People’s United Financial, Inc. (NASDAQ:PBCT) was the recipient of a large decline in short interest during the month of August. As of August 15th, there was short interest totalling 25,233,231 shares, a decline of 6.0% from the July 31st total of 26,844,664 shares. Approximately 7.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 2,239,299 shares, the short-interest ratio is currently 11.3 days.

People’s United Financial (NASDAQ PBCT) opened at 16.66 on Wednesday. People’s United Financial has a one year low of $15.28 and a one year high of $20.13. The company’s 50-day moving average is $17.35 and its 200 day moving average is $17.77. The company has a market capitalization of $5.62 billion, a P/E ratio of 18.64 and a beta of 0.82.

People’s United Financial (NASDAQ:PBCT) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.04. People’s United Financial had a net margin of 18.88% and a return on equity of 6.14%. The firm had revenue of $366.50 million during the quarter, compared to analyst estimates of $357.16 million. During the same period last year, the business earned $0.23 EPS. The firm’s revenue was up 10.0% compared to the same quarter last year. On average, equities analysts anticipate that People’s United Financial will post $0.93 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Tuesday, August 1st were given a dividend of $0.1725 per share. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend was Friday, July 28th. People’s United Financial’s payout ratio is currently 77.53%.

In other news, insider Jeffrey Hoyt sold 6,759 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $17.98, for a total value of $121,526.82. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Robert E. Trautmann sold 118,836 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $17.08, for a total transaction of $2,029,718.88. Following the completion of the sale, the vice president now owns 70,323 shares in the company, valued at $1,201,116.84. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. Sentry Investment Management LLC boosted its position in shares of People’s United Financial by 1.1% in the second quarter. Sentry Investment Management LLC now owns 23,768 shares of the bank’s stock valued at $420,000 after buying an additional 256 shares during the period. Toronto Dominion Bank boosted its stake in People’s United Financial by 36.5% in the second quarter. Toronto Dominion Bank now owns 116,640 shares of the bank’s stock worth $2,060,000 after buying an additional 31,179 shares during the last quarter. Advisory Services Network LLC boosted its stake in People’s United Financial by 3.0% in the second quarter. Advisory Services Network LLC now owns 7,757 shares of the bank’s stock worth $137,000 after buying an additional 226 shares during the last quarter. National Asset Management Inc. boosted its stake in People’s United Financial by 9.0% in the second quarter. National Asset Management Inc. now owns 24,069 shares of the bank’s stock worth $426,000 after buying an additional 1,994 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its stake in People’s United Financial by 16.7% in the second quarter. Ameritas Investment Partners Inc. now owns 62,826 shares of the bank’s stock worth $1,108,000 after buying an additional 9,000 shares during the last quarter. 77.02% of the stock is owned by institutional investors and hedge funds.

A number of analysts have recently weighed in on PBCT shares. Morgan Stanley upgraded shares of People’s United Financial from an “underweight” rating to an “equal weight” rating and boosted their target price 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. Keefe, Bruyette & Woods restated a “hold” rating on shares of People’s United Financial in a report on Monday, July 10th. Jefferies Group LLC restated a “hold” rating and issued a $19.00 target price on shares of People’s United Financial in a report on Friday, August 18th. Zacks Investment Research upgraded shares of People’s United Financial from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. Finally, BidaskClub upgraded shares of People’s United Financial from a “strong sell” rating to a “sell” rating in a report on Saturday, June 10th. Three equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $18.48.

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About People’s United Financial

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.

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