People’s United Financial (PBCT) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of People’s United Financial (NASDAQ:PBCT) from a hold rating to a buy rating in a research report sent to investors on Monday. Zacks Investment Research currently has $20.00 price objective on the bank’s stock.
According to Zacks, “Shares of People’s United have underperformed the industry in the past six months. Yet, the company possesses an impressive earnings surprise history, beating the Zacks Consensus Estimate in two of the trailing four quarters. People’s United is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance-sheet position. Recently, it acquired Vend Lease Company, with an aim to further build its equipment financing business. Though escalating expenses, despite undertaking initiatives to curb costs, remain a concern, the company remains committed to enhance shareholders’ value through active involvement in capital-deployment activities.”
PBCT has been the topic of several other reports. Morgan Stanley increased their price target on shares of People’s United Financial from $20.50 to $21.00 and gave the company an equal weight rating in a report on Tuesday, July 24th. Keefe, Bruyette & Woods reissued a buy rating and issued a $21.50 price target on shares of People’s United Financial in a report on Monday, July 23rd. ValuEngine cut shares of People’s United Financial from a hold rating to a sell rating in a report on Wednesday, July 4th. Finally, BidaskClub cut shares of People’s United Financial from a sell rating to a strong sell rating in a report on Wednesday, September 19th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $20.21.
People’s United Financial (NASDAQ:PBCT) last released its quarterly earnings results on Thursday, July 19th. The bank reported $0.32 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.32. The firm had revenue of $396.10 million for the quarter, compared to analysts’ expectations of $395.57 million. People’s United Financial had a net margin of 23.24% and a return on equity of 7.57%. During the same period in the prior year, the firm earned $0.19 EPS. equities analysts forecast that People’s United Financial will post 1.29 earnings per share for the current fiscal year.
In other news, VP Lee C. Powlus sold 48,200 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The shares were sold at an average price of $17.97, for a total transaction of $866,154.00. Following the transaction, the vice president now directly owns 146,050 shares of the company’s stock, valued at $2,624,518.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert E. Trautmann sold 75,404 shares of the firm’s stock in a transaction that occurred on Wednesday, July 25th. The stock was sold at an average price of $18.27, for a total transaction of $1,377,631.08. Following the transaction, the vice president now directly owns 69,193 shares in the company, valued at $1,264,156.11. The disclosure for this sale can be found here. Insiders have sold 155,454 shares of company stock worth $2,835,231 over the last ninety days. Insiders own 2.50% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in PBCT. Tibra Equities Europe Ltd acquired a new stake in shares of People’s United Financial during the 2nd quarter worth approximately $1,221,000. Great West Life Assurance Co. Can boosted its position in shares of People’s United Financial by 1.0% during the 2nd quarter. Great West Life Assurance Co. Can now owns 2,962,033 shares of the bank’s stock worth $53,674,000 after acquiring an additional 28,462 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of People’s United Financial during the 2nd quarter worth approximately $387,000. Tyers Asset Management LLC boosted its position in shares of People’s United Financial by 1.8% during the 2nd quarter. Tyers Asset Management LLC now owns 191,048 shares of the bank’s stock worth $3,456,000 after acquiring an additional 3,322 shares in the last quarter. Finally, Sei Investments Co. boosted its position in shares of People’s United Financial by 45.4% during the 1st quarter. Sei Investments Co. now owns 21,734 shares of the bank’s stock worth $406,000 after acquiring an additional 6,787 shares in the last quarter. 78.10% of the stock is currently owned by institutional investors.
About People’s United Financial
People's United Financial, Inc operates as the bank holding company for People's United Bank, National Association that provides commercial banking, retail banking, and wealth management services to individual, corporate, and municipal customers. The company operates in two segments, Commercial Banking and Retail Banking.
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