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 published on Thursday morning.

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. “

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

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

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

People’s United Financial (NASDAQ:PBCT) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.22 by $0.01. People’s United Financial had a net margin of 19.13% and a return on equity of 5.60%. On average, equities analysts expect 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 People’s United Financial 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Robert E. Trautmann sold 47,707 shares of People’s United Financial 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 disclosure for this sale can be found here. 2.90% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. State Street Corp raised its position in People’s United Financial by 3.4% in the second quarter. State Street Corp now owns 37,136,980 shares of the company’s stock valued at $544,426,000 after buying an additional 1,218,159 shares in the last quarter. Vanguard Group Inc. raised its position in shares of People’s United Financial by 1.5% in the second quarter. Vanguard Group Inc. now owns 28,231,431 shares of the company’s stock worth $413,873,000 after buying an additional 404,086 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of People’s United Financial by 2.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 9,269,001 shares of the company’s stock worth $147,655,000 after buying an additional 190,852 shares during the period. Dimensional Fund Advisors LP raised its position in shares of People’s United Financial by 21.3% in the second quarter. Dimensional Fund Advisors LP now owns 8,138,714 shares of the company’s stock worth $119,310,000 after buying an additional 1,430,635 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of People’s United Financial by 1.0% in the second quarter. Bank of New York Mellon Corp now owns 6,695,866 shares of the company’s stock worth $98,162,000 after buying an additional 67,229 shares during the period. 77.34% of the stock is owned by hedge funds and other institutional investors.

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.

5 Day Chart for NASDAQ:PBCT

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