Water Island Capital LLC acquired a new position in shares of First Connecticut Bancorp Inc (NASDAQ:FBNK) in the second quarter, HoldingsChannel reports. The institutional investor acquired 124,959 shares of the bank’s stock, valued at approximately $3,824,000.

Other hedge funds also recently added to or reduced their stakes in the company. MetLife Investment Advisors LLC acquired a new position in First Connecticut Bancorp during the 4th quarter worth approximately $199,000. Virtu Financial LLC acquired a new position in First Connecticut Bancorp during the 2nd quarter worth approximately $238,000. LSV Asset Management acquired a new position in First Connecticut Bancorp during the 1st quarter worth approximately $202,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in First Connecticut Bancorp during the 2nd quarter worth approximately $266,000. Finally, Goldman Sachs Group Inc. increased its position in First Connecticut Bancorp by 87.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 14,194 shares of the bank’s stock worth $371,000 after purchasing an additional 6,623 shares in the last quarter. Institutional investors and hedge funds own 51.08% of the company’s stock.

Shares of NASDAQ FBNK opened at $31.90 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 Inc has a 52-week low of $23.45 and a 52-week high of $32.40. The company has a market capitalization of $514.76 million, a price-to-earnings ratio of 24.17 and a beta of 0.53.

First Connecticut Bancorp (NASDAQ:FBNK) last announced its quarterly earnings results on Wednesday, July 18th. The bank reported $0.46 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.02). First Connecticut Bancorp had a net margin of 15.83% and a return on equity of 8.87%. The business had revenue of $25.25 million during the quarter, compared to analyst estimates of $25.49 million. research analysts expect that First Connecticut Bancorp Inc will post 1.61 earnings per share for the current year.

In other First Connecticut Bancorp news, Chairman John J. Jr. Patrick sold 13,250 shares of the company’s stock in a transaction that occurred on Monday, July 23rd. The shares were sold at an average price of $31.50, for a total value of $417,375.00. Following the completion of the transaction, the chairman now directly owns 93,878 shares in the company, valued at approximately $2,957,157. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Gregory A. White sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $31.24, for a total transaction of $781,000.00. Following the completion of the transaction, the chief financial officer now owns 47,538 shares of the company’s stock, valued at $1,485,087.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 230,689 shares of company stock valued at $7,235,918. Corporate insiders own 10.80% of the company’s stock.

FBNK has been the subject of a number of research analyst reports. BidaskClub upgraded shares of First Connecticut Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, May 12th. Keefe, Bruyette & Woods upgraded shares of First Connecticut Bancorp from a “market perform” rating to an “outperform” rating in a research report on Wednesday, June 27th. Zacks Investment Research cut shares of First Connecticut Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, July 20th. Finally, ValuEngine upgraded shares of First Connecticut Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, June 20th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. First Connecticut Bancorp presently has an average rating of “Hold” and a consensus target price of $28.00.

First Connecticut Bancorp Profile

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.

Read More: Market Capitalization and Individual Investors

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Institutional Ownership by Quarter for First Connecticut Bancorp (NASDAQ:FBNK)

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