Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- First Connecticut Bancorp Inc (NASDAQ: FBNK) shares have been range-bound over the past year, and are up 2 percent year-to-date.
- Keefe, Bruyette & Woods analyst Travis Lan downgraded the rating from Outperform to Market Perform, with a price target of $17.50.
- Following the recent appreciation in shares, Lan said there is limited upside to the target price.
First Connecticut Bancorp has outperformed the Nasdaq Bank Index by 10 percent over the past two weeks and by 17 percent over the last three months. Analyst Travis Lan mentioned that the outperformance has left “below-average upside” to the price target.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Currently, First Connecticut Bancorp’s shares are trading at a 15 percent discount to peers, while Keefe, Bruyette & Woods’ 2016 ROA projections are 45 percent lower than peers.
Saying that the downgrade is based on valuation, Lan added that the long-term thesis for the company remained unchanged. “Our positive long-term view of FBNK shares reflects the bank's organic growth capacity which should support positive operating leverage on a relatively stable expense base, and exposure to rising interest rates.”
In the report Keefe, Bruyette & Woods noted that First Connecticut Bancorp’s growth outlook is supported by:
- Capital flexibility
- Potential for gaining market share from larger in-market players
- Capitalizing on continued disruption at other in-market community banks
Since the long-term view of the company remains intact, “we could revisit FBNK” in the event of a “meaningful pullback” in its shares, Lan commented.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.