CIBC Asset Management Inc Sells 3,064 Shares of People’s United Financial, Inc. (NASDAQ:PBCT)

CIBC Asset Management Inc lowered its position in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 6.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,878 shares of the bank’s stock after selling 3,064 shares during the period. CIBC Asset Management Inc’s holdings in People’s United Financial were worth $686,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. World Asset Management Inc lifted its stake in People’s United Financial by 2.0% during the second quarter. World Asset Management Inc now owns 33,301 shares of the bank’s stock worth $559,000 after purchasing an additional 642 shares during the last quarter. New Mexico Educational Retirement Board lifted its stake in shares of People’s United Financial by 2.2% in the 2nd quarter. New Mexico Educational Retirement Board now owns 32,188 shares of the bank’s stock valued at $540,000 after acquiring an additional 700 shares during the last quarter. SeaCrest Wealth Management LLC raised its position in People’s United Financial by 2.5% during the 3rd quarter. SeaCrest Wealth Management LLC now owns 29,935 shares of the bank’s stock valued at $468,000 after purchasing an additional 729 shares during the last quarter. Zeke Capital Advisors LLC grew its holdings in shares of People’s United Financial by 3.1% during the 2nd quarter. Zeke Capital Advisors LLC now owns 25,385 shares of the bank’s stock worth $426,000 after acquiring an additional 752 shares during the period. Finally, Washington Trust Bank grew its stake in shares of People’s United Financial by 4.2% in the 3rd quarter. Washington Trust Bank now owns 21,725 shares of the bank’s stock worth $340,000 after buying an additional 868 shares during the last quarter. 76.58% of the stock is owned by hedge funds and other institutional investors.

PBCT has been the topic of several recent analyst reports. Morgan Stanley cut their target price on People’s United Financial from $17.50 to $17.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. DA Davidson reiterated a “buy” rating on shares of People’s United Financial in a research note on Wednesday, September 11th. Zacks Investment Research downgraded People’s United Financial from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a research note on Tuesday, October 29th. BidaskClub upgraded People’s United Financial from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Stephens initiated coverage on People’s United Financial in a research note on Tuesday, October 29th. They set an “equal weight” rating and a $16.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $17.00.

Shares of PBCT opened at $16.96 on Friday. The business’s fifty day simple moving average is $16.06 and its two-hundred day simple moving average is $16.03. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.56. People’s United Financial, Inc. has a 12 month low of $13.66 and a 12 month high of $18.03. The company has a market cap of $6.76 billion, a price-to-earnings ratio of 12.95, a P/E/G ratio of 6.31 and a beta of 1.26.

People’s United Financial (NASDAQ:PBCT) last issued its earnings results on Thursday, October 17th. The bank reported $0.34 EPS for the quarter, beating the consensus estimate of $0.33 by $0.01. People’s United Financial had a return on equity of 8.17% and a net margin of 23.32%. The business had revenue of $462.00 million for the quarter, compared to the consensus estimate of $452.39 million. During the same period last year, the business posted $0.33 EPS. The company’s revenue was up .1% compared to the same quarter last year. As a group, research analysts forecast that People’s United Financial, Inc. will post 1.35 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.177 per share. The ex-dividend date is Wednesday, October 30th. This represents a $0.71 annualized dividend and a dividend yield of 4.17%. People’s United Financial’s payout ratio is 54.20%.

People’s United Financial declared that its board has authorized a stock repurchase plan on Thursday, July 18th that permits the company to buyback 20,000,000 outstanding shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

In other news, VP David K. Norton sold 238,350 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $16.65, for a total transaction of $3,968,527.50. Following the transaction, the vice president now directly owns 290,491 shares of the company’s stock, valued at approximately $4,836,675.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO R David Rosato sold 8,427 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $17.08, for a total value of $143,933.16. Following the transaction, the chief financial officer now directly owns 107,223 shares in the company, valued at $1,831,368.84. The disclosure for this sale can be found here. Insiders have sold a total of 329,665 shares of company stock worth $8,946,819 over the last three months. Insiders own 2.40% of the company’s stock.

People’s United Financial Company 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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Institutional Ownership by Quarter for People`s United Financial (NASDAQ:PBCT)

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