First Connecticut Bancorp’s (FBNK) Hold Rating Reiterated at Piper Jaffray Companies
First Connecticut Bancorp, Inc. (NASDAQ:FBNK)‘s stock had its “hold” rating reissued by analysts at Piper Jaffray Companies in a note issued to investors on Sunday. They presently have a $26.00 price objective on the bank’s stock. Piper Jaffray Companies’ price target points to a potential upside of 5.48% from the company’s current price.
A number of other research analysts have also recently issued reports on the company. Zacks Investment Research cut First Connecticut Bancorp from a “buy” rating to a “hold” rating in a research note on Friday. ValuEngine upgraded First Connecticut Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, BidaskClub upgraded 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) opened at 24.65 on Friday. The firm has a 50-day moving average of $24.38 and a 200 day moving average of $25.09. The firm has a market cap of $372.98 million, a P/E ratio of 21.23 and a beta of 0.67. First Connecticut Bancorp has a 1-year low of $16.86 and a 1-year high of $27.50.
First Connecticut Bancorp (NASDAQ:FBNK) last announced its quarterly earnings data on Friday, July 21st. The bank reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.01). The company had revenue of $23.70 million for the quarter, compared to analysts’ expectations of $23.36 million. First Connecticut Bancorp had a net margin of 17.10% and a return on equity of 6.84%. On average, analysts predict that First Connecticut Bancorp will post $1.36 EPS for the current year.
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Several hedge funds have recently bought and sold shares of FBNK. Russell Investments Group Ltd. raised its stake in shares of First Connecticut Bancorp by 45.7% in the first quarter. Russell Investments Group Ltd. now owns 19,057 shares of the bank’s stock worth $472,000 after purchasing an additional 5,977 shares during the last quarter. Mutual of America Capital Management LLC raised its stake in shares of First Connecticut Bancorp by 1.4% in the first quarter. Mutual of America Capital Management LLC now owns 114,317 shares of the bank’s stock worth $2,835,000 after purchasing an additional 1,559 shares during the last quarter. Trexquant Investment LP purchased a new position in shares of First Connecticut Bancorp in the first quarter worth $208,000. Oxford Asset Management purchased a new position in shares of First Connecticut Bancorp in the first quarter worth $240,000. Finally, Stifel Financial Corp raised its stake in shares of First Connecticut Bancorp by 10.4% in the first quarter. Stifel Financial Corp now owns 57,116 shares of the bank’s stock worth $1,416,000 after purchasing an additional 5,392 shares during the last quarter. Hedge funds and other institutional investors own 49.03% of the company’s stock.
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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