities analysts predict that First Connecticut Bancorp will post 1.64 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. MetLife Investment Advisors LLC purchased a new stake in First Connecticut Bancorp in the fourth quarter worth about $199,000. LSV Asset Management purchased a new stake in shares of First Connecticut Bancorp during the first quarter valued at approximately $202,000. Goldman Sachs Group Inc. grew its holdings in shares of First Connecticut Bancorp by 87.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 14,194 shares of the bank’s stock valued at $371,000 after buying an additional 6,623 shares during the last quarter. Teton Advisors Inc. purchased a new stake in shares of First Connecticut Bancorp during the first quarter valued at approximately $479,000. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of First Connecticut Bancorp by 21.1% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 28,939 shares of the bank’s stock valued at $757,000 after buying an additional 5,039 shares during the last quarter. Institutional investors and hedge funds own 47.22% of the company’s stock.

About First Connecticut Bancorp

First Connecticut Bancorp, Inc operates as the holding company for Farmington Bank that provides various consumer and commercial banking services to businesses and individuals in the United States. The company offers various deposit instruments, including checking, savings, money market savings, and negotiable order of withdrawal accounts, as well as fixed-rate time deposits.

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