Worth Watching: Could First Connecticut Bancorp Inc Change Direction After Touching 52-Week High?

Worth Watching: Could First Connecticut Bancorp Inc Change Direction After Touching 52 Week High?

The stock of First Connecticut Bancorp Inc (NASDAQ:FBNK) hit a new 52-week high and has $23.30 target or 4.00% above today’s $22.40 share price. The 6 months bullish chart indicates low risk for the $363.06M company. The 1-year high was reported on Nov, 25 by Barchart.com. If the $23.30 price target is reached, the company will be worth $14.52 million more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 0.22% or $0.05 during the last trading session, hitting $22.4. About 18,584 shares traded hands. First Connecticut Bancorp Inc (NASDAQ:FBNK) has risen 25.21% since April 22, 2016 and is uptrending. It has outperformed by 19.80% the S&P500.

Analysts await First Connecticut Bancorp Inc (NASDAQ:FBNK) to report earnings on January, 25. They expect $0.25 earnings per share, up 38.89% or $0.07 from last year’s $0.18 per share. FBNK’s profit will be $4.05 million for 22.40 P/E if the $0.25 EPS becomes a reality. After $0.24 actual earnings per share reported by First Connecticut Bancorp Inc for the previous quarter, Wall Street now forecasts 4.17% EPS growth.

First Connecticut Bancorp Inc (NASDAQ:FBNK) Ratings Coverage

Out of 4 analysts covering First Connecticut Bancorp (NASDAQ:FBNK), 1 rate it a “Buy”, 0 “Sell”, while 3 “Hold”. This means 25% are positive. First Connecticut Bancorp has been the topic of 9 analyst reports since August 7, 2015 according to StockzIntelligence Inc. The firm has “Buy” rating by Compass Point given on Friday, January 29. Wood downgraded it to “Market Perform” rating and $17.50 target price in Friday, September 4 report. The rating was downgraded by Piper Jaffray on Wednesday, November 16 to “Neutral”. The rating was downgraded by PiperJaffray on Wednesday, November 16 to “Neutral”. The company was upgraded on Wednesday, August 12 by Zacks. The firm earned “Overweight” rating on Thursday, April 14 by Piper Jaffray. The stock of First Connecticut Bancorp Inc (NASDAQ:FBNK) earned “Buy” rating by Compass Point on Friday, August 7. Keefe Bruyette & Woods downgraded First Connecticut Bancorp Inc (NASDAQ:FBNK) on Friday, September 4 to “Market Perform” rating.

According to Zacks Investment Research, “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.”

Insitutional Activity: The institutional sentiment decreased to 1.04 in Q2 2016. Its down 0.41, from 1.45 in 2016Q1. The ratio is negative, as 4 funds sold all First Connecticut Bancorp Inc shares owned while 18 reduced positions. 4 funds bought stakes while 28 increased positions. They now own 7.22 million shares or 0.64% less from 7.26 million shares in 2016Q1.
Creative Planning last reported 20,000 shares in the company. Tower Rech Ltd Llc (Trc) holds 0% or 225 shares in its portfolio. Northern Corp owns 160,109 shares or 0% of their US portfolio. Blackrock holds 0% or 2,976 shares in its portfolio. Ulysses Mngmt Limited Liability, a New York-based fund reported 50,000 shares. Carret Asset Mgmt Limited Liability Company has 10,000 shares for 0.03% of their US portfolio. Rhumbline Advisers holds 0% or 18,940 shares in its portfolio. The Pennsylvania-based Vanguard Grp Inc has invested 0% in First Connecticut Bancorp Inc (NASDAQ:FBNK). Alliancebernstein L P has 0% invested in the company for 27,200 shares. Renaissance Technologies Llc holds 0.01% or 196,900 shares in its portfolio. Legal General Gru Plc holds 2,681 shares or 0% of its portfolio. The Florida-based State Board Of Administration Of Florida Retirement Systems has invested 0% in First Connecticut Bancorp Inc (NASDAQ:FBNK). First Trust Limited Partnership owns 22,860 shares or 0% of their US portfolio. Millennium Mgmt Ltd Liability Co, a New York-based fund reported 18,465 shares. Deutsche Comml Bank Ag has invested 0% of its portfolio in First Connecticut Bancorp Inc (NASDAQ:FBNK).

Insider Transactions: Since August 26, 2016, the stock had 3 insider purchases, and 1 insider sale for $20,389 net activity. $50,119 worth of First Connecticut Bancorp Inc (NASDAQ:FBNK) was bought by McDowell Patience Peirce on Thursday, September 8. 5,162 First Connecticut Bancorp Inc (NASDAQ:FBNK) shares with value of $90,574 were sold by Bucchi Ronald A. Patrick John J Jr. bought 1,055 shares worth $19,201. The insider Carson John J bought 50 shares worth $865.

More news for First Connecticut Bancorp Inc (NASDAQ:FBNK) were recently published by: Reuters.com, which released: “BRIEF-First Connecticut Bancorp Inc increases quarterly dividend” on November 22, 2016. Globenewswire.com‘s article titled: “First Connecticut Bancorp, Inc. Increases Quarterly Dividend” and published on November 22, 2016 is yet another important article.

FBNK Company Profile

First Connecticut Bancorp, Inc. (FCB), incorporated on January 27, 2011, is a stock holding company. The Firm operates through its subsidiary Farmington Bank (the Bank), which is a full-service community bank with over 20 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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