Zacks Investment Research lowered shares of People's United Financial (NASDAQ:PBCT) from a buy rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Shares of People’s United have outperformed the industry in the past six months. Also, the company has an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. People’s United is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. Also, the company remains committed to enhance its shareholders’ value through active involvement in capital deployment activities. Further, People's United remains well poised to benefit from lower tax rate and rising interest rates. However, escalating expenses despite undertaking initiatives to curb costs remain a concern.”
A number of other research firms have also recently weighed in on PBCT. ValuEngine raised shares of People's United Financial from a hold rating to a buy rating in a research note on Wednesday, March 7th. BidaskClub cut shares of People's United Financial from a hold rating to a sell rating in a research note on Tuesday, January 30th. UBS assumed coverage on shares of People's United Financial in a research note on Thursday, March 22nd. They set a neutral rating and a $21.00 price target on the stock. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $23.00 price target on shares of People's United Financial in a research note on Tuesday, February 27th. Finally, Sandler O’Neill set a $21.00 price target on shares of People's United Financial and gave the stock a hold rating in a research note on Thursday, January 18th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $19.97.
People's United Financial (NASDAQ:PBCT) last posted its quarterly earnings results on Thursday, January 18th. The bank reported $0.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.04. People's United Financial had a net margin of 20.37% and a return on equity of 6.69%. The business had revenue of $379.60 million for the quarter, compared to analysts’ expectations of $392.70 million. During the same period in the prior year, the company posted $0.25 EPS. equities research analysts expect that People's United Financial will post 1.28 earnings per share for the current fiscal year.
In related news, Director Jerry Franklin sold 4,300 shares of the business’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $19.91, for a total value of $85,613.00. Following the sale, the director now directly owns 92,949 shares in the company, valued at approximately $1,850,614.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Robert E. Trautmann sold 30,000 shares of the business’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $19.86, for a total transaction of $595,800.00. The disclosure for this sale can be found here. Insiders sold a total of 75,127 shares of company stock worth $1,472,533 over the last quarter. Insiders own 2.50% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in PBCT. Toronto Dominion Bank lifted its holdings in People's United Financial by 14.1% in the 4th quarter. Toronto Dominion Bank now owns 149,050 shares of the bank’s stock valued at $2,788,000 after purchasing an additional 18,431 shares in the last quarter. Wealthfront Inc. lifted its holdings in People's United Financial by 16.0% in the 4th quarter. Wealthfront Inc. now owns 68,136 shares of the bank’s stock valued at $1,274,000 after purchasing an additional 9,407 shares in the last quarter. Deutsche Bank AG lifted its holdings in People's United Financial by 4.4% in the 4th quarter. Deutsche Bank AG now owns 1,776,662 shares of the bank’s stock valued at $33,219,000 after purchasing an additional 75,382 shares in the last quarter. Legal & General Group Plc lifted its holdings in People's United Financial by 2.1% in the 3rd quarter. Legal & General Group Plc now owns 1,940,578 shares of the bank’s stock valued at $35,203,000 after purchasing an additional 39,215 shares in the last quarter. Finally, Bank of Hawaii lifted its holdings in People's United Financial by 8.8% in the 4th quarter. Bank of Hawaii now owns 49,069 shares of the bank’s stock valued at $918,000 after purchasing an additional 3,970 shares in the last quarter. Institutional investors and hedge funds own 76.15% of the company’s stock.
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About People's United Financial
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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