People’s United Financial, Inc. (NASDAQ:PBCT) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 24,206,451 shares, a decline of 4.1% from the August 15th total of 25,233,231 shares. Currently, 7.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,684,225 shares, the days-to-cover ratio is presently 14.4 days.

PBCT has been the subject of a number of research analyst reports. Morgan Stanley raised People’s United Financial from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $16.50 to $17.50 in a report on Monday, June 5th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reissued a “hold” rating and set a $19.00 price objective on shares of People’s United Financial in a report on Friday, June 9th. BidaskClub raised People’s United Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Zacks Investment Research cut People’s United Financial from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Finally, Piper Jaffray Companies set a $16.00 price objective on People’s United Financial and gave the stock a “sell” rating in a report on Thursday, August 17th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $18.38.

People’s United Financial (NASDAQ:PBCT) opened at 16.76 on Friday. The firm has a market capitalization of $5.66 billion, a price-to-earnings ratio of 18.75 and a beta of 0.82. The stock’s 50 day moving average price is $16.94 and its 200 day moving average price is $17.55. People’s United Financial has a 52-week low of $15.28 and a 52-week high of $20.13.

People’s United Financial (NASDAQ:PBCT) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.04). People’s United Financial had a return on equity of 6.14% and a net margin of 18.88%. The company had revenue of $366.50 million for the quarter, compared to the consensus estimate of $357.16 million. During the same quarter last year, the business earned $0.23 earnings per share. People’s United Financial’s revenue was up 10.0% compared to the same quarter last year. On average, equities analysts anticipate that People’s United Financial will post $0.93 earnings per share for the current fiscal year.

In related news, insider Jeffrey Hoyt sold 6,759 shares of People’s United Financial stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $17.98, for a total value of $121,526.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.70% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp raised its position in shares of People’s United Financial by 6.2% during the second quarter. State Street Corp now owns 39,968,330 shares of the bank’s stock worth $705,843,000 after acquiring an additional 2,316,636 shares during the last quarter. Vanguard Group Inc. raised its position in shares of People’s United Financial by 5.9% during the second quarter. Vanguard Group Inc. now owns 34,847,557 shares of the bank’s stock worth $615,409,000 after acquiring an additional 1,945,556 shares during the last quarter. BlackRock Inc. raised its position in shares of People’s United Financial by 2,026.9% during the first quarter. BlackRock Inc. now owns 26,740,727 shares of the bank’s stock worth $486,681,000 after acquiring an additional 25,483,451 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of People’s United Financial by 3.8% during the second quarter. Wells Fargo & Company MN now owns 18,292,829 shares of the bank’s stock worth $323,050,000 after acquiring an additional 668,225 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of People’s United Financial by 11.1% during the second quarter. Dimensional Fund Advisors LP now owns 9,215,243 shares of the bank’s stock worth $162,743,000 after acquiring an additional 923,949 shares during the last quarter. Institutional investors own 77.02% of the company’s stock.

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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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