First Connecticut Bancorp (FBNK) Upgraded to Overweight by Piper Jaffray Companies

First Connecticut Bancorp (NASDAQ:FBNK) was upgraded by equities research analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a note issued to investors on Monday, Marketbeat.com reports.

FBNK has been the subject of several other research reports. Zacks Investment Research raised First Connecticut Bancorp from a “sell” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Tuesday, December 19th. ValuEngine lowered First Connecticut Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, November 22nd. Finally, BidaskClub lowered First Connecticut Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, January 26th.

First Connecticut Bancorp (NASDAQ FBNK) traded down $0.80 during mid-day trading on Monday, hitting $24.75. The stock had a trading volume of 32,495 shares, compared to its average volume of 19,146. First Connecticut Bancorp has a 52-week low of $22.80 and a 52-week 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 stock has a market capitalization of $407.60, a PE ratio of 25.34 and a beta of 0.61.

First Connecticut Bancorp (NASDAQ:FBNK) last posted its quarterly earnings results on Wednesday, January 24th. The bank reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.02). First Connecticut Bancorp had a return on equity of 7.85% and a net margin of 14.46%. The business had revenue of $23.69 million during the quarter, compared to analysts’ expectations of $24.89 million. analysts expect that First Connecticut Bancorp will post 1.59 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. FNY Partners Fund LP bought a new stake in First Connecticut Bancorp during the fourth quarter valued at about $200,000. Goldman Sachs Group Inc. bought a new stake in First Connecticut Bancorp during the second quarter valued at about $210,000. Citadel Advisors LLC bought a new stake in First Connecticut Bancorp during the third quarter valued at about $238,000. JPMorgan Chase & Co. grew its holdings in First Connecticut Bancorp by 154.7% during the third quarter. JPMorgan Chase & Co. now owns 8,906 shares of the bank’s stock valued at $238,000 after purchasing an additional 5,410 shares during the period. Finally, California Public Employees Retirement System bought a new stake in First Connecticut Bancorp during the second quarter valued at about $239,000. 49.33% of the stock is owned by institutional investors.

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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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