Kavar Capital Partners LLC Cuts Stake in People’s United Financial, Inc. (NASDAQ:PBCT)

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Kavar Capital Partners LLC reduced its holdings in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 1.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 100,106 shares of the bank’s stock after selling 1,825 shares during the period. Kavar Capital Partners LLC’s holdings in People’s United Financial were worth $1,680,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PBCT. BlackRock Inc. grew its holdings in People’s United Financial by 3.3% during the 1st quarter. BlackRock Inc. now owns 36,571,846 shares of the bank’s stock worth $601,242,000 after acquiring an additional 1,159,031 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in People’s United Financial by 6.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,879,897 shares of the bank’s stock worth $142,565,000 after acquiring an additional 589,342 shares in the last quarter. Geode Capital Management LLC grew its holdings in People’s United Financial by 9.7% during the 4th quarter. Geode Capital Management LLC now owns 5,871,742 shares of the bank’s stock worth $84,598,000 after acquiring an additional 517,455 shares in the last quarter. Crawford Investment Counsel Inc. grew its holdings in People’s United Financial by 16.9% during the 1st quarter. Crawford Investment Counsel Inc. now owns 3,966,668 shares of the bank’s stock worth $65,212,000 after acquiring an additional 572,285 shares in the last quarter. Finally, First Trust Advisors LP grew its holdings in People’s United Financial by 10.0% during the 1st quarter. First Trust Advisors LP now owns 3,403,221 shares of the bank’s stock worth $55,949,000 after acquiring an additional 310,119 shares in the last quarter. 75.48% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CFO R David Rosato sold 39,250 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $16.20, for a total value of $635,850.00. Following the completion of the transaction, the chief financial officer now owns 137,952 shares in the company, valued at approximately $2,234,822.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.40% of the company’s stock.

Shares of People’s United Financial stock traded down $0.08 during trading hours on Thursday, hitting $14.32. The company had a trading volume of 81,792 shares, compared to its average volume of 4,934,235. The company’s 50-day moving average price is $16.22. People’s United Financial, Inc. has a twelve month low of $13.66 and a twelve month high of $19.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $5.87 billion, a P/E ratio of 10.95, a P/E/G ratio of 5.51 and a beta of 1.21.

People’s United Financial (NASDAQ:PBCT) last issued its earnings results on Thursday, July 18th. The bank reported $0.34 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.34. People’s United Financial had a net margin of 23.51% and a return on equity of 8.21%. The business had revenue of $454.40 million during the quarter, compared to analysts’ expectations of $448.83 million. During the same quarter in the prior year, the business posted $0.32 EPS. Equities research analysts expect that People’s United Financial, Inc. will post 1.34 earnings per share for the current fiscal year.

People’s United Financial declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 18th that authorizes the company to repurchase 20,000,000 shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st will be issued a $0.1775 dividend. This represents a $0.71 annualized dividend and a dividend yield of 4.96%. The ex-dividend date of this dividend is Wednesday, July 31st. People’s United Financial’s payout ratio is 54.20%.

Several research analysts have commented on the stock. BidaskClub cut shares of People’s United Financial from a “hold” rating to a “sell” rating in a report on Thursday. FIG Partners cut shares of People’s United Financial from an “outperform” rating to a “market perform” rating in a report on Monday, April 22nd. Finally, ValuEngine cut shares of People’s United Financial from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock has an average rating of “Hold” and a consensus price target of $18.67.

About People’s United Financial

People's United Financial, Inc operates as the bank holding company for People's United Bank, National Association that provides commercial banking, retail banking, and wealth management services to individual, corporate, and municipal customers. The company operates in two segments, Commercial Banking and Retail Banking.

Further Reading: How analysts view the yield curve

Institutional Ownership by Quarter for People`s United Financial (NASDAQ:PBCT)

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