Abbot Financial Management Inc. Acquires New Holdings in People’s United Financial, Inc. (PBCT)

Abbot Financial Management Inc. acquired a new position in People’s United Financial, Inc. (NASDAQ:PBCT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 15,805 shares of the bank’s stock, valued at approximately $279,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PBCT. Glassman Wealth Services grew its holdings in People’s United Financial by 4,150.7% in the second quarter. Glassman Wealth Services now owns 5,696 shares of the bank’s stock worth $101,000 after purchasing an additional 5,562 shares during the period. Ffcm LLC grew its holdings in People’s United Financial by 208.3% in the second quarter. Ffcm LLC now owns 6,345 shares of the bank’s stock worth $114,000 after purchasing an additional 4,287 shares during the period. Daiwa Securities Group Inc. grew its holdings in People’s United Financial by 19.2% in the first quarter. Daiwa Securities Group Inc. now owns 8,700 shares of the bank’s stock worth $158,000 after purchasing an additional 1,400 shares during the period. Federated Investors Inc. PA grew its holdings in People’s United Financial by 0.8% in the second quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock worth $171,000 after purchasing an additional 80 shares during the period. Finally, Public Employees Retirement Association of Colorado grew its holdings in People’s United Financial by 9.9% in the second quarter. Public Employees Retirement Association of Colorado now owns 10,771 shares of the bank’s stock worth $190,000 after purchasing an additional 968 shares during the period. Institutional investors and hedge funds own 77.28% of the company’s stock.

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PBCT has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of People’s United Financial from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $16.50 to $17.50 in a report on Monday, June 5th. They noted that the move was a valuation call. Keefe, Bruyette & Woods restated a “hold” rating and issued a $19.00 price objective on shares of People’s United Financial in a report on Friday, June 9th. BidaskClub upgraded shares of People’s United Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Zacks Investment Research cut shares of People’s United Financial from a “hold” rating to a “sell” rating in a report on Tuesday, June 20th. Finally, Piper Jaffray Companies set a $16.00 price objective on shares of People’s United Financial and gave the stock a “sell” rating in a report on Thursday, August 17th. Three analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $18.38.

In related news, insider Jeffrey Hoyt sold 6,759 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $17.98, for a total transaction of $121,526.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.70% of the company’s stock.

People’s United Financial, Inc. (NASDAQ:PBCT) traded up 0.734% during midday trading on Tuesday, hitting $17.165. 405,750 shares of the stock were exchanged. The firm’s 50 day moving average price is $16.91 and its 200 day moving average price is $17.49. People’s United Financial, Inc. has a 12 month low of $15.28 and a 12 month high of $20.13. The company has a market cap of $5.79 billion, a PE ratio of 19.200 and a beta of 0.82.

People’s United Financial (NASDAQ:PBCT) last posted its quarterly earnings data on Thursday, July 20th. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.04). The firm had revenue of $366.50 million for the quarter, compared to the consensus estimate of $357.16 million. People’s United Financial had a return on equity of 6.14% and a net margin of 18.88%. The company’s revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.23 EPS. On average, equities research analysts forecast that People’s United Financial, Inc. will post $0.93 earnings per share for the current fiscal year.

People’s United Financial 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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Institutional Ownership by Quarter for People`s United Financial (NASDAQ:PBCT)

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