People’s United Financial, Inc. (PBCT) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of People’s United Financial, Inc. (NASDAQ:PBCT) from a sell rating to a hold rating in a research note published on Monday morning.

According to Zacks, “Shares of People’s United have underperformed the industry in the last six months. The company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. Also, the company’s steady capital deployment activities continue to enhance investors’ confidence. However, escalating expenses despite undertaking initiatives to curb costs remains a concern. Further, a stretched valuation indicates limited upside potential for the stock.”

Other equities research analysts have also issued reports about the stock. 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. Jefferies Group LLC reiterated a hold rating and issued a $19.00 target price on shares of People’s United Financial in a report on Friday, August 18th. Keefe, Bruyette & Woods reiterated a hold rating on shares of People’s United Financial in a report on Monday, July 10th. Piper Jaffray Companies reiterated a sell rating and issued a $16.00 target price on shares of People’s United Financial in a report on Wednesday, October 4th. Finally, BidaskClub upgraded shares of People’s United Financial from a strong sell rating to a sell rating in a report on Friday, June 30th. Three analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $18.75.

People’s United Financial (NASDAQ:PBCT) traded up 0.22% during trading on Monday, reaching $18.32. 440,402 shares of the company’s stock traded hands. The firm’s 50 day moving average is $17.26 and its 200 day moving average is $17.40. People’s United Financial has a 12 month low of $15.28 and a 12 month high of $20.13. The company has a market cap of $6.18 billion, a P/E ratio of 20.49 and a beta of 0.84.

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). The firm had revenue of $366.50 million during the quarter, compared to analyst estimates 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 for the quarter was up 10.0% on a year-over-year basis. During the same quarter last year, the business posted $0.23 earnings per share. Analysts anticipate that People’s United Financial will post $0.93 EPS for the current year.

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In related news, Director Janet M. Hansen sold 12,000 shares of the firm’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $17.14, for a total transaction of $205,680.00. Following the sale, the director now directly owns 145,707 shares in the company, valued at $2,497,417.98. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jeffrey Hoyt sold 6,759 shares of the firm’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $17.98, for a total transaction of $121,526.82. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Benedict Financial Advisors Inc. raised its holdings in shares of People’s United Financial by 0.3% during the second quarter. Benedict Financial Advisors Inc. now owns 15,537 shares of the bank’s stock worth $272,000 after acquiring an additional 47 shares during the period. Federated Investors Inc. PA raised its holdings in shares of People’s United Financial by 0.8% during the second quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock worth $171,000 after acquiring an additional 80 shares during the period. ING Groep NV raised its holdings in shares of People’s United Financial by 0.5% during the second quarter. ING Groep NV now owns 17,637 shares of the bank’s stock worth $311,000 after acquiring an additional 94 shares during the period. Contravisory Investment Management Inc. raised its holdings in shares of People’s United Financial by 0.8% during the second quarter. Contravisory Investment Management Inc. now owns 13,274 shares of the bank’s stock worth $234,000 after acquiring an additional 104 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of People’s United Financial by 0.4% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,583 shares of the bank’s stock worth $452,000 after acquiring an additional 104 shares during the period. Institutional investors and hedge funds own 77.20% of the company’s stock.

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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Analyst Recommendations for People`s United Financial (NASDAQ:PBCT)

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