Doheny Asset Management CA Makes New Investment in People’s United Financial, Inc. (NASDAQ:PBCT)

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Doheny Asset Management CA purchased a new position in People’s United Financial, Inc. (NASDAQ:PBCT) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 52,140 shares of the bank’s stock, valued at approximately $875,000.

Several other institutional investors have also made changes to their positions in the business. Geode Capital Management LLC raised its position in People’s United Financial by 9.7% in the 4th quarter. Geode Capital Management LLC now owns 5,871,742 shares of the bank’s stock valued at $84,598,000 after purchasing an additional 517,455 shares during the last quarter. Comerica Bank raised its position in People’s United Financial by 15.1% in the 1st quarter. Comerica Bank now owns 200,682 shares of the bank’s stock valued at $3,373,000 after purchasing an additional 26,361 shares during the last quarter. Texas Permanent School Fund raised its position in People’s United Financial by 0.8% in the 1st quarter. Texas Permanent School Fund now owns 76,496 shares of the bank’s stock valued at $1,258,000 after purchasing an additional 577 shares during the last quarter. Cornerstone Advisors Inc. raised its position in People’s United Financial by 20.2% in the 1st quarter. Cornerstone Advisors Inc. now owns 4,578 shares of the bank’s stock valued at $75,000 after purchasing an additional 769 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV raised its position in People’s United Financial by 6.8% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 36,024 shares of the bank’s stock valued at $592,000 after purchasing an additional 2,282 shares during the last quarter. Institutional investors own 76.88% of the company’s stock.

PBCT stock opened at $16.32 on Friday. The company has a fifty day moving average price of $15.04 and a 200 day moving average price of $16.30. People’s United Financial, Inc. has a 12 month low of $13.66 and a 12 month high of $18.10. The company has a market cap of $6.40 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 6.04 and a beta of 1.25. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.96 and a quick ratio of 0.96.

People’s United Financial (NASDAQ:PBCT) last released its quarterly earnings results on Thursday, July 18th. The bank reported $0.34 EPS for the quarter, meeting the consensus estimate of $0.34. The firm had revenue of $454.40 million during the quarter, compared to the consensus estimate of $448.83 million. People’s United Financial had a net margin of 23.51% and a return on equity of 8.21%. During the same quarter in the prior year, the firm earned $0.32 EPS. As a group, analysts anticipate that People’s United Financial, Inc. will post 1.33 earnings per share for the current year.

People’s United Financial declared that its Board of Directors has initiated a stock repurchase plan on Thursday, July 18th that permits the company to repurchase 20,000,000 outstanding shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Several research firms recently commented on PBCT. Keefe, Bruyette & Woods downgraded shares of People’s United Financial from an “outperform” rating to a “market perform” rating and set a $16.00 price target for the company. in a research report on Thursday, September 5th. BidaskClub upgraded shares of People’s United Financial from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, DA Davidson reiterated a “buy” rating on shares of People’s United Financial in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $17.60.

People’s United Financial Company Profile

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.

Read More: Cash Flow Analysis in Stock Selection

Want to see what other hedge funds are holding PBCT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for People’s United Financial, Inc. (NASDAQ:PBCT).

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

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