On Jul 9, Zacks Investment Research upgraded First Connecticut Bancorp, Inc. (FBNK) to a Zacks Rank #1 (Strong Buy).
Why the Upgrade?
First Connecticut Bancorp has been witnessing rising earnings estimates over the last 60 days with year-over-year expected earnings growth rate of 97.83%. The Zacks Consensus Estimate for 2014 increased 17.9% to 46 cents per share, over the last 60 days. For 2015, the Zacks Consensus Estimate advanced 2.8% to 74 cents per share over the same time period.
On May 27, First Connecticut Bancorp announced an increased quarterly dividend of 4 cents per share, up 33.3% from the prior dividend. The new dividend will be paid on Jun 16, 2014 to shareholders of record as of Jun 6, 2014. Based on its competitive financial performance and earnings, the company is on track to fulfill its commitment of returning shareholders’ value.
First Connecticut Bancorp reported its first-quarter results on Apr 24 with earnings per share of 10 cents beating the Zacks Consensus Estimate of 9 cents by 11.11%. Net income was up 68.4% year over year.
Organic growth was reflected in the quarter riding on higher net interest income along with strong loans and deposits growth. Moreover, lower non-interest expenses reflected prudent expense management.
Other Stocks to Consider
Some other better-ranked Northeast banks include Univest Corporation of Pennsylvania (UVSP) and Valley National Bancorp (VLY) with a Zacks Rank #1, while Horizon Bancorp (HBNC) carries a Zacks Rank #2 (Buy).
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