Zacks Investment Research cut shares of People’s United Financial, Inc. (NASDAQ:PBCT) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.
According to Zacks, “People’s United’s shares have underperformed the Zacks categorized Finance-Savings and Loan industry over the last one year. The company continues to witness margin pressure despite rising rates. Though the company is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position, escalating expenses despite undertaking initiatives to curb costs remain a concern. Nevertheless, lesser regulations going forward is expected to reduce regulatory costs.”
Several other analysts have also recently commented on the stock. Keefe, Bruyette & Woods reiterated a hold rating and set a $19.00 target price on shares of People’s United Financial in a research report on Thursday, April 6th. Sandler O’Neill upgraded shares of People’s United Financial from a sell rating to a hold rating and upped their target price for the company from $17.00 to $19.50 in a research report on Friday, March 10th. Morgan Stanley upgraded shares of People’s United Financial from an underweight rating to an equal weight rating and upped their target price for the company from $16.50 to $17.50 in a research report on Monday, June 5th. They noted that the move was a valuation call. Finally, BidaskClub upgraded shares of People’s United Financial from a strong sell rating to a sell rating in a research report on Saturday, June 10th. Four equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. People’s United Financial currently has a consensus rating of Hold and an average target price of $18.22.
Shares of People’s United Financial (PBCT) traded down 0.773% during trading on Tuesday, hitting $17.335. The company had a trading volume of 362,294 shares. The stock has a market cap of $5.38 billion, a PE ratio of 18.700 and a beta of 0.81. People’s United Financial has a 12-month low of $13.80 and a 12-month high of $20.13. The firm has a 50 day moving average of $17.17 and a 200 day moving average of $18.36.
People’s United Financial (NASDAQ:PBCT) last issued its earnings results on Thursday, April 20th. The bank reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. The company had revenue of $342.80 million during the quarter, compared to analysts’ expectations of $336.29 million. People’s United Financial had a net margin of 19.46% and a return on equity of 5.98%. The business’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS. On average, analysts forecast that People’s United Financial will post $0.95 earnings per share for the current fiscal year.
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In related news, VP Robert E. Trautmann sold 118,836 shares of the company’s 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 directly owns 70,323 shares of the company’s stock, valued at approximately $1,201,116.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jerry Franklin sold 4,520 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $16.72, for a total transaction of $75,574.40. Following the completion of the transaction, the director now directly owns 97,249 shares of the company’s stock, valued at $1,626,003.28. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised its position in shares of People’s United Financial by 30.7% in the first quarter. Public Employees Retirement System of Ohio now owns 133,013 shares of the bank’s stock worth $2,421,000 after buying an additional 31,248 shares during the last quarter. Achmea Investment Management B.V. bought a new position in shares of People’s United Financial during the first quarter worth $2,049,000. Bank of Nova Scotia bought a new position in shares of People’s United Financial during the first quarter worth $1,187,000. Janus Capital Management LLC raised its position in shares of People’s United Financial by 86.2% in the first quarter. Janus Capital Management LLC now owns 3,574,254 shares of the bank’s stock worth $65,051,000 after buying an additional 1,654,567 shares during the last quarter. Finally, HighTower Advisors LLC raised its position in shares of People’s United Financial by 441.3% in the first quarter. HighTower Advisors LLC now owns 396,436 shares of the bank’s stock worth $7,207,000 after buying an additional 323,204 shares during the last quarter. 76.83% of the stock is owned by hedge funds and other institutional investors.
People’s United Financial Company Profile
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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