Zacks Investment Research upgraded shares of People’s United Financial, Inc. (NASDAQ:PBCT) from a hold rating to a buy rating in a report published on Wednesday, November 1st. The brokerage currently has $21.00 price target on the bank’s stock.
According to Zacks, “Shares of People’s United have outperformed the industry in the past three months. Also, the company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. In third-quarter 2017, the company reported an earnings beat driven by growth in revenues and lower provisions. Higher expenses were an undermining factor. People’s United is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. Also, People’s United’s improving credit quality and easing margin pressure are tailwinds. The company’s steady capital deployment activities continue to enhance investors’ confidence. However, escalating expenses despite undertaking initiatives to curb costs remain a concern. Also, stretched valuation indicates the stock’s limited upside potential.”
Other research analysts have also issued research reports about the company. Morgan Stanley reissued an equal weight rating and set a $17.75 price target (up previously from $17.50) on shares of People’s United Financial in a research note on Friday, July 7th. Keefe, Bruyette & Woods reissued a hold rating on shares of People’s United Financial in a research note on Monday, July 10th. Jefferies Group LLC reissued a hold rating and set a $19.00 price target on shares of People’s United Financial in a research note on Friday, August 18th. Piper Jaffray Companies reaffirmed a sell rating and issued a $17.00 target price on shares of People’s United Financial in a research report on Sunday, October 22nd. Finally, BidaskClub lowered People’s United Financial from a sell rating to a strong sell rating in a research report on Monday, July 24th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. People’s United Financial presently has a consensus rating of Hold and a consensus price target of $19.08.
Shares of People’s United Financial (NASDAQ:PBCT) traded up $0.16 during trading on Wednesday, hitting $18.33. The company’s stock had a trading volume of 1,810,620 shares, compared to its average volume of 2,923,622. People’s United Financial has a one year low of $15.97 and a one year high of $20.13. The stock has a market cap of $6,290.00, a price-to-earnings ratio of 18.93, a PEG ratio of 9.23 and a beta of 0.85. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.72.
People’s United Financial (NASDAQ:PBCT) last issued its quarterly earnings results on Thursday, October 19th. The bank reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. People’s United Financial had a return on equity of 6.28% and a net margin of 19.32%. The company had revenue of $373.90 million for the quarter, compared to analyst estimates of $374.59 million. During the same quarter in the prior year, the company posted $0.24 EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. analysts forecast that People’s United Financial will post 0.98 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Shareholders of record on Wednesday, November 1st were given a $0.1725 dividend. This represents a $0.69 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend was Tuesday, October 31st. People’s United Financial’s dividend payout ratio (DPR) is presently 75.82%.
In other People’s United Financial news, Director Janet M. Hansen sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $17.14, for a total value of $205,680.00. Following the transaction, the director now directly owns 145,707 shares of the company’s stock, valued at $2,497,417.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sara M. Longobardi sold 43,450 shares of the firm’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $18.68, for a total value of $811,646.00. The disclosure for this sale can be found here. Insiders sold 381,491 shares of company stock worth $7,173,247 over the last three months. 2.70% of the stock is currently owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in PBCT. OppenheimerFunds Inc. purchased a new position in People’s United Financial in the first quarter valued at about $208,000. FMR LLC grew its stake in shares of People’s United Financial by 6.5% during the first quarter. FMR LLC now owns 163,803 shares of the bank’s stock valued at $2,981,000 after acquiring an additional 10,015 shares in the last quarter. Teachers Advisors LLC grew its stake in shares of People’s United Financial by 16.9% during the first quarter. Teachers Advisors LLC now owns 436,464 shares of the bank’s stock valued at $7,944,000 after acquiring an additional 62,990 shares in the last quarter. Thrivent Financial For Lutherans grew its stake in shares of People’s United Financial by 16.5% during the first quarter. Thrivent Financial For Lutherans now owns 12,580 shares of the bank’s stock valued at $229,000 after acquiring an additional 1,780 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of People’s United Financial by 16.2% during the first quarter. Morgan Stanley now owns 1,573,328 shares of the bank’s stock valued at $28,634,000 after acquiring an additional 219,099 shares in the last quarter. 76.39% 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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