According to Zacks, “People’s United’s revenue growth remains under pressure amid a challenging operating environment. Notably, management curtailed net interest income growth projection as well as margin guidance for 2016 assuming a persistent flat-yield curve scenario and absence of Fed rate hike this year. Also, despite cost-cutting initiatives, the company continues to record increased expenses which will likely hurt bottom-line growth. Additionally, stringent regulatory norms limit bank’s flexibility in business operations. However, we remain optimistic about the expansion moves of the company with latest deals to acquire Gerstein Fisher and Suffolk Bancorp, both of which are anticipated to be accretive to earnings. Also, sustained growth in loans and deposits highlights organic growth.”
PBCT has been the subject of several other research reports. Piper Jaffray Cos. raised People’s United Financial from an underweight rating to a neutral rating and set a $14.00 price objective for the company in a research report on Wednesday, June 29th. Keefe, Bruyette & Woods reaffirmed a market perform rating and issued a $16.00 price target on shares of People’s United Financial in a report on Wednesday, June 29th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $15.19.
Shares of People’s United Financial (NASDAQ:PBCT) opened at 15.53 on Wednesday. The firm’s 50-day moving average price is $15.80 and its 200 day moving average price is $15.56. The company has a market cap of $4.71 billion, a P/E ratio of 17.45 and a beta of 0.80. People’s United Financial has a 52 week low of $13.62 and a 52 week high of $16.93.
People’s United Financial (NASDAQ:PBCT) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.01. People’s United Financial had a return on equity of 5.60% and a net margin of 19.13%. On average, equities analysts predict that People’s United Financial will post $0.89 EPS for the current fiscal year.
In other news, VP David K. Norton sold 15,495 shares of the company’s stock in a transaction that occurred on Wednesday, August 31st. The stock was sold at an average price of $16.05, for a total value of $248,694.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Robert E. Trautmann sold 186,123 shares of the company’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $15.38, for a total value of $2,862,571.74. The disclosure for this sale can be found here. 2.90% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board raised its stake in People’s United Financial by 1.3% in the first quarter. Canada Pension Plan Investment Board now owns 7,600 shares of the company’s stock valued at $121,000 after buying an additional 100 shares in the last quarter. Nordea Investment Management AB raised its stake in People’s United Financial by 8.8% in the second quarter. Nordea Investment Management AB now owns 8,314 shares of the company’s stock valued at $122,000 after buying an additional 672 shares in the last quarter. Campbell Newman Asset Management Inc. bought a new stake in People’s United Financial during the second quarter valued at $147,000. Profund Advisors LLC bought a new stake in People’s United Financial during the second quarter valued at $149,000. Finally, ING Groep NV bought a new stake in People’s United Financial during the second quarter valued at $161,000. Institutional investors own 77.34% of the company’s stock.
People’s United Financial Company Profile
People’s United Financial, Inc (People’s United) is the bank holding company for People’s United Bank, National Association (the Bank). The principal business of the Company is to provide, through the Bank and its subsidiaries, commercial banking, retail banking and wealth management services to individual, corporate and municipal customers.
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