Todays Report: The People’s United Financial Inc. (PBCT) Upgraded to Hold by Zacks Investment Research

The People’s United Financial Inc. (PBCT) Upgraded to Hold by 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 issued to investors on Thursday.

According to Zacks, “People’s United’s estimates have been stable lately ahead of its third-quarter 2016 earnings release. The company has positive record of earnings surprises in recent quarters. The bank has been growing through acquisitions with an aim to boost revenues in the long run. Also, the company continues to benefit from sustained growth in loans and deposits along with improving credit quality. However, the company's top-line growth remains under pressure amid a challenging operating environment. Notably, management lowered 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. “

A number of other equities analysts also recently issued reports on PBCT. Deutsche Bank AG increased their price target on People’s United Financial from $14.00 to $15.00 and gave the stock a hold rating in a research report on Tuesday. Keefe, Bruyette & Woods reissued a market perform rating and set a $16.00 price target on shares of People’s United Financial in a research report on Wednesday, June 29th. Finally, Piper Jaffray Cos. raised People’s United Financial from an underweight rating to a neutral rating and set a $14.00 price target on the stock in a research report on Wednesday, June 29th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $15.31.

Shares of People’s United Financial (NASDAQ:PBCT) traded up 0.616% during trading on Thursday, reaching $15.505. The company’s stock had a trading volume of 818,945 shares. People’s United Financial has a 12-month low of $13.62 and a 12-month high of $16.93. The stock has a market capitalization of $4.71 billion, a PE ratio of 17.421 and a beta of 0.85. The firm’s 50-day moving average is $15.89 and its 200-day moving average is $15.55.

People’s United Financial (NASDAQ:PBCT) last released its earnings results on Thursday, July 21st. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates 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%. Equities analysts expect that People’s United Financial will post $0.89 earnings per share for the current year.

In other People’s United Financial news, VP Robert E. Trautmann sold 47,707 shares of the firm’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $15.48, for a total value of $738,504.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP David K. Norton sold 15,495 shares of the firm’s stock in a transaction dated Wednesday, August 31st. The stock was sold at an average price of $16.05, for a total value of $248,694.75. The disclosure for this sale can be found here. Corporate insiders own 2.90% of the company’s stock.

A number of large investors have recently modified their holdings of the company. Hancock Holding Co. increased its stake in shares of People’s United Financial by 4.6% in the first quarter. Hancock Holding Co. now owns 47,540 shares of the company’s stock valued at $757,000 after buying an additional 2,084 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of People’s United Financial by 0.8% in the first quarter. Geode Capital Management LLC now owns 2,698,824 shares of the company’s stock valued at $42,911,000 after buying an additional 20,841 shares in the last quarter. Rafferty Asset Management LLC increased its stake in shares of People’s United Financial by 49.3% in the first quarter. Rafferty Asset Management LLC now owns 40,798 shares of the company’s stock valued at $650,000 after buying an additional 13,472 shares in the last quarter. BB&T Securities LLC acquired a new stake in shares of People’s United Financial during the first quarter valued at $164,000. Finally, Canada Pension Plan Investment Board increased its stake in shares of 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. 77.34% of the stock is owned by institutional investors and hedge funds.

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.

Related posts

Leave a Comment