Zacks Investment Research Upgrades People's United Financial (PBCT) to “Buy”
Zacks Investment Research upgraded shares of People's United Financial (NASDAQ:PBCT) from a hold rating to a buy rating in a research note issued to investors on Thursday. The brokerage currently has $21.00 price target on the bank’s stock.
According to Zacks, “Shares of People’s United have outperformed the industry in the past three months. Also, the company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings 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. Also, People’s United’s improving credit quality and easing margin pressure are tailwinds. However, escalating expenses despite undertaking initiatives to curb costs remain a concern.”
Other equities research analysts have also recently issued research reports about the stock. Piper Jaffray Companies reissued a sell rating and set a $17.00 target price on shares of People's United Financial in a research report on Sunday, October 22nd. Barclays increased their target price on shares of People's United Financial from $18.00 to $20.00 and gave the company an underweight rating in a research report on Tuesday, January 2nd. Three analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $19.04.
People's United Financial (NASDAQ PBCT) traded up $0.10 during trading hours on Thursday, reaching $18.94. 2,055,500 shares of the company were exchanged, compared to its average volume of 2,650,000. People's United Financial has a 12 month low of $15.97 and a 12 month high of $19.85. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $6,560.00, a PE ratio of 20.81, a price-to-earnings-growth ratio of 8.47 and a beta of 0.85.
People's United Financial (NASDAQ:PBCT) last posted its earnings results on Thursday, October 19th. The bank reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.01. People's United Financial had a net margin of 19.32% and a return on equity of 6.28%. The company had revenue of $373.90 million during the quarter, compared to analysts’ expectations of $374.59 million. During the same quarter in the prior year, the company posted $0.24 earnings per share. People's United Financial’s revenue for the quarter was up 11.2% compared to the same quarter last year. equities analysts anticipate that People's United Financial will post 1 earnings per share for the current fiscal year.
In other People's United Financial news, insider Sara M. Longobardi sold 43,450 shares of the firm’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $18.68, for a total value of $811,646.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Janet M. Hansen sold 10,000 shares of the firm’s stock in a transaction on Tuesday, December 5th. The stock was sold at an average price of $19.14, for a total transaction of $191,400.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 724,338 shares of company stock valued at $13,796,084. Corporate insiders own 2.70% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of PBCT. Janus Henderson Group PLC increased its stake in shares of People's United Financial by 9,587.6% in the second quarter. Janus Henderson Group PLC now owns 4,212,281 shares of the bank’s stock worth $74,389,000 after acquiring an additional 4,168,800 shares during the period. State Street Corp increased its stake in shares of People's United Financial by 6.2% in the second quarter. State Street Corp now owns 39,968,330 shares of the bank’s stock worth $705,843,000 after acquiring an additional 2,316,636 shares during the period. Vanguard Group Inc. increased its stake in shares of People's United Financial by 5.9% in the second quarter. Vanguard Group Inc. now owns 34,847,557 shares of the bank’s stock worth $615,409,000 after acquiring an additional 1,945,556 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of People's United Financial by 11.1% in the second quarter. Dimensional Fund Advisors LP now owns 9,215,243 shares of the bank’s stock worth $162,743,000 after acquiring an additional 923,949 shares during the period. Finally, W. E. Donoghue & Co. LLC acquired a new stake in shares of People's United Financial in the second quarter worth $16,141,000. 75.52% of the stock is owned by institutional investors and hedge funds.
COPYRIGHT VIOLATION NOTICE: “Zacks Investment Research Upgrades People's United Financial (PBCT) to “Buy”” was originally reported by Watch List News and is the property of of Watch List News. If you are accessing this piece on another website, it was illegally copied and republished in violation of international copyright & trademark laws. The original version of this piece can be accessed at https://www.watchlistnews.com/zacks-investment-research-upgrades-peoples-united-financial-pbct-to-buy/1798141.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for People's United Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for People's United Financial and related companies with Analyst Ratings Network's FREE daily email newsletter.