People’s United Financial (NASDAQ:PBCT) Posts Earnings Results, Meets Estimates

People’s United Financial (NASDAQ:PBCT) announced its earnings results on Thursday. The bank reported $0.34 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.34, Briefing.com reports. The company had revenue of $454.40 million for the quarter, compared to analyst estimates of $448.83 million. People’s United Financial had a return on equity of 8.43% and a net margin of 23.51%. During the same quarter last year, the company earned $0.32 earnings per share.

Shares of NASDAQ PBCT opened at $16.33 on Friday. The company has a market capitalization of $6.51 billion, a price-to-earnings ratio of 12.01, a P/E/G ratio of 6.01 and a beta of 1.22. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.94 and a current ratio of 0.94. People’s United Financial has a 1-year low of $13.66 and a 1-year high of $19.00. The business’s 50 day moving average price is $16.39.

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st will be paid a dividend of $0.1775 per share. This represents a $0.71 dividend on an annualized basis and a dividend yield of 4.35%. People’s United Financial’s dividend payout ratio (DPR) is currently 54.20%.

People’s United Financial declared that its Board of Directors has authorized a share buyback program on Thursday, July 18th that permits the company to buyback 20,000,000 outstanding shares. This buyback authorization permits the bank to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

A number of brokerages have recently weighed in on PBCT. BidaskClub lowered Zions Bancorporation NA from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 15th. FIG Partners lowered People’s United Financial from an “outperform” rating to a “market perform” rating in a research note on Monday, April 22nd. ValuEngine upgraded Vermillion from a “hold” rating to a “buy” rating in a research note on Wednesday, May 15th. Finally, Zacks Investment Research lowered GasLog Partners LP Unit from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. People’s United Financial currently has an average rating of “Hold” and an average price target of $19.70.

In related news, CFO R David Rosato sold 39,250 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $16.20, for a total transaction of $635,850.00. Following the sale, the chief financial officer now owns 137,952 shares of the company’s stock, valued at $2,234,822.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark F. Herron sold 4,466 shares of the stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $17.36, for a total value of $77,529.76. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by company insiders.

Large investors have recently modified their holdings of the stock. Knott David M acquired a new stake in People’s United Financial during the first quarter worth approximately $25,000. CSat Investment Advisory L.P. grew its position in People’s United Financial by 64.0% during the fourth quarter. CSat Investment Advisory L.P. now owns 2,835 shares of the bank’s stock worth $41,000 after buying an additional 1,106 shares in the last quarter. Huntington National Bank acquired a new stake in People’s United Financial during the first quarter worth approximately $47,000. Parallel Advisors LLC boosted its holdings in shares of People’s United Financial by 125.9% in the 1st quarter. Parallel Advisors LLC now owns 2,955 shares of the bank’s stock valued at $49,000 after purchasing an additional 1,647 shares in the last quarter. Finally, Bronfman E.L. Rothschild L.P. boosted its holdings in shares of People’s United Financial by 123.2% in the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 3,500 shares of the bank’s stock valued at $51,000 after purchasing an additional 1,932 shares in the last quarter. 75.82% of the stock is currently owned by institutional investors and hedge funds.

About People’s United Financial

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.

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Earnings History for People`s United Financial (NASDAQ:PBCT)

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