Back to top

Analyst Blog

On Mar 12, Zacks Investment Research upgraded First Connecticut Bancorp, Inc. (FBNK - Snapshot Report) to Zacks Rank #1 (Strong Buy).

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 million.

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. (TBBK - Snapshot Report), Center Bancorp Inc. and Old National Bancorp. (ONB - Snapshot Report) carry a Zacks Rank #1 and are worth considering.

Please login to or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research


Are you a new Zacks Member or a visitor to

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
ERBA DIAGNO… ERB 3.00 +3.09%
SANCHEZ ENE… SN 34.18 +2.67%
THE PANTRY… PTRY 21.02 +2.09%
INTEL CP INTC 35.15 +1.88%
CLAYTON WIL… CWEI 117.30 +1.78%