People’s United Financial, Inc. (PBCT) Stock Rating Lowered by Zacks Investment Research

People’s United Financial, Inc. (NASDAQ:PBCT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.

According to Zacks, “Shares of People’s United have underperformed the industry in the last three months. The company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. People’s United’s focus on improving credit quality is another positive factor. Also, the company’s steady capital deployment activities continue to enhance investors’ confidence. However, escalating expenses despite undertaking initiatives to curb costs remains a concern.”

Other equities research analysts have also issued research reports about the stock. Jefferies Group LLC reissued a “hold” rating and set a $19.00 price objective on shares of People’s United Financial in a report on Friday, August 18th. Piper Jaffray Companies set a $16.00 target price on shares of People’s United Financial and gave the company a “sell” rating in a research note on Thursday, August 17th. Morgan Stanley raised shares of People’s United Financial from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $16.50 to $17.50 in a research note on Monday, June 5th. They noted that the move was a valuation call. BidaskClub lowered shares of People’s United Financial from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $19.00 target price on shares of People’s United Financial in a research note on Friday, June 9th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $18.38.

Shares of People’s United Financial (PBCT) opened at 17.21 on Monday. The company has a market capitalization of $5.81 billion, a P/E ratio of 19.25 and a beta of 0.82. The firm’s 50 day moving average is $16.90 and its 200-day moving average is $17.47. People’s United Financial has a 52-week low of $15.28 and a 52-week high of $20.13.

People’s United Financial (NASDAQ:PBCT) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). People’s United Financial had a return on equity of 6.14% and a net margin of 18.88%. The company had revenue of $366.50 million for the quarter, compared to the consensus estimate of $357.16 million. During the same period in the prior year, the company earned $0.23 EPS. The firm’s revenue was up 10.0% compared to the same quarter last year. Equities research analysts anticipate that People’s United Financial will post $0.93 earnings per share for the current fiscal year.

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In related news, insider Jeffrey Hoyt sold 6,759 shares of the stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $17.98, for a total value of $121,526.82. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.70% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in the stock. Benedict Financial Advisors Inc. raised its position in shares of People’s United Financial by 0.3% in the 2nd quarter. Benedict Financial Advisors Inc. now owns 15,537 shares of the bank’s stock valued at $272,000 after acquiring an additional 47 shares during the period. Federated Investors Inc. PA raised its position in shares of People’s United Financial by 0.8% in the 2nd quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock valued at $171,000 after acquiring an additional 80 shares during the period. ING Groep NV raised its position in shares of People’s United Financial by 0.5% in the 2nd quarter. ING Groep NV now owns 17,637 shares of the bank’s stock valued at $311,000 after acquiring an additional 94 shares during the period. Contravisory Investment Management Inc. raised its position in shares of People’s United Financial by 0.8% in the 2nd quarter. Contravisory Investment Management Inc. now owns 13,274 shares of the bank’s stock valued at $234,000 after acquiring an additional 104 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of People’s United Financial by 0.4% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,583 shares of the bank’s stock valued at $452,000 after acquiring an additional 104 shares during the period. Institutional investors and hedge funds own 77.28% of the company’s stock.

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.

Analyst Recommendations for People`s United Financial (NASDAQ:PBCT)

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