People's United Financial (PBCT) Raised to Buy at Zacks Investment Research
People's United Financial (NASDAQ:PBCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $22.00 target price on the bank’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.29% from the company’s previous close.
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. 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. However, escalating expenses despite undertaking initiatives to curb costs remain a concern.”
Other research analysts have also recently issued research reports about the stock. Piper Jaffray Companies set a $16.00 price target on shares of People's United Financial and gave the company a “sell” rating in a research report on Thursday, August 17th. Jefferies Group reissued 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, eight have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $19.19.
People's United Financial (NASDAQ:PBCT) last announced its earnings results on Thursday, October 19th. The bank reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.01. People's United Financial had a net margin of 19.32% and a return on equity of 6.28%. The company had revenue of $373.90 million for the quarter, compared to analysts’ expectations of $374.59 million. During the same quarter in the previous year, the company posted $0.24 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. sell-side analysts predict that People's United Financial will post 0.98 EPS for the current year.
In related news, Director Janet M. Hansen sold 12,000 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $17.14, for a total value of $205,680.00. Following the sale, the director now directly owns 145,707 shares in the company, valued at approximately $2,497,417.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO R David Rosato sold 6,040 shares of the business’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $19.18, for a total transaction of $115,847.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 552,653 shares of company stock worth $10,454,770. 2.70% of the stock is owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC increased its stake in People's United Financial by 9,587.6% during the second quarter. Janus Henderson Group PLC now owns 4,212,281 shares of the bank’s stock worth $74,389,000 after purchasing an additional 4,168,800 shares during the period. State Street Corp increased its stake in 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 purchasing an additional 2,316,636 shares during the period. Vanguard Group Inc. increased its stake in 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 purchasing an additional 1,945,556 shares during the period. Dimensional Fund Advisors LP increased its stake in 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 purchasing an additional 923,949 shares during the period. Finally, W. E. Donoghue & Co. LLC purchased a new stake in People's United Financial during the second quarter worth about $16,141,000. Hedge funds and other institutional investors own 75.67% of the company’s stock.
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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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