Piper Jaffray Initiates Coverage on First Connecticut Bancorp Inc to Overweight

Piper Jaffray Initiates Coverage on First Connecticut Bancorp Inc(NASDAQ:FBNK). The shares have been rated Overweight. The rating by Piper Jaffray was issued on Apr 14, 2016.

First Connecticut Bancorp Inc (FBNK) made into the market gainers list on Mondays trading session with the shares advancing 2.84% or 0.46 points. Due to strong positive momentum, the stock ended at $16.65, which is also near the day’s high of $16.68. The stock began the session at $16.13 and the volume stood at 45,161 shares. The 52-week high of the shares is $18.4 and the 52 week low is $14.42. The company has a current market capitalization of $262 M and it has 1,57,37,863 shares in outstanding.

First Connecticut Bancorp Inc(FBNK) last announced its earnings results on Jan 27, 2016 for Fiscal Year 2015 and Q4.Company reported revenue of $20.83M. Analysts had an estimated revenue of $20.63M. Earnings per share were $0.18. Analysts had estimated an EPS of $0.24.

Several Insider Transactions has been reported to the SEC. On Mar 17, 2016, James T Jr Healey (director) purchased 1,419 shares at $15.99 per share price.Also, On Feb 23, 2016, John J Carson (director) purchased 80 shares at $16.29 per share price.On Feb 16, 2016, John A Green (director) purchased 300 shares at $16.05 per share price, according to the Form-4 filing with the securities and exchange commission.

First Connecticut Bancorp Inc. is a stock holding company. The Company operates through its wholly owned subsidiary Farmington Bank (the Bank) a community bank with 22 branch locations throughout central Connecticut. The Bank offers commercial and residential lending as well as wealth management services in Connecticut and western Massachusetts. The Company’s principal lending activities include residential consumer and commercial lending. Its lending activities consists of the origination of one-to-four family residential real estate loans that are secured by properties located in Hartford County and surrounding counties in Connecticut. The Company’s investment activities consisted primarily of United States government and agency securities including debt and mortgage-backed securities securities issued and guaranteed by Government Sponsored Enterprises (GSE’s) municipal and other bonds mutual funds and equity securities including preferred equity securities.

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