Hennessy Advisors Inc. trimmed its stake in shares of First Connecticut Bancorp Inc (NASDAQ:FBNK) by 33.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 110,000 shares of the bank’s stock after selling 55,000 shares during the period. Hennessy Advisors Inc. owned 0.68% of First Connecticut Bancorp worth $3,251,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Virtu Financial LLC purchased a new position in shares of First Connecticut Bancorp in the second quarter worth about $238,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in shares of First Connecticut Bancorp in the second quarter worth about $266,000. Citadel Advisors LLC purchased a new position in shares of First Connecticut Bancorp in the second quarter worth about $348,000. California Public Employees Retirement System purchased a new position in shares of First Connecticut Bancorp in the second quarter worth about $503,000. Finally, LSV Asset Management lifted its stake in shares of First Connecticut Bancorp by 118.6% in the second quarter. LSV Asset Management now owns 17,300 shares of the bank’s stock worth $529,000 after buying an additional 9,387 shares in the last quarter. 48.13% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ:FBNK opened at $28.99 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.62. The stock has a market capitalization of $480.22 million, a PE ratio of 21.96 and a beta of 0.47. First Connecticut Bancorp Inc has a twelve month low of $23.85 and a twelve month high of $32.40.
First Connecticut Bancorp (NASDAQ:FBNK) last issued its 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 firm had revenue of $25.25 million for the quarter, compared to analysts’ expectations of $25.49 million. On average, research analysts anticipate that First Connecticut Bancorp Inc will post 1.61 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Friday, September 7th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Thursday, September 6th. First Connecticut Bancorp’s dividend payout ratio (DPR) is presently 51.52%.
In other First Connecticut Bancorp news, Director Kenneth F. Burns sold 110,099 shares of First Connecticut Bancorp stock in a transaction dated Wednesday, July 25th. The shares were sold at an average price of $31.05, for a total transaction of $3,418,573.95. Following the transaction, the director now directly owns 25,329 shares of the company’s stock, valued at $786,465.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman John J. Jr. Patrick sold 40,000 shares of First Connecticut Bancorp stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $32.17, for a total transaction of $1,286,800.00. Following the transaction, the chairman now directly owns 93,878 shares in the company, valued at $3,020,055.26. The disclosure for this sale can be found here. Insiders have sold 230,689 shares of company stock worth $7,235,918 over the last ninety days. 25.36% of the stock is owned by insiders.
Several equities analysts have recently weighed in on the stock. BidaskClub downgraded shares of First Connecticut Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, September 1st. Zacks Investment Research raised shares of First Connecticut Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, June 25th. ValuEngine raised shares of First Connecticut Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, June 20th. Finally, Keefe, Bruyette & Woods raised shares of First Connecticut Bancorp from a “market perform” rating to an “outperform” rating in a research note on Wednesday, June 27th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. First Connecticut Bancorp presently has an average rating of “Hold” and an average target price of $30.00.
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.
See Also: Dividend
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