People's United Financial, Inc. (NASDAQ:PBCT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “People’s United’s shares underperformed the Zacks categorized Finance-Savings and Loan industry over the last six months. The company continues to witness margin pressure and strict regulations. Though escalating expenses despite undertaking initiatives to curb costs remain a concern, the company is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. Recently, the company completed the acquisition of Suffolk Bancorp. Also, the company continues to benefit from sustained growth in loans and deposits along with improving credit quality.”
Several other equities research analysts have also commented on PBCT. JPMorgan Chase & Co. assumed coverage on People's United Financial in a research report on Thursday, January 5th. They set a “neutral” rating and a $20.50 target price on the stock. Stephens assumed coverage on People's United Financial in a research report on Wednesday, December 21st. They set an “equal weight” rating on the stock. Wells Fargo & Co assumed coverage on People's United Financial in a research note on Friday, January 6th. They set a “market perform” rating on the stock. FBR & Co raised People's United Financial from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $15.00 to $20.00 in a research note on Tuesday, December 20th. Finally, Barclays PLC upped their price target on People's United Financial from $17.00 to $18.00 and gave the stock an “underweight” rating in a research note on Friday, January 20th. Two research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $18.31.
People's United Financial (NASDAQ:PBCT) traded up 0.28% during trading on Friday, reaching $17.62. 3,073,494 shares of the company’s stock were exchanged. People's United Financial has a 52-week low of $13.80 and a 52-week high of $20.13. The company has a market capitalization of $5.44 billion, a price-to-earnings ratio of 19.19 and a beta of 0.83. The stock’s 50-day moving average price is $18.26 and its 200-day moving average price is $18.23.
People's United Financial (NASDAQ:PBCT) last released its quarterly earnings results on Thursday, April 20th. The bank reported $0.22 EPS for the quarter, meeting analysts’ consensus estimates of $0.22. People's United Financial had a return on equity of 5.86% and a net margin of 19.12%. The firm had revenue of $342.80 million for the quarter, compared to analyst estimates of $336.29 million. During the same quarter in the previous year, the company posted $0.21 EPS. The business’s revenue was up 4.0% on a year-over-year basis. Equities analysts expect that People's United Financial will post $0.96 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 15th. Stockholders of record on Monday, May 1st will be paid a $0.1725 dividend. The ex-dividend date is Thursday, April 27th. This is an increase from People's United Financial’s previous quarterly dividend of $0.17. This represents a $0.69 annualized dividend and a dividend yield of 3.93%. People's United Financial’s dividend payout ratio is 73.91%.
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In other news, insider Galan G. Daukas sold 9,143 shares of the stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $19.21, for a total value of $175,637.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard M. Hoyt sold 100,000 shares of the stock in a transaction that occurred on Tuesday, January 24th. The stock was sold at an average price of $18.89, for a total value of $1,889,000.00. Following the completion of the sale, the director now directly owns 62,882 shares of the company’s stock, valued at $1,187,840.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 292,768 shares of company stock valued at $5,590,175. Company insiders own 2.90% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in PBCT. Public Employees Retirement Association of Colorado raised its position in People's United Financial by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 9,965 shares of the bank’s stock valued at $158,000 after buying an additional 41 shares in the last quarter. Wade G W & Inc. raised its position in People's United Financial by 0.5% in the third quarter. Wade G W & Inc. now owns 13,748 shares of the bank’s stock valued at $217,000 after buying an additional 66 shares in the last quarter. Altfest L J & Co. Inc. raised its position in People's United Financial by 0.5% in the third quarter. Altfest L J & Co. Inc. now owns 13,242 shares of the bank’s stock valued at $209,000 after buying an additional 67 shares in the last quarter. Raymond James Trust N.A. raised its position in People's United Financial by 0.3% in the first quarter. Raymond James Trust N.A. now owns 27,053 shares of the bank’s stock valued at $493,000 after buying an additional 74 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in People's United Financial by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,850 shares of the bank’s stock valued at $346,000 after buying an additional 90 shares in the last quarter. 80.80% of the stock is owned by institutional investors.
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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