FIG Partners Research Analysts Cut Earnings Estimates for First Connecticut Bancorp, Inc. (FBNK)
First Connecticut Bancorp, Inc. (NASDAQ:FBNK) – Research analysts at FIG Partners reduced their FY2017 earnings estimates for First Connecticut Bancorp in a research note issued to investors on Thursday. FIG Partners analyst D. Bishop now forecasts that the bank will post earnings per share of $1.33 for the year, down from their prior forecast of $1.35. FIG Partners also issued estimates for First Connecticut Bancorp’s Q4 2017 earnings at $0.33 EPS, Q3 2018 earnings at $0.38 EPS, Q4 2018 earnings at $0.40 EPS and FY2018 earnings at $1.47 EPS.
First Connecticut Bancorp (NASDAQ:FBNK) last issued its earnings results on Wednesday, October 18th. The bank reported $0.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.35. The business had revenue of $24.15 million during the quarter, compared to the consensus estimate of $25.30 million. First Connecticut Bancorp had a return on equity of 7.50% and a net margin of 18.24%. ILLEGAL ACTIVITY NOTICE: This story was published by American Banking News and is the sole property of of American Banking News. If you are reading this story on another site, it was copied illegally and reposted in violation of U.S. and international copyright law. The legal version of this story can be read at https://www.americanbankingnews.com/2017/10/23/fig-partners-research-analysts-cut-earnings-estimates-for-first-connecticut-bancorp-inc-fbnk.html.
Several other equities analysts also recently issued reports on FBNK. BidaskClub downgraded First Connecticut Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Zacks Investment Research upgraded First Connecticut Bancorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a research report on Friday, July 21st. ValuEngine raised First Connecticut Bancorp from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $26.00 target price on shares of First Connecticut Bancorp in a report on Sunday, September 17th.
First Connecticut Bancorp (FBNK) opened at 27.25 on Monday. First Connecticut Bancorp has a 52 week low of $17.50 and a 52 week high of $28.50. The stock’s 50 day moving average price is $26.45 and its 200-day moving average price is $25.65. The stock has a market capitalization of $412.32 million, a P/E ratio of 23.47 and a beta of 0.68.
A number of large investors have recently made changes to their positions in FBNK. Seizert Capital Partners LLC bought a new stake in First Connecticut Bancorp during the second quarter worth approximately $2,148,000. AJO LP bought a new stake in First Connecticut Bancorp during the second quarter worth approximately $1,338,000. Chicago Equity Partners LLC bought a new stake in First Connecticut Bancorp during the second quarter worth approximately $1,253,000. AlphaOne Investment Services LLC bought a new stake in First Connecticut Bancorp during the second quarter worth approximately $1,181,000. Finally, Dimensional Fund Advisors LP raised its holdings in First Connecticut Bancorp by 8.5% during the second quarter. Dimensional Fund Advisors LP now owns 390,596 shares of the bank’s stock worth $10,019,000 after purchasing an additional 30,718 shares in the last quarter. 49.03% of the stock is currently owned by hedge funds and other institutional investors.
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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