On Jul 9, Zacks Investment Research upgraded
First Connecticut Bancorp, Inc.
) 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
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
Other Stocks to Consider
Some other better-ranked Northeast banks include
Univest Corporation of Pennsylvania
Valley National Bancorp
) with a Zacks Rank #1, while
) carries a Zacks Rank #2 (Buy).
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