State of Alaska Department of Revenue Buys 8,066 Shares of People’s United Financial, Inc. (PBCT)

State of Alaska Department of Revenue increased its stake in People’s United Financial, Inc. (NASDAQ:PBCT) by 7.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 117,270 shares of the bank’s stock after purchasing an additional 8,066 shares during the period. State of Alaska Department of Revenue’s holdings in People’s United Financial were worth $2,006,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Tyers Asset Management LLC lifted its holdings in shares of People’s United Financial by 1.8% in the 2nd quarter. Tyers Asset Management LLC now owns 191,048 shares of the bank’s stock worth $3,456,000 after purchasing an additional 3,322 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of People’s United Financial by 4.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 74,605 shares of the bank’s stock worth $1,350,000 after purchasing an additional 3,500 shares during the last quarter. Creative Planning lifted its holdings in shares of People’s United Financial by 4.7% in the 2nd quarter. Creative Planning now owns 78,829 shares of the bank’s stock worth $1,426,000 after purchasing an additional 3,506 shares during the last quarter. Riverhead Capital Management LLC lifted its holdings in shares of People’s United Financial by 1.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 217,235 shares of the bank’s stock worth $3,930,000 after purchasing an additional 3,906 shares during the last quarter. Finally, Flinton Capital Management LLC lifted its holdings in shares of People’s United Financial by 1.8% in the 2nd quarter. Flinton Capital Management LLC now owns 243,152 shares of the bank’s stock worth $4,399,000 after purchasing an additional 4,228 shares during the last quarter. 78.19% of the stock is currently owned by institutional investors and hedge funds.

In other People’s United Financial news, VP Robert E. Trautmann sold 75,404 shares of People’s United Financial stock in a transaction on Wednesday, July 25th. The stock was sold at an average price of $18.27, for a total transaction of $1,377,631.08. Following the sale, the vice president now owns 69,193 shares of the company’s stock, valued at approximately $1,264,156.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director George P. Carter sold 10,874 shares of People’s United Financial stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $18.70, for a total value of $203,343.80. Following the transaction, the director now owns 13,758 shares in the company, valued at $257,274.60. The disclosure for this sale can be found here. Insiders have sold a total of 155,454 shares of company stock worth $2,835,231 in the last ninety days. 2.50% of the stock is owned by company insiders.

PBCT has been the topic of several recent research reports. Zacks Investment Research raised People’s United Financial from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Wednesday, July 18th. Morgan Stanley raised their price target on People’s United Financial from $20.50 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 24th. ValuEngine downgraded People’s United Financial from a “hold” rating to a “sell” rating in a report on Wednesday, July 4th. BidaskClub downgraded People’s United Financial from a “sell” rating to a “strong sell” rating in a report on Saturday, June 30th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $21.50 target price on shares of People’s United Financial in a research note on Monday, July 23rd. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $19.81.

Shares of People’s United Financial stock opened at $16.35 on Thursday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 6.63 and a beta of 0.93. People’s United Financial, Inc. has a 1-year low of $15.80 and a 1-year high of $20.26.

People’s United Financial (NASDAQ:PBCT) last announced its earnings results on Thursday, July 19th. The bank reported $0.32 earnings per share for the quarter, meeting the consensus estimate of $0.32. The firm had revenue of $396.10 million for the quarter, compared to the consensus estimate of $395.57 million. People’s United Financial had a return on equity of 7.57% and a net margin of 23.24%. During the same quarter in the previous year, the business earned $0.19 EPS. On average, research analysts forecast that People’s United Financial, Inc. will post 1.29 EPS for the current fiscal year.

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.

Further Reading: What is the balance sheet?

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

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