People’s United Financial, Inc. (PBCT) Upgraded at Zacks Investment Research
People’s United Financial, Inc. (NASDAQ:PBCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $19.00 target price on the bank’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.50% from the company’s current price.
According to Zacks, “Shares of People’s United have underperformed the industry in the last three months. The company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. People’s United’s focus on improving credit quality is another positive factor. Also, the company’s steady capital deployment activities continue to enhance investors’ confidence. However, escalating expenses despite undertaking initiatives to curb costs remains a concern.”
Several other research firms have also recently commented on PBCT. Keefe, Bruyette & Woods restated a “hold” rating on shares of People’s United Financial in a report on Monday, July 10th. Morgan Stanley restated an “equal weight” rating and set a $17.75 price target (up from $17.50) on shares of People’s United Financial in a report on Friday, July 7th. BidaskClub upgraded shares of People’s United Financial from a “strong sell” rating to a “sell” rating in a report on Friday, June 30th. Piper Jaffray Companies set a $16.00 price target on shares of People’s United Financial and gave the stock a “sell” rating in a report on Thursday, August 17th. Finally, Jefferies Group LLC restated a “hold” rating and set a $19.00 price target on shares of People’s United Financial in a report on Friday, August 18th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $18.38.
Shares of People’s United Financial (NASDAQ PBCT) traded up 1.203% during trading on Tuesday, reaching $17.245. 692,582 shares of the company traded hands. People’s United Financial has a 12 month low of $15.28 and a 12 month high of $20.13. The firm has a market capitalization of $5.82 billion, a PE ratio of 19.290 and a beta of 0.82. The firm has a 50-day moving average price of $16.91 and a 200-day moving average price of $17.49.
People’s United Financial (NASDAQ:PBCT) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.19 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.04). The company had revenue of $366.50 million for the quarter, compared to analyst estimates of $357.16 million. People’s United Financial had a return on equity of 6.14% and a net margin of 18.88%. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.23 earnings per share. Equities research analysts anticipate that People’s United Financial will post $0.93 EPS for the current year.
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In other People’s United Financial news, insider Jeffrey Hoyt sold 6,759 shares of People’s United Financial stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.70% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. W. E. Donoghue & Co. LLC acquired a new stake in People’s United Financial in the second quarter valued at approximately $16,141,000. Intl Fcstone Inc. acquired a new stake in People’s United Financial in the second quarter valued at approximately $185,000. Sentry Investment Management LLC lifted its stake in 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 acquiring an additional 256 shares during the last quarter. Toronto Dominion Bank lifted 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 valued at $2,060,000 after acquiring an additional 31,179 shares during the last quarter. Finally, Advisory Services Network LLC lifted 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 valued at $137,000 after acquiring an additional 226 shares during the last quarter. Hedge funds and other institutional investors own 77.28% of the company’s stock.
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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