Zacks Investment Research upgraded shares of People’s United Financial, Inc. (NASDAQ:PBCT) from a sell rating to a hold rating in a report issued on Monday, October 9th.
According to Zacks, “Shares of People’s United have underperformed the industry in the last six months. The company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. Also, the company’s steady capital deployment activities continue to enhance investors’ confidence. However, escalating expenses despite undertaking initiatives to curb costs remains a concern. Further, a stretched valuation indicates limited upside potential for the stock.”
Several other equities analysts have also recently weighed in on PBCT. Piper Jaffray Companies set a $16.00 price objective on People’s United Financial and gave the company a sell rating in a report on Thursday, August 17th. Jefferies Group LLC reiterated a hold rating and issued a $19.00 price target on shares of People’s United Financial in a research note on Friday, August 18th. BidaskClub lowered People’s United Financial from a sell rating to a strong sell rating in a research note on Monday, July 24th. Morgan Stanley restated an equal weight rating and set a $17.75 price objective (up previously from $17.50) on shares of People’s United Financial in a research report on Friday, July 7th. Finally, Keefe, Bruyette & Woods restated a hold rating on shares of People’s United Financial in a research report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. The company has an average rating of Hold and an average target price of $18.86.
People’s United Financial (PBCT) opened at 18.89 on Monday. People’s United Financial has a 12-month low of $15.97 and a 12-month high of $20.13. The firm has a 50-day moving average of $17.59 and a 200-day moving average of $17.41. The firm has a market cap of $6.38 billion, a P/E ratio of 21.13 and a beta of 0.84.
People’s United Financial (NASDAQ:PBCT) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.01. The firm had revenue of $373.90 million during the quarter, compared to analysts’ expectations of $374.59 million. People’s United Financial had a return on equity of 6.40% and a net margin of 19.32%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 EPS. On average, analysts expect that People’s United Financial will post $0.93 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be issued a $0.1725 dividend. This represents a $0.69 annualized dividend and a dividend yield of 3.65%. People’s United Financial’s dividend payout ratio is presently 75.83%.
In other People’s United Financial news, Director Janet M. Hansen sold 12,000 shares of the stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $17.14, for a total transaction of $205,680.00. Following the sale, the director now owns 145,707 shares in the company, valued at $2,497,417.98. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeffrey Hoyt sold 6,759 shares of the stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $17.98, for a total value of $121,526.82. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Glassman Wealth Services grew its stake in shares of People’s United Financial by 4,150.7% in the second quarter. Glassman Wealth Services now owns 5,696 shares of the bank’s stock worth $101,000 after purchasing an additional 5,562 shares during the last quarter. Ffcm LLC grew its stake in shares of People’s United Financial by 208.3% in the second quarter. Ffcm LLC now owns 6,345 shares of the bank’s stock worth $114,000 after purchasing an additional 4,287 shares during the last quarter. Advisory Services Network LLC boosted its position in People’s United Financial by 3.0% during the 2nd quarter. Advisory Services Network LLC now owns 7,757 shares of the bank’s stock valued at $137,000 after acquiring an additional 226 shares in the last quarter. Federated Investors Inc. PA boosted its position in People’s United Financial by 0.8% during the 2nd quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock valued at $171,000 after acquiring an additional 80 shares in the last quarter. Finally, Intl Fcstone Inc. bought a new stake in People’s United Financial during the 2nd quarter valued at approximately $185,000. 77.19% of the stock is currently owned by institutional investors.
People’s United Financial Company Profile
People’s United Financial, Inc is a bank holding company and a financial holding company of People’s United Bank (the Bank). The Bank is engaged in providing commercial banking, retail banking and wealth management services to individual, corporate and municipal customers. The Company operates through two segments: Commercial Banking and Retail Banking.
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