Zacks Investment Research upgraded shares of People’s United Financial, Inc. (NASDAQ:PBCT) from a hold rating to a buy rating in a research note published on Wednesday, November 1st. Zacks Investment Research 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 equities analysts have also issued reports about the stock. Morgan Stanley reiterated an equal weight rating and set a $17.75 target price (up from $17.50) on shares of People’s United Financial in a report on Friday, July 7th. Keefe, Bruyette & Woods reissued a hold rating on shares of People’s United Financial in a research report 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 report on Friday, August 18th. Piper Jaffray Companies reissued a sell rating and set a $17.00 price target on shares of People’s United Financial in a research report on Sunday, October 22nd. Finally, BidaskClub downgraded shares of People’s United Financial from a sell rating to a strong sell rating in a research report on Monday, July 24th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. People’s United Financial currently has an average rating of Hold and a consensus target price of $19.08.
Shares of People’s United Financial (NASDAQ PBCT) traded up $0.50 during trading hours on Wednesday, hitting $18.21. The stock had a trading volume of 3,747,400 shares, compared to its average volume of 2,941,543. People’s United Financial has a 52-week low of $15.97 and a 52-week high of $20.13. The company has a market capitalization of $6,132.12, a PE ratio of 18.45, a P/E/G ratio of 9.00 and a beta of 0.85. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.72.
People’s United Financial (NASDAQ:PBCT) last issued its quarterly earnings data on Thursday, October 19th. The bank reported $0.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.01. People’s United Financial had a net margin of 19.32% and a return on equity of 6.28%. The business had revenue of $373.90 million during the quarter, compared to analyst estimates of $374.59 million. During the same period last year, the business posted $0.24 earnings per share. People’s United Financial’s quarterly revenue was up 11.2% compared to the same quarter last year. research analysts expect that People’s United Financial will post 0.98 EPS for the current fiscal year.
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The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be paid a dividend of $0.1725 per share. This represents a $0.69 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date is Tuesday, October 31st. People’s United Financial’s dividend payout ratio (DPR) is 75.83%.
In other news, insider Sara M. Longobardi sold 43,450 shares of the company’s stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $18.68, for a total transaction of $811,646.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Janet M. Hansen sold 12,000 shares of the company’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $17.14, for a total transaction of $205,680.00. Following the transaction, the director now owns 145,707 shares in the company, valued at $2,497,417.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 381,491 shares of company stock worth $7,173,247. Corporate insiders own 2.70% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Glassman Wealth Services grew its stake in People’s United Financial by 4,150.7% in the 2nd quarter. Glassman Wealth Services now owns 5,696 shares of the bank’s stock worth $101,000 after acquiring an additional 5,562 shares in the last quarter. Ffcm LLC grew its stake in People’s United Financial by 208.3% in the 2nd quarter. Ffcm LLC now owns 6,345 shares of the bank’s stock worth $114,000 after acquiring an additional 4,287 shares in the last quarter. Advisory Services Network LLC grew its stake in People’s United Financial by 3.0% in the 2nd quarter. Advisory Services Network LLC now owns 7,757 shares of the bank’s stock worth $137,000 after acquiring an additional 226 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in People’s United Financial by 1,408.7% in the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 7,996 shares of the bank’s stock worth $145,000 after acquiring an additional 7,466 shares in the last quarter. Finally, Federated Investors Inc. PA grew its stake in People’s United Financial by 0.8% in the 2nd quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock worth $171,000 after acquiring an additional 80 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.
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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