Piper Jaffray Companies Reiterates Hold Rating for First Connecticut Bancorp, Inc. (FBNK)

Piper Jaffray Companies reaffirmed their hold rating on shares of First Connecticut Bancorp, Inc. (NASDAQ:FBNK) in a research note published on Sunday. Piper Jaffray Companies currently has a $26.00 target price on the bank’s stock.

FBNK has been the topic of several other reports. Zacks Investment Research raised First Connecticut Bancorp from a hold rating to a buy rating and set a $29.00 price target on the stock in a research report on Friday, July 21st. ValuEngine raised First Connecticut Bancorp from a hold rating to a buy rating in a research report on Friday, September 1st. Finally, BidaskClub raised First Connecticut Bancorp from a strong sell rating to a sell rating in a research report on Friday, August 25th.

First Connecticut Bancorp (NASDAQ:FBNK) last issued its quarterly earnings results on Friday, July 21st. The bank reported $0.31 EPS 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 the consensus estimate of $23.36 million. First Connecticut Bancorp had a return on equity of 6.84% and a net margin of 17.10%.

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The company also recently disclosed a quarterly dividend, which was paid on Monday, September 11th. Stockholders of record on Friday, September 1st were given a dividend of $0.14 per share. The ex-dividend date was Wednesday, August 30th. This is a boost 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 2.04%. First Connecticut Bancorp’s payout ratio is currently 48.28%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its position in shares of First Connecticut Bancorp by 2.4% during the second quarter. The Manufacturers Life Insurance Company now owns 537,969 shares of the bank’s stock valued at $13,799,000 after purchasing an additional 12,542 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of First Connecticut Bancorp during the second quarter valued at approximately $443,000. State Street Corp increased its position in shares of First Connecticut Bancorp by 8.1% during the second quarter. State Street Corp now owns 314,924 shares of the bank’s stock valued at $8,079,000 after purchasing an additional 23,657 shares during the period. Goldman Sachs Group Inc. bought a new stake in shares of First Connecticut Bancorp during the second quarter valued at approximately $210,000. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of First Connecticut Bancorp during the second quarter valued at approximately $513,000. Institutional investors and hedge funds own 49.03% of the company’s stock.

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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