Cribstone Capital Management LLC Continues to Hold Stake in People’s United Financial, Inc. (PBCT)

Cribstone Capital Management LLC held its position in People’s United Financial, Inc. (NASDAQ:PBCT) during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 20,870 shares of the bank’s stock at the end of the second quarter. Cribstone Capital Management LLC’s holdings in People’s United Financial were worth $369,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of People’s United Financial by 10.1% in the first quarter. Vanguard Group Inc. now owns 32,902,001 shares of the bank’s stock valued at $598,816,000 after buying an additional 3,027,697 shares in the last quarter. BlackRock Inc. boosted its stake in shares of People’s United Financial by 2,026.9% in the first quarter. BlackRock Inc. now owns 26,740,727 shares of the bank’s stock valued at $486,681,000 after buying an additional 25,483,451 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of People’s United Financial by 10.6% in the first quarter. Wells Fargo & Company MN now owns 17,624,604 shares of the bank’s stock valued at $320,768,000 after buying an additional 1,688,826 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of People’s United Financial by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 8,291,294 shares of the bank’s stock valued at $150,905,000 after buying an additional 86,006 shares in the last quarter. Finally, Epoch Investment Partners Inc. boosted its stake in shares of People’s United Financial by 6.5% in the first quarter. Epoch Investment Partners Inc. now owns 7,675,306 shares of the bank’s stock valued at $139,691,000 after buying an additional 468,778 shares in the last quarter. 76.14% of the stock is currently owned by institutional investors.

People’s United Financial, Inc. (PBCT) opened at 17.59 on Friday. The company’s 50-day moving average price is $17.63 and its 200 day moving average price is $17.99. The firm has a market capitalization of $5.94 billion, a price-to-earnings ratio of 19.63 and a beta of 0.82. People’s United Financial, Inc. has a 12 month low of $14.82 and a 12 month high of $20.13.

People’s United Financial (NASDAQ:PBCT) last posted its earnings results on Thursday, July 20th. The bank reported $0.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.04. People’s United Financial had a net margin of 18.88% and a return on equity of 6.14%. The firm had revenue of $366.50 million during the quarter, compared to analysts’ expectations of $357.16 million. During the same period in the previous year, the firm posted $0.23 earnings per share. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. Analysts predict that People’s United Financial, Inc. will post $0.92 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st will be issued a $0.1725 dividend. This represents a $0.69 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Friday, July 28th. People’s United Financial’s payout ratio is currently 77.53%.

PBCT has been the subject of several research reports. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of People’s United Financial in a report on Monday, July 10th. Zacks Investment Research cut People’s United Financial from a “buy” rating to a “hold” rating in a report on Friday, April 7th. BidaskClub upgraded People’s United Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $17.75 target price (up from $17.50) on shares of People’s United Financial in a report on Friday, July 7th. Three investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $18.25.

In other news, insider Jeffrey Hoyt sold 6,759 shares of the business’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $17.98, for a total value of $121,526.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jerry Franklin sold 4,520 shares of the business’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $16.72, for a total value of $75,574.40. Following the completion of the sale, the director now directly owns 97,249 shares of the company’s stock, valued at $1,626,003.28. The disclosure for this sale can be found here. Insiders sold a total of 130,115 shares of company stock valued at $2,226,820 over the last three months. Company insiders own 2.70% 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.