Shares of First Connecticut Bancorp Inc (NASDAQ:FBNK) have earned a consensus broker rating score of 2.50 (Hold) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and one has given a buy rating to the company. First Connecticut Bancorp’s rating score has improved by 16.7% from 90 days ago as a result of various analysts’ ratings changes.
Brokers have set a 1-year consensus price target of $32.00 for the company and are forecasting that the company will post $0.38 earnings per share for the current quarter, according to Zacks. Zacks has also given First Connecticut Bancorp an industry rank of 150 out of 255 based on the ratings given to its competitors.
FBNK has been the subject of a number of research analyst reports. Zacks Investment Research raised First Connecticut Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, May 31st. ValuEngine raised First Connecticut Bancorp from a “hold” rating to a “buy” rating in a report on Wednesday, June 20th. Keefe, Bruyette & Woods raised First Connecticut Bancorp from a “market perform” rating to an “outperform” rating in a report on Wednesday, June 27th. Finally, BidaskClub cut First Connecticut Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, September 1st.
In other news, CFO Gregory A. White sold 6,491 shares of the business’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $32.11, for a total transaction of $208,426.01. Following the completion of the transaction, the chief financial officer now owns 47,538 shares of the company’s stock, valued at approximately $1,526,445.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman John J. Jr. Patrick sold 40,000 shares of the business’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $32.17, for a total value of $1,286,800.00. Following the transaction, the chairman now directly owns 93,878 shares of the company’s stock, valued at approximately $3,020,055.26. The disclosure for this sale can be found here. Insiders have sold a total of 230,689 shares of company stock valued at $7,235,918 in the last three months. 10.80% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of FBNK. Perella Weinberg Partners Capital Management LP acquired a new position in First Connecticut Bancorp in the 2nd quarter worth about $8,567,000. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in First Connecticut Bancorp in the 2nd quarter worth about $4,359,000. Gabelli Funds LLC acquired a new position in First Connecticut Bancorp in the 2nd quarter worth about $4,339,000. Water Island Capital LLC acquired a new position in First Connecticut Bancorp in the 2nd quarter worth about $3,824,000. Finally, Private Capital Group LLC increased its holdings in First Connecticut Bancorp by 37,940.5% in the 1st quarter. Private Capital Group LLC now owns 74,179 shares of the bank’s stock worth $1,899,000 after purchasing an additional 73,984 shares in the last quarter. 48.14% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ FBNK opened at $30.25 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.62. First Connecticut Bancorp has a fifty-two week low of $23.85 and a fifty-two week high of $32.40. The firm has a market capitalization of $501.93 million, a price-to-earnings ratio of 22.92 and a beta of 0.47.
First Connecticut Bancorp (NASDAQ:FBNK) last posted its quarterly earnings results on Wednesday, July 18th. The bank reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.02). First Connecticut Bancorp had a return on equity of 8.87% and a net margin of 15.83%. The business had revenue of $25.25 million for the quarter, compared to analyst estimates of $25.49 million. equities research analysts forecast that First Connecticut Bancorp will post 1.61 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Friday, September 7th will be issued a dividend of $0.17 per share. The ex-dividend date is Thursday, September 6th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.25%. First Connecticut Bancorp’s dividend payout ratio (DPR) is currently 51.52%.
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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