Brokerages forecast that People’s United Financial, Inc. (NASDAQ:PBCT) will report sales of $358.00 million for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for People’s United Financial’s earnings. The lowest sales estimate is $351.20 million and the highest is $364.80 million. People’s United Financial posted sales of $325.40 million during the same quarter last year, which would indicate a positive year over year growth rate of 10%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Thursday, July 20th.
On average, analysts expect that People’s United Financial will report full year sales of $358.00 million for the current fiscal year, with estimates ranging from $1.44 billion to $1.51 billion. For the next fiscal year, analysts forecast that the business will post sales of $1.60 billion per share, with estimates ranging from $1.57 billion to $1.62 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow People’s United Financial.
People’s United Financial (NASDAQ:PBCT) last issued its quarterly earnings results on Thursday, April 20th. The bank reported $0.22 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.22. The company had revenue of $342.80 million for the quarter, compared to analysts’ expectations of $336.29 million. People’s United Financial had a return on equity of 5.98% and a net margin of 19.46%. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.21 earnings per share.
Several research analysts have commented on the company. BidaskClub upgraded People’s United Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Keefe, Bruyette & Woods restated a “hold” rating and set a $19.00 price objective on shares of People’s United Financial in a report on Friday, June 9th. Morgan Stanley upgraded People’s United Financial from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $16.50 to $17.50 in a report on Monday, June 5th. They noted that the move was a valuation call. Sandler O’Neill upgraded People’s United Financial from a “sell” rating to a “hold” rating and raised their price objective for the stock from $17.00 to $19.50 in a report on Friday, March 10th. Finally, Zacks Investment Research downgraded People’s United Financial from a “buy” rating to a “hold” rating in a report on Friday, April 7th. Three analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $18.22.
Shares of People’s United Financial (PBCT) traded down 0.17% during midday trading on Wednesday, reaching $17.62. The company had a trading volume of 5,542,909 shares. The firm’s 50 day moving average price is $17.17 and its 200-day moving average price is $18.38. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of 19.01 and a beta of 0.81. People’s United Financial has a 1-year low of $13.80 and a 1-year high of $20.13.
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In other news, Director Jerry Franklin sold 4,520 shares of People’s United Financial stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $16.72, for a total value of $75,574.40. Following the transaction, the director now directly owns 97,249 shares in the company, valued at approximately $1,626,003.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert E. Trautmann sold 118,836 shares of People’s United Financial stock in a transaction on Thursday, June 8th. The shares were sold at an average price of $17.08, for a total value of $2,029,718.88. Following the completion of the transaction, the vice president now owns 70,323 shares in the company, valued at $1,201,116.84. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacad Investment Ltd. increased its position in shares of People’s United Financial by 12.1% in the fourth quarter. Pacad Investment Ltd. now owns 84,500 shares of the bank’s stock worth $1,636,000 after buying an additional 9,100 shares in the last quarter. Norges Bank bought a new position in shares of People’s United Financial during the fourth quarter worth about $49,250,000. Washington Trust Bank bought a new position in shares of People’s United Financial during the first quarter worth about $330,000. Aberdeen Asset Management PLC UK increased its position in shares of People’s United Financial by 2.9% in the first quarter. Aberdeen Asset Management PLC UK now owns 95,564 shares of the bank’s stock worth $1,740,000 after buying an additional 2,659 shares in the last quarter. Finally, Teachers Advisors LLC increased its position in shares of People’s United Financial by 6.1% in the fourth quarter. Teachers Advisors LLC now owns 373,474 shares of the bank’s stock worth $7,230,000 after buying an additional 21,354 shares in the last quarter. Institutional investors and hedge funds own 76.84% 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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