People’s United Financial, Inc. (NASDAQ:PBCT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

According to Zacks, “Shares of People’s United have outperformed the industry in the past three months. Also, 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, People’s United’s improving credit quality and easing margin pressure are tailwinds. The company’s steady capital deployment activities continue to enhance investors’ confidence. However, escalating expenses despite undertaking initiatives to curb costs remain a concern. Also, stretched valuation indicates the stock’s limited upside potential.”

PBCT has been the topic of a number of other research reports. Keefe, Bruyette & Woods reaffirmed a “hold” rating on shares of People’s United Financial in a research report on Monday, July 10th. Morgan Stanley reaffirmed an “equal weight” rating and set a $17.75 price target (up previously from $17.50) on shares of People’s United Financial in a research report on Friday, July 7th. Piper Jaffray Companies reaffirmed a “sell” rating and set a $16.00 price target on shares of People’s United Financial in a research report on Wednesday, October 4th. BidaskClub cut shares of People’s United Financial from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $19.00 price target on shares of People’s United Financial in a research report on Friday, August 18th. Three analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $19.08.

People’s United Financial (PBCT) traded down 1.3525% on Monday, hitting $18.6641. The stock had a trading volume of 830,662 shares. The company has a market capitalization of $6.30 billion, a PE ratio of 20.8771 and a beta of 0.84. People’s United Financial has a 12-month low of $15.97 and a 12-month high of $20.13. The company has a 50 day moving average of $17.88 and a 200 day moving average of $17.45.

People’s United Financial (NASDAQ:PBCT) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.01. The business had revenue of $373.90 million during the quarter, compared to the consensus estimate of $374.59 million. People’s United Financial had a return on equity of 6.28% and a net margin of 19.32%. People’s United Financial’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 earnings per share. On average, equities analysts expect that People’s United Financial will post $0.94 earnings per share for the current year.

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In other news, insider Sara M. Longobardi sold 43,450 shares of the stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $18.68, for a total transaction of $811,646.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Mark W. Richards sold 26,732 shares of the stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $18.89, for a total transaction of $504,967.48. Following the transaction, the director now directly owns 332,668 shares in the company, valued at approximately $6,284,098.52. The disclosure for this sale can be found here. Insiders have sold a total of 381,491 shares of company stock worth $7,173,247 in the last three months. Insiders own 2.70% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in PBCT. OppenheimerFunds Inc. bought a new position in shares of People’s United Financial during the 1st quarter worth about $208,000. FMR LLC boosted its position in shares of People’s United Financial by 6.5% during the 1st quarter. FMR LLC now owns 163,803 shares of the bank’s stock worth $2,981,000 after purchasing an additional 10,015 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of People’s United Financial by 16.9% during the 1st quarter. Teachers Advisors LLC now owns 436,464 shares of the bank’s stock worth $7,944,000 after purchasing an additional 62,990 shares in the last quarter. Thrivent Financial For Lutherans boosted its position in shares of People’s United Financial by 16.5% during the 1st quarter. Thrivent Financial For Lutherans now owns 12,580 shares of the bank’s stock worth $229,000 after purchasing an additional 1,780 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of People’s United Financial by 16.2% during the 1st quarter. Morgan Stanley now owns 1,573,328 shares of the bank’s stock worth $28,634,000 after purchasing an additional 219,099 shares in the last quarter. 76.90% of the stock is currently owned by institutional investors.

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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