People's United Financial (NASDAQ:PBCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $22.00 target price on the bank’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.29% from the stock’s current price.
According to Zacks, “Shares of People’s United have outperformed the industry in the past three months. Also, the company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two 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, People’s United’s improving credit quality and easing margin pressure are tailwinds. However, escalating expenses despite undertaking initiatives to curb costs remain a concern.”
A number of other brokerages have also issued reports on PBCT. Piper Jaffray Companies reaffirmed a “sell” rating and set a $16.00 price target on shares of People's United Financial in a research note on Wednesday, October 4th. Jefferies Group reiterated a “hold” rating and set a $19.00 price objective on shares of People's United Financial in a research report on Friday, August 18th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $19.19.
People's United Financial (NASDAQ:PBCT) last issued its quarterly earnings data on Thursday, October 19th. The bank reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. The business had revenue of $373.90 million during the quarter, compared to analyst estimates of $374.59 million. People's United Financial had a return on equity of 6.28% and a net margin of 19.32%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 EPS. research analysts forecast that People's United Financial will post 0.98 EPS for the current year.
In related news, insider Sara M. Longobardi sold 43,450 shares of the stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $18.68, for a total transaction of $811,646.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John K. Dwight sold 56,928 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $19.08, for a total value of $1,086,186.24. The disclosure for this sale can be found here. Insiders sold 552,653 shares of company stock valued at $10,454,770 in the last 90 days. Corporate insiders own 2.70% of the company’s stock.
A number of institutional investors have recently bought and sold shares of PBCT. Janus Henderson Group PLC increased its position in People's United Financial by 9,587.6% during the second quarter. Janus Henderson Group PLC now owns 4,212,281 shares of the bank’s stock worth $74,389,000 after buying an additional 4,168,800 shares during the last quarter. State Street Corp increased its position in People's United Financial by 6.2% during the second quarter. State Street Corp now owns 39,968,330 shares of the bank’s stock worth $705,843,000 after buying an additional 2,316,636 shares during the last quarter. Vanguard Group Inc. increased its position in People's United Financial by 5.9% during the second quarter. Vanguard Group Inc. now owns 34,847,557 shares of the bank’s stock worth $615,409,000 after buying an additional 1,945,556 shares during the last quarter. Dimensional Fund Advisors LP increased its position in People's United Financial by 11.1% during the second quarter. Dimensional Fund Advisors LP now owns 9,215,243 shares of the bank’s stock worth $162,743,000 after buying an additional 923,949 shares during the last quarter. Finally, W. E. Donoghue & Co. LLC acquired a new stake in shares of People's United Financial in the second quarter valued at about $16,141,000. 75.67% of the stock is currently owned by hedge funds and other institutional investors.
People's United Financial Company Profile
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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