Zacks Investment Research cut shares of People's United Financial (NASDAQ:PBCT) from a buy rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “Shares of People’s United have outperformed the industry in the past six months. Also, the company has an impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three 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 its shareholders’ value through active involvement in capital deployment activities. Further, People's United remains well poised to benefit from lower tax rate, rising interest rates and lesser regulations. However, escalating expenses despite undertaking initiatives to curb costs remain a concern.”
Several other research analysts have also recently weighed in on the stock. UBS began coverage on shares of People's United Financial in a research note on Thursday, March 22nd. They set a neutral rating and a $21.00 price target on the stock. ValuEngine upgraded shares of People's United Financial from a hold rating to a buy rating in a research note on Wednesday, March 7th. Keefe, Bruyette & Woods reiterated a hold rating and set a $23.00 price target on shares of People's United Financial in a research note on Tuesday, February 27th. BidaskClub cut shares of People's United Financial from a buy rating to a hold rating in a research note on Tuesday, February 27th. Finally, Sandler O’Neill set a $21.00 price target on shares of People's United Financial and gave the stock a hold rating in a research note on Thursday, January 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $19.97.
People's United Financial (NASDAQ:PBCT) last issued its earnings results on Thursday, January 18th. The bank reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.04. People's United Financial had a net margin of 20.37% and a return on equity of 6.69%. The company had revenue of $379.60 million for the quarter, compared to analysts’ expectations of $392.70 million. During the same quarter last year, the company posted $0.25 earnings per share. equities analysts predict that People's United Financial will post 1.28 EPS for the current year.
In other news, Director Jerry Franklin sold 4,300 shares of the firm’s stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $19.91, for a total transaction of $85,613.00. Following the sale, the director now directly owns 92,949 shares in the company, valued at approximately $1,850,614.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Galan G. Daukas sold 5,612 shares of the firm’s stock in a transaction on Monday, March 5th. The shares were sold at an average price of $19.60, for a total transaction of $109,995.20. The disclosure for this sale can be found here. Insiders have sold a total of 75,127 shares of company stock worth $1,472,533 in the last quarter. Corporate insiders own 2.50% of the company’s stock.
Several hedge funds have recently made changes to their positions in PBCT. Captrust Financial Advisors bought a new stake in shares of People's United Financial during the 4th quarter valued at $108,000. Community Bank N.A. bought a new stake in shares of People's United Financial during the 4th quarter valued at $115,000. Aurora Investment Counsel bought a new stake in shares of People's United Financial during the 4th quarter valued at $193,000. OLD Mutual Customised Solutions Proprietary Ltd. raised its position in shares of People's United Financial by 131.1% during the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 10,400 shares of the bank’s stock valued at $194,000 after purchasing an additional 5,900 shares during the period. Finally, Tiedemann Wealth Management LLC bought a new stake in shares of People's United Financial during the 3rd quarter valued at $199,000. Hedge funds and other institutional investors own 76.15% 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.
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