BidaskClub Lowers First Connecticut Bancorp, Inc. (FBNK) to Strong Sell

First Connecticut Bancorp, Inc. (NASDAQ:FBNK) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday, August 9th.

FBNK has been the subject of several other reports. Piper Jaffray Companies cut shares of First Connecticut Bancorp from an “overweight” rating to a “neutral” rating and set a $26.00 price objective for the company. in a research note on Wednesday, June 14th. Zacks Investment Research raised shares of First Connecticut Bancorp from a “hold” rating to a “strong-buy” rating and set a $30.00 price objective for the company in a research note on Tuesday, April 25th.

First Connecticut Bancorp (NASDAQ:FBNK) traded up 0.64% during midday trading on Wednesday, hitting $23.70. The company had a trading volume of 29,809 shares. The stock has a market cap of $358.60 million, a PE ratio of 20.41 and a beta of 0.65. The stock’s 50-day moving average price is $25.50 and its 200-day moving average price is $25.02. First Connecticut Bancorp has a 52-week low of $16.51 and a 52-week high of $27.50.

First Connecticut Bancorp (NASDAQ:FBNK) last issued its quarterly earnings results on Friday, July 21st. The bank reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The business had revenue of $23.70 million during the quarter, compared to analyst estimates of $23.36 million. First Connecticut Bancorp had a net margin of 17.10% and a return on equity of 6.84%. On average, equities research analysts expect that First Connecticut Bancorp will post $1.36 EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. Trexquant Investment LP bought a new stake in shares of First Connecticut Bancorp during the first quarter valued at about $208,000. Goldman Sachs Group Inc. bought a new stake in shares of First Connecticut Bancorp during the second quarter valued at about $210,000. American International Group Inc. boosted 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 valued at $213,000 after buying an additional 545 shares in the last quarter. California Public Employees Retirement System bought a new stake in shares of First Connecticut Bancorp during the second quarter valued at about $239,000. Finally, Oxford Asset Management bought a new stake in shares of First Connecticut Bancorp during the first quarter valued at about $240,000. 48.78% of the stock is owned by institutional investors.

About First Connecticut Bancorp

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.

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