Analysts Set $19.00 Target Price for First Connecticut Bancorp Inc. (NASDAQ:FBNK)
Shares of First Connecticut Bancorp Inc. (NASDAQ:FBNK) have received an average broker rating score of 1.67 (Buy) from the three brokers that cover the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and two have issued a strong buy rating on the company. First Connecticut Bancorp’s rating score has improved by 16.5% in the last 90 days as a result of various analysts’ ratings changes.
Brokerages have set a 12-month consensus price objective of $19.00 for the company and are forecasting that the company will post $0.25 EPS for the current quarter, according to Zacks. Zacks has also assigned First Connecticut Bancorp an industry rank of 169 out of 265 based on the ratings given to related companies.
Shares of First Connecticut Bancorp (NASDAQ:FBNK) traded down 0.94% during mid-day trading on Friday, reaching $17.90. 468 shares of the company’s stock were exchanged. The company has a market cap of $266.92 million, a PE ratio of 19.67 and a beta of 0.43. First Connecticut Bancorp has a 52-week low of $14.42 and a 52-week high of $18.40. The company’s 50-day moving average price is $17.52 and its 200 day moving average price is $16.74.
First Connecticut Bancorp (NASDAQ:FBNK) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.01. First Connecticut Bancorp had a net margin of 14.22% and a return on equity of 5.45%. On average, equities research analysts predict that First Connecticut Bancorp will post $0.97 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 12th. Investors of record on Friday, September 2nd were issued a $0.08 dividend. This is an increase from First Connecticut Bancorp’s previous quarterly dividend of $0.06. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend was Wednesday, August 31st. First Connecticut Bancorp’s payout ratio is 34.78%.
In related news, Director Patience Peirce Mcdowell purchased 2,775 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The shares were bought at an average cost of $18.06 per share, with a total value of $50,116.50. Following the acquisition, the director now owns 1,783 shares of the company’s stock, valued at $32,200.98. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ronald A. Bucchi sold 5,162 shares of the business’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $17.55, for a total transaction of $90,593.10. The disclosure for this sale can be found here. 9.10% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. Emerald Acquisition Ltd. bought a new position in shares of First Connecticut Bancorp during the second quarter worth $159,000. Amici Capital LLC acquired a new stake in First Connecticut Bancorp during the first quarter valued at approximately $239,000. State Board of Administration of Florida Retirement System increased its stake in First Connecticut Bancorp by 0.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 19,034 shares of the company’s stock valued at $315,000 after buying an additional 111 shares during the period. Alliancebernstein L.P. increased its stake in First Connecticut Bancorp by 1.5% in the second quarter. Alliancebernstein L.P. now owns 27,200 shares of the company’s stock valued at $450,000 after buying an additional 400 shares during the period. Finally, Spark Investment Management LLC increased its stake in First Connecticut Bancorp by 16.8% in the second quarter. Spark Investment Management LLC now owns 34,800 shares of the company’s stock valued at $576,000 after buying an additional 5,000 shares during the period. 45.72% of the stock is currently owned by institutional investors.
About First Connecticut Bancorp
First Connecticut Bancorp, Inc is a stock holding company. The Company operates through its wholly owned subsidiary Farmington Bank (the Bank), a community bank with over 20 branch locations throughout central Connecticut. The Bank offers commercial and residential lending as well as wealth management services in Connecticut and western Massachusetts.
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