People's United Financial (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 Tuesday.
According to Zacks, “Shares of People’s United have outperformed the industry in the past six months. Also, the company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. Fourth-quarter 2017 results reflect robust organic growth on the back of higher revenues and loan growth, partially offset by increased expenses. 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 remains committed to enhance its shareholders’ value through active involvement in capital deployment activities. However, escalating expenses despite undertaking initiatives to curb costs remain a concern.”
PBCT has been the topic of a number of other reports. Barclays raised their price target on shares of People's United Financial from $18.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 2nd. BidaskClub downgraded shares of People's United Financial from a “hold” rating to a “sell” rating in a research report on Saturday, January 6th. Sandler O’Neill set a $21.00 price target on shares of People's United Financial and gave the stock a “hold” rating in a research report on Thursday, January 18th. Finally, Piper Jaffray Companies restated a “sell” rating and issued a $17.00 price target on shares of People's United Financial in a research report on Sunday, October 22nd. Two investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. People's United Financial presently has a consensus rating of “Hold” and a consensus target price of $19.25.
People's United Financial (NASDAQ:PBCT) last posted its quarterly earnings data on Thursday, January 18th. The bank reported $0.31 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.04. People's United Financial had a net margin of 20.37% and a return on equity of 6.69%. The firm had revenue of $379.60 million for the quarter, compared to the consensus estimate of $392.70 million. During the same period in the prior year, the firm posted $0.25 EPS. research analysts predict that People's United Financial will post 1.28 EPS for the current fiscal year.
In other People's United Financial news, VP David K. Norton sold 108,194 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $19.22, for a total transaction of $2,079,488.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jeffrey J. Tengel sold 173,685 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $19.32, for a total transaction of $3,355,594.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 402,362 shares of company stock worth $7,770,854. Corporate insiders own 2.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Allianz Asset Management GmbH increased its stake in People's United Financial by 2,532.0% during the 4th quarter. Allianz Asset Management GmbH now owns 492,995 shares of the bank’s stock valued at $9,218,000 after buying an additional 474,264 shares during the period. Amalgamated Bank increased its stake in People's United Financial by 5.7% during the 4th quarter. Amalgamated Bank now owns 71,124 shares of the bank’s stock valued at $1,330,000 after buying an additional 3,810 shares during the period. Bank of Hawaii increased its stake in People's United Financial by 8.8% during the 4th quarter. Bank of Hawaii now owns 49,069 shares of the bank’s stock valued at $918,000 after buying an additional 3,970 shares during the period. Brown Advisory Inc. acquired a new position in People's United Financial during the 4th quarter valued at about $494,000. Finally, Estabrook Capital Management grew its stake in shares of People's United Financial by 4.0% in the 4th quarter. Estabrook Capital Management now owns 97,152 shares of the bank’s stock worth $1,817,000 after purchasing an additional 3,769 shares during the last quarter. 75.53% of the stock is currently owned by hedge funds and other institutional investors.
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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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