First Connecticut Bancorp, Inc. (FBNK) Stock Rating Lowered by Zacks Investment Research
First Connecticut Bancorp, Inc. (NASDAQ:FBNK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
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. “
FBNK has been the topic of several other reports. Piper Jaffray Companies lowered First Connecticut Bancorp from an “overweight” rating to a “neutral” rating and set a $26.00 price objective on the stock. in a research note on Wednesday, June 14th. ValuEngine raised First Connecticut Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, BidaskClub raised First Connecticut Bancorp from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th.
First Connecticut Bancorp (NASDAQ:FBNK) traded down 0.80% on Friday, hitting $24.65. The company had a trading volume of 98,224 shares. First Connecticut Bancorp has a 12-month low of $16.86 and a 12-month high of $27.50. The firm has a 50-day moving average price of $24.38 and a 200-day moving average price of $25.09. The firm has a market capitalization of $372.98 million, a PE ratio of 21.23 and a beta of 0.67.
First Connecticut Bancorp (NASDAQ:FBNK) last released its quarterly earnings data on Friday, July 21st. The bank reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.01). The business had revenue of $23.70 million during the quarter, compared to analyst estimates of $23.36 million. First Connecticut Bancorp had a net margin of 17.10% and a return on equity of 6.84%. On average, equities research analysts anticipate that First Connecticut Bancorp will post $1.36 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in FBNK. Goldman Sachs Group Inc. bought a new position in First Connecticut Bancorp in the second quarter valued at about $210,000. Trexquant Investment LP bought a new position in First Connecticut Bancorp in the first quarter valued at about $208,000. American International Group Inc. raised its position in First Connecticut Bancorp by 6.8% in the first quarter. American International Group Inc. now owns 8,581 shares of the bank’s stock valued at $213,000 after purchasing an additional 545 shares during the last quarter. California Public Employees Retirement System bought a new position in First Connecticut Bancorp in the second quarter valued at about $239,000. Finally, Oxford Asset Management bought a new position in First Connecticut Bancorp in the first quarter valued at about $240,000. 49.03% of the stock is currently owned by institutional investors and hedge funds.
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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