Short Interest in People’s United Financial, Inc. (PBCT) Grows By 27.0%

People’s United Financial, Inc. (NASDAQ:PBCT) saw a significant increase in short interest in January. As of January 31st, there was short interest totalling 26,207,963 shares, an increase of 27.0% from the January 15th total of 20,637,620 shares. Approximately 7.0% of the shares of the stock are short sold. Based on an average daily volume of 5,730,427 shares, the days-to-cover ratio is presently 4.6 days.

In other news, VP David K. Norton sold 32,163 shares of the company’s stock in a transaction on Wednesday, December 19th. The stock was sold at an average price of $14.89, for a total value of $478,907.07. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Mark W. Richards sold 6,800 shares of the company’s stock in a transaction on Thursday, January 24th. The shares were sold at an average price of $16.43, for a total value of $111,724.00. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. acquired a new position in People’s United Financial in the fourth quarter valued at $28,000. First Hawaiian Bank increased its stake in People’s United Financial by 462.5% in the fourth quarter. First Hawaiian Bank now owns 2,025 shares of the bank’s stock valued at $29,000 after purchasing an additional 1,665 shares during the last quarter. Ipswich Investment Management Co. Inc. acquired a new position in People’s United Financial in the fourth quarter valued at $41,000. IMS Capital Management acquired a new position in People’s United Financial in the third quarter valued at $60,000. Finally, Cornerstone Advisors Inc. increased its stake in People’s United Financial by 32.4% in the fourth quarter. Cornerstone Advisors Inc. now owns 3,809 shares of the bank’s stock valued at $55,000 after purchasing an additional 933 shares during the last quarter. Hedge funds and other institutional investors own 73.92% of the company’s stock.

Several brokerages have recently issued reports on PBCT. BidaskClub upgraded People’s United Financial from a “hold” rating to a “buy” rating in a research report on Friday, January 25th. Barclays restated a “hold” rating and issued a $19.00 price objective on shares of People’s United Financial in a research report on Sunday, January 20th. ValuEngine upgraded People’s United Financial from a “sell” rating to a “hold” rating in a research report on Saturday, January 19th. Wells Fargo & Co restated a “hold” rating on shares of People’s United Financial in a research report on Thursday, January 3rd. Finally, FIG Partners began coverage on People’s United Financial in a research report on Thursday, December 20th. They issued an “outperform” rating on the stock. Seven equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. People’s United Financial currently has a consensus rating of “Hold” and an average price target of $19.92.

People’s United Financial stock opened at $16.97 on Tuesday. The firm has a market capitalization of $6.35 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 5.99 and a beta of 1.13. People’s United Financial has a 52 week low of $13.66 and a 52 week high of $20.26. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.52.

People’s United Financial (NASDAQ:PBCT) last released its earnings results on Thursday, January 17th. The bank reported $0.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.02. The firm had revenue of $428.20 million during the quarter, compared to analyst estimates of $432.25 million. People’s United Financial had a return on equity of 8.11% and a net margin of 24.34%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.31 earnings per share. Research analysts predict that People’s United Financial will post 1.4 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 15th. Investors of record on Friday, February 1st will be paid a $0.175 dividend. The ex-dividend date of this dividend is Thursday, January 31st. This represents a $0.70 annualized dividend and a yield of 4.12%. People’s United Financial’s payout ratio is currently 53.44%.

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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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