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

People’s United Financial, Inc. (NASDAQ:PBCT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

According to Zacks, “People’s United’s shares have underperformed the Zacks categorized Finance-Savings and Loan industry over the last one year. The company continues to witness margin pressure despite rising rates. Though  the company is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position, escalating expenses despite undertaking initiatives to curb costs remain a concern. Nevertheless, lesser regulations going forward is expected to reduce regulatory costs.”

A number of other equities research analysts also recently commented on PBCT. Sandler O’Neill upgraded shares of People’s United Financial from a “sell” rating to a “hold” rating and lifted their price target for the stock from $17.00 to $19.50 in a report on Friday, March 10th. Keefe, Bruyette & Woods reiterated a “hold” rating on shares of People’s United Financial in a report on Tuesday, May 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. Finally, Morgan Stanley upgraded shares of People’s United Financial from an “underweight” rating to an “equal weight” rating and lifted their price target 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. Four research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $18.22.

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

People’s United Financial (NASDAQ PBCT) traded down 1.162% during trading on Tuesday, reaching $17.435. 857,699 shares of the company were exchanged. The stock has a 50 day moving average price of $17.17 and a 200 day moving average price of $18.37. People’s United Financial has a 12 month low of $13.80 and a 12 month high of $20.13. The firm has a market capitalization of $5.41 billion, a PE ratio of 18.808 and a beta of 0.81.

People’s United Financial (NASDAQ:PBCT) last posted its earnings results on Thursday, April 20th. The bank reported $0.22 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.22. People’s United Financial had a net margin of 19.46% and a return on equity of 5.98%. The firm had revenue of $342.80 million during the quarter, compared to the consensus estimate of $336.29 million. During the same period last year, the firm posted $0.21 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. On average, analysts expect that People’s United Financial will post $0.95 EPS for the current fiscal year.

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In related news, VP Robert E. Trautmann sold 118,836 shares of the firm’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $17.08, for a total value of $2,029,718.88. Following the sale, the vice president now directly owns 70,323 shares of the company’s stock, valued at $1,201,116.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jerry Franklin sold 4,520 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The stock was sold at an average price of $16.72, for a total transaction of $75,574.40. Following the completion of the sale, the director now directly owns 97,249 shares in the company, valued at $1,626,003.28. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Several large investors have recently added to or reduced their stakes in PBCT. Public Employees Retirement System of Ohio boosted its stake in People’s United Financial by 30.7% in the first quarter. Public Employees Retirement System of Ohio now owns 133,013 shares of the bank’s stock valued at $2,421,000 after buying an additional 31,248 shares in the last quarter. Achmea Investment Management B.V. bought a new stake in People’s United Financial during the first quarter valued at about $2,049,000. Bank of Nova Scotia bought a new stake in People’s United Financial during the first quarter valued at about $1,187,000. Janus Capital Management LLC boosted its stake in People’s United Financial by 86.2% in the first quarter. Janus Capital Management LLC now owns 3,574,254 shares of the bank’s stock valued at $65,051,000 after buying an additional 1,654,567 shares in the last quarter. Finally, HighTower Advisors LLC boosted its stake in People’s United Financial by 441.3% in the first quarter. HighTower Advisors LLC now owns 396,436 shares of the bank’s stock valued at $7,207,000 after buying an additional 323,204 shares in the last quarter. 76.83% of the stock is currently owned by institutional investors and hedge funds.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:PBCT”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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