Renaissance Technologies LLC grew its position in People’s United Financial, Inc. (NASDAQ:PBCT) by 0.1% in the second quarter, HoldingsChannel reports. The institutional investor owned 3,034,673 shares of the bank’s stock after acquiring an additional 3,700 shares during the period. Renaissance Technologies LLC’s holdings in People’s United Financial were worth $50,922,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. increased its position in shares of People’s United Financial by 3.3% during the first quarter. BlackRock Inc. now owns 36,571,846 shares of the bank’s stock worth $601,242,000 after acquiring an additional 1,159,031 shares during the period. Geode Capital Management LLC grew its stake in People’s United Financial by 9.7% during the 4th quarter. Geode Capital Management LLC now owns 5,871,742 shares of the bank’s stock worth $84,598,000 after purchasing an additional 517,455 shares in the last quarter. Crawford Investment Counsel Inc. grew its stake in People’s United Financial by 2.7% during the 2nd quarter. Crawford Investment Counsel Inc. now owns 4,072,598 shares of the bank’s stock worth $68,338,000 after purchasing an additional 105,930 shares in the last quarter. First Trust Advisors LP increased its holdings in People’s United Financial by 10.0% during the 1st quarter. First Trust Advisors LP now owns 3,403,221 shares of the bank’s stock worth $55,949,000 after purchasing an additional 310,119 shares during the period. Finally, Parametric Portfolio Associates LLC increased its holdings in People’s United Financial by 9.7% during the 1st quarter. Parametric Portfolio Associates LLC now owns 2,606,533 shares of the bank’s stock worth $42,851,000 after purchasing an additional 230,090 shares during the period. 76.88% of the stock is owned by institutional investors and hedge funds.
Shares of PBCT stock traded up $0.01 on Wednesday, reaching $15.74. 483,781 shares of the stock were exchanged, compared to its average volume of 4,163,570. The company has a market capitalization of $6.23 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 5.79 and a beta of 1.25. The business’s 50 day moving average price is $15.05 and its 200 day moving average price is $16.32. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.44. People’s United Financial, Inc. has a twelve month low of $13.66 and a twelve month high of $18.54.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st were issued a $0.1775 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $0.71 dividend on an annualized basis and a dividend yield of 4.51%. People’s United Financial’s payout ratio is currently 54.20%.
People’s United Financial declared that its Board of Directors has initiated a share buyback plan on Thursday, July 18th that allows the company to repurchase 20,000,000 shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.
PBCT has been the subject of several recent research reports. DA Davidson assumed coverage on People’s United Financial in a research note on Monday, August 26th. They issued a “buy” rating and a $16.00 price objective for the company. BidaskClub raised People’s United Financial from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 4th. ValuEngine lowered shares of People’s United Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Finally, Keefe, Bruyette & Woods cut shares of People’s United Financial from an “outperform” rating to a “market perform” rating and set a $16.00 target price on the stock. in a report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. People’s United Financial currently has an average rating of “Hold” and a consensus target price of $17.60.
In other news, CFO R David Rosato sold 39,250 shares of the firm’s stock in a transaction dated 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 approximately $2,234,822.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.40% of the company’s stock.
People’s United Financial Profile
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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