Zacks Investment Research upgraded shares of First Connecticut Bancorp, Inc. (NASDAQ:FBNK) from a hold rating to a buy rating in a research note issued to investors on Monday. The brokerage currently has $27.00 price target on the bank’s stock.

According to Zacks, “First Connecticut Bancorp Inc. is a banking company. Farmington Bank provides commercial, consumer and banking services to businesses, individuals and governments across Central Connecticut. It also offers residential mortgage loan services along with brokerage and investment advisory services. The Company’s consumer loans include installment, demand, revolving credit and collateral loans. Its installment and collateral consumer loans generally consist of loans on new and used automobiles, loans collateralized by deposit accounts and unsecured personal loans. “

A number of other equities research analysts have also issued reports on FBNK. BidaskClub raised First Connecticut Bancorp from a strong sell rating to a sell rating in a research report on Friday, August 25th. Piper Jaffray Companies lowered First Connecticut Bancorp from an overweight rating to a neutral rating and set a $26.00 target price on the stock. in a research report on Wednesday, June 14th.

Shares of First Connecticut Bancorp (NASDAQ FBNK) opened at 24.75 on Monday. First Connecticut Bancorp has a 1-year low of $16.58 and a 1-year high of $27.50. The firm has a market cap of $374.49 million, a price-to-earnings ratio of 21.32 and a beta of 0.65. The company’s 50 day moving average price is $24.92 and its 200-day moving average price is $25.08.

First Connecticut Bancorp (NASDAQ:FBNK) last posted its quarterly earnings data on Friday, July 21st. The bank reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.01. First Connecticut Bancorp had a return on equity of 6.84% and a net margin of 17.10%. The firm had revenue of $23.70 million during the quarter, compared to the consensus estimate of $23.36 million. Equities analysts expect that First Connecticut Bancorp will post $1.36 EPS for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: This piece was originally published by Watch List News and is the sole property of of Watch List News. If you are accessing this piece on another site, it was illegally copied and reposted in violation of U.S. & international trademark and copyright legislation. The correct version of this piece can be viewed at https://www.watchlistnews.com/first-connecticut-bancorp-inc-fbnk-upgraded-to-buy-at-zacks-investment-research/1536005.html.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 11th. Stockholders of record on Friday, September 1st will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, August 30th. This is a positive change from First Connecticut Bancorp’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.26%. First Connecticut Bancorp’s payout ratio is 48.28%.

Large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. bought a new stake in shares of First Connecticut Bancorp during the second quarter worth about $210,000. Trexquant Investment LP bought a new stake in shares of First Connecticut Bancorp during the first quarter worth about $208,000. American International Group Inc. raised its stake in shares of First Connecticut Bancorp by 6.8% in the first quarter. American International Group Inc. now owns 8,581 shares of the bank’s stock worth $213,000 after buying an additional 545 shares during the period. California Public Employees Retirement System bought a new stake in shares of First Connecticut Bancorp during the second quarter worth about $239,000. Finally, Oxford Asset Management bought a new stake in shares of First Connecticut Bancorp during the first quarter worth about $240,000. 49.03% of the stock is currently owned by institutional investors.

First Connecticut Bancorp Company Profile

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.

Get a free copy of the Zacks research report on First Connecticut Bancorp (FBNK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for First Connecticut Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Connecticut Bancorp Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.