Zacks Investment Research Upgrades People’s United Financial, Inc. (PBCT) to “Buy”
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 to investors on Tuesday. The brokerage currently has a $21.00 price target on the bank’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 12.00% from the company’s current price.
According to Zacks, “Shares of People’s United have underperformed the industry in the past three months. Yet, the company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. In third-quarter 2017, the company reported an earnings beat driven by growth in revenues and lower provisions. Higher expenses were an undermining factor. People’s United is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. Also, the company’s steady capital deployment activities continue to enhance investors’ confidence. However, escalating expenses despite undertaking initiatives to curb costs remain a concern, People’s United’s improving credit quality and easing margin pressure are tailwinds.”
Several other analysts have also recently commented on the stock. Piper Jaffray Companies restated a “sell” rating and set a $17.00 price target on shares of People’s United Financial in a report on Sunday. Jefferies Group LLC reaffirmed a “hold” rating and set a $19.00 price objective on shares of People’s United Financial in a research report on Friday, August 18th. BidaskClub lowered shares of People’s United Financial from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of People’s United Financial in a research report on Monday, July 10th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $17.75 price objective (up previously from $17.50) on shares of People’s United Financial in a research report on Friday, July 7th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $19.08.
Shares of People’s United Financial (NASDAQ PBCT) traded up 0.933% during trading on Tuesday, reaching $18.925. 579,836 shares of the company traded hands. People’s United Financial has a 12 month low of $15.82 and a 12 month high of $20.13. The firm has a 50-day moving average price of $17.64 and a 200-day moving average price of $17.41. The firm has a market capitalization of $6.39 billion, a PE ratio of 21.169 and a beta of 0.84.
People’s United Financial (NASDAQ:PBCT) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $0.26 EPS for the quarter, topping the consensus estimate of $0.25 by $0.01. The business had revenue of $373.90 million during the quarter, compared to analysts’ expectations of $374.59 million. People’s United Financial had a net margin of 19.32% and a return on equity of 6.28%. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period last year, the company posted $0.24 earnings per share. Equities research analysts anticipate that People’s United Financial will post $0.93 EPS for the current year.
In other news, Director Janet M. Hansen sold 12,000 shares of People’s United Financial stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $17.14, for a total value of $205,680.00. Following the transaction, the director now owns 145,707 shares of the company’s stock, valued at $2,497,417.98. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 2.70% of the company’s stock.
Several large investors have recently added to or reduced their stakes in PBCT. Glassman Wealth Services increased its position in People’s United Financial by 4,150.7% during the second quarter. Glassman Wealth Services now owns 5,696 shares of the bank’s stock worth $101,000 after acquiring an additional 5,562 shares during the period. Ffcm LLC increased its position in People’s United Financial by 208.3% during the second quarter. Ffcm LLC now owns 6,345 shares of the bank’s stock worth $114,000 after acquiring an additional 4,287 shares during the period. Advisory Services Network LLC increased its position in People’s United Financial by 3.0% during the second quarter. Advisory Services Network LLC now owns 7,757 shares of the bank’s stock worth $137,000 after acquiring an additional 226 shares during the period. Federated Investors Inc. PA increased its position in People’s United Financial by 0.8% during the second quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock worth $171,000 after acquiring an additional 80 shares during the period. Finally, Intl Fcstone Inc. bought a new position in People’s United Financial during the second quarter worth $185,000. 77.02% of the stock is currently owned by 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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