Zacks Investment Research upgraded shares of People’s United Financial (NASDAQ:PBCT) from a hold rating to a buy rating in a report issued on Wednesday. Zacks Investment Research currently has $20.00 price target on the bank’s stock.
According to Zacks, “Shares of People’s United have outperformed the industry, in the past three months. While earnings estimates for the to-be-reported quarter have not seen any revision lately, the company possesses an impressive earnings surprise history, beating the Zacks Consensus Estimate in three out 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 shareholders’ value through active involvement in capital-deployment activities. However, escalating expenses, despite undertaking initiatives to curb costs, remain a concern. Nevertheless, People's United remains well poised to benefit from lower tax rate and rising interest rates.”
Several other equities analysts have also weighed in on the stock. Sandler O’Neill raised shares of People’s United Financial from a hold rating to a buy rating in a report on Thursday, April 19th. UBS Group initiated coverage on shares of People’s United Financial in a report on Thursday, March 22nd. They set a neutral rating and a $21.00 target price for the company. BidaskClub lowered shares of People’s United Financial from a hold rating to a sell rating in a report on Thursday, April 19th. Piper Jaffray Companies raised shares of People’s United Financial from an underweight rating to a neutral rating in a report on Friday, April 20th. Finally, Morgan Stanley cut their target price on shares of People’s United Financial from $21.00 to $20.00 and set an equal weight rating for the company in a report on Friday, April 20th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. People’s United Financial has a consensus rating of Hold and a consensus target price of $19.25.
People’s United Financial traded down $0.12, reaching $18.22, during trading on Wednesday, according to Marketbeat. 72,433 shares of the company’s stock were exchanged, compared to its average volume of 2,709,052. People’s United Financial has a 1 year low of $15.97 and a 1 year high of $20.26. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $6.35 billion, a PE ratio of 17.53, a P/E/G ratio of 7.11 and a beta of 0.92.
People’s United Financial (NASDAQ:PBCT) last posted its quarterly earnings results on Thursday, April 19th. The bank reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $386.20 million during the quarter, compared to analyst estimates of $398.69 million. People’s United Financial had a net margin of 21.64% and a return on equity of 7.16%. People’s United Financial’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the firm posted $0.22 EPS. analysts predict that People’s United Financial will post 1.28 EPS for the current fiscal year.
In other news, Director Mark W. Richards sold 4,000 shares of People’s United Financial stock in a transaction that occurred on Thursday, May 17th. The shares were sold at an average price of $18.71, for a total transaction of $74,840.00. Following the completion of the transaction, the director now directly owns 13,758 shares of the company’s stock, valued at approximately $257,412.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Sara M. Longobardi sold 73,324 shares of People’s United Financial stock in a transaction that occurred on Tuesday, May 8th. The shares were sold at an average price of $18.33, for a total transaction of $1,344,028.92. Following the transaction, the insider now directly owns 134,525 shares of the company’s stock, valued at $2,465,843.25. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PBCT. Summit Trail Advisors LLC increased its holdings in People’s United Financial by 1,843.8% in the 1st quarter. Summit Trail Advisors LLC now owns 105,819 shares of the bank’s stock worth $106,000 after acquiring an additional 100,375 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. increased its holdings in People’s United Financial by 131.1% in the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 10,400 shares of the bank’s stock worth $194,000 after acquiring an additional 5,900 shares in the last quarter. US Bancorp DE increased its holdings in People’s United Financial by 36.8% in the 1st quarter. US Bancorp DE now owns 11,698 shares of the bank’s stock worth $218,000 after acquiring an additional 3,144 shares in the last quarter. Signition LP purchased a new stake in People’s United Financial in the 1st quarter worth $237,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in People’s United Financial in the 1st quarter worth $317,000. 76.96% of the stock is owned by institutional investors.
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.
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