On Mar 12, Zacks Investment Research upgraded
First Connecticut Bancorp, Inc.
) to Zacks Rank #1 (Strong Buy).
CENTER BANCORP (CNBC): Free Stock Analysis
FIRST CT BANCRP (FBNK): Free Stock Analysis
OLD NATL BCP (ONB): Free Stock Analysis
BANCORP BNK/THE (TBBK): Free Stock Analysis
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Why the Upgrade?
First Connecticut has been witnessing rising earnings estimates
owing to strong fourth quarter 2012 results. Moreover, this
regional bank delivered positive earnings surprises in 3 of the
last 4 quarters with an average beat of 44.4%.
First Connecticut reported fourth-quarter results on Mar 1.
Earnings came in at 20 cents per share, significantly outpacing
the Zacks Consensus Estimate of 6 cents and reversing the
year-ago loss of 9 cents. Results were primarily aided by a solid
top-line growth, partially offset by a rise in expenses.
Net interest income surged 14.1% year over year to $14.1 million.
Further, non-interest income advanced substantially to $4.1
million. Operating expenses grew 1.9% year over year to $13.0
Improvement in asset quality continues to be a major positive for
First Connecticut. Provision for allowance for loan losses
declined significantly from the prior-year quarter to $0.3
million. Likewise, nonperforming loans stood at 0.76% of total
loans, down 20 basis points year over year.
The Zacks Consensus Estimate for 2013 increased 57.1% to 44 cents
per share over the last 30 days. For 2014, over the same time
frame, the Zacks Consensus Estimate moved north by 4.4% to 48
cents per share.
Other Stocks to Consider
Besides First Connecticut, other regional banks such as
The Bancorp Inc.
Center Bancorp Inc.
Old National Bancorp.
) carry a Zacks Rank #1 and are worth considering.