People’s United Financial, Inc. (NASDAQ:PBCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $19.00 target price on the bank’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.40% from the company’s current price.

According to Zacks, “Shares of People’s United have underperformed the industry in the last three months. The company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. People’s United’s focus on improving credit quality is another positive factor. Also, the company’s steady capital deployment activities continue to enhance investors’ confidence. However, escalating expenses despite undertaking initiatives to curb costs remains a concern.”

A number of other brokerages have also issued reports on PBCT. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of People’s United Financial in a report on Monday, July 10th. Morgan Stanley reiterated an “equal weight” rating and issued a $17.75 price target (up previously from $17.50) on shares of People’s United Financial in a report on Friday, July 7th. BidaskClub upgraded People’s United Financial from a “strong sell” rating to a “sell” rating in a report on Friday, June 30th. Piper Jaffray Companies set a $16.00 price target on People’s United Financial and gave the company a “sell” rating in a report on Thursday, August 17th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $19.00 price target on shares of People’s United Financial in a report on Friday, August 18th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $18.38.

People’s United Financial (NASDAQ PBCT) traded up 1.00% on Tuesday, hitting $17.21. The stock had a trading volume of 1,721,327 shares. People’s United Financial has a 1-year low of $15.28 and a 1-year high of $20.13. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 19.25 and a beta of 0.82. The stock’s 50-day moving average is $16.90 and its 200 day moving average is $17.48.

People’s United Financial (NASDAQ:PBCT) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). The firm had revenue of $366.50 million during the quarter, compared to analysts’ expectations of $357.16 million. People’s United Financial had a net margin of 18.88% and a return on equity of 6.14%. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 EPS. On average, equities research analysts predict that People’s United Financial will post $0.93 earnings per share for the current fiscal year.

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In other People’s United Financial news, insider Jeffrey Hoyt sold 6,759 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $17.98, for a total transaction of $121,526.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.70% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of PBCT. Louisiana State Employees Retirement System lifted its holdings in shares of People’s United Financial by 7.7% during the 1st quarter. Louisiana State Employees Retirement System now owns 21,100 shares of the bank’s stock valued at $384,000 after purchasing an additional 1,500 shares during the last quarter. Nationwide Fund Advisors lifted its holdings in shares of People’s United Financial by 3.2% during the 1st quarter. Nationwide Fund Advisors now owns 128,316 shares of the bank’s stock valued at $2,335,000 after purchasing an additional 3,944 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of People’s United Financial by 15.5% during the 1st quarter. Russell Investments Group Ltd. now owns 319,528 shares of the bank’s stock valued at $5,816,000 after purchasing an additional 42,957 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of People’s United Financial by 19.2% during the 1st quarter. Daiwa Securities Group Inc. now owns 8,700 shares of the bank’s stock valued at $158,000 after purchasing an additional 1,400 shares during the last quarter. Finally, Comerica Bank lifted its holdings in shares of People’s United Financial by 0.7% during the 1st quarter. Comerica Bank now owns 76,133 shares of the bank’s stock valued at $1,358,000 after purchasing an additional 534 shares during the last quarter. Hedge funds and other institutional investors own 77.28% 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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Analyst Recommendations for People`s United Financial (NASDAQ:PBCT)

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