Bank of New York Mellon Corp cut its stake in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 7.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 12,962,629 shares of the bank’s stock after selling 1,068,507 shares during the period. Bank of New York Mellon Corp owned about 3.84% of People’s United Financial worth $228,921,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently made changes to their positions in the stock. Aberdeen Asset Management PLC UK boosted its position in shares of People’s United Financial by 2.9% in the first quarter. Aberdeen Asset Management PLC UK now owns 95,564 shares of the bank’s stock valued at $1,740,000 after buying an additional 2,659 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of People’s United Financial by 6.1% in the fourth quarter. Teachers Advisors LLC now owns 373,474 shares of the bank’s stock valued at $7,230,000 after buying an additional 21,354 shares in the last quarter. KBC Group NV boosted its position in shares of People’s United Financial by 26.4% in the first quarter. KBC Group NV now owns 42,033 shares of the bank’s stock valued at $765,000 after buying an additional 8,780 shares in the last quarter. World Asset Management Inc boosted its position in shares of People’s United Financial by 19.2% in the first quarter. World Asset Management Inc now owns 35,380 shares of the bank’s stock valued at $644,000 after buying an additional 5,707 shares in the last quarter. Finally, Shell Asset Management Co. boosted its position in shares of People’s United Financial by 9.7% in the first quarter. Shell Asset Management Co. now owns 142,503 shares of the bank’s stock valued at $2,594,000 after buying an additional 12,656 shares in the last quarter. 75.03% of the stock is owned by hedge funds and other institutional investors.
People’s United Financial, Inc. (PBCT) opened at 16.63 on Friday. People’s United Financial, Inc. has a 12-month low of $15.28 and a 12-month high of $20.13. The firm has a market cap of $5.61 billion, a PE ratio of 18.60 and a beta of 0.82. The stock’s 50 day moving average price is $17.50 and its 200-day moving average price is $17.84.
People’s United Financial (NASDAQ:PBCT) last released its quarterly earnings results on Thursday, July 20th. The bank reported $0.19 earnings per share for the quarter, missing the Zacks’ 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 for the quarter, compared to analysts’ expectations of $357.16 million. During the same quarter in the previous year, the business earned $0.23 EPS. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. Equities research analysts anticipate that People’s United Financial, Inc. will post $0.93 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st were given a dividend of $0.1725 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $0.69 dividend on an annualized basis and a yield of 4.15%. People’s United Financial’s payout ratio is 77.53%.
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PBCT has been the subject of several analyst reports. Keefe, Bruyette & Woods reaffirmed 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 “hold” rating to a “sell” rating in a report on Tuesday, June 20th. BidaskClub raised People’s United Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $17.75 price objective (up from $17.50) on shares of People’s United Financial in a report on Friday, July 7th. Finally, Piper Jaffray Companies set a $16.00 price objective on People’s United Financial and gave the company a “sell” rating in a report on Thursday. Three research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $18.48.
In other People’s United Financial news, insider Jeffrey Hoyt sold 6,759 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $17.98, for a total transaction of $121,526.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Robert E. Trautmann sold 118,836 shares of the firm’s stock in a transaction dated Thursday, June 8th. The shares were sold at an average price of $17.08, for a total value of $2,029,718.88. Following the sale, the vice president now owns 70,323 shares in the company, valued at approximately $1,201,116.84. The disclosure for this sale can be found here. Insiders have sold 130,115 shares of company stock worth $2,226,820 in the last 90 days. 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.
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