West Branch Capital LLC Buys Shares of 17,944 People’s United Financial, Inc. (NASDAQ:PBCT)
West Branch Capital LLC bought a new stake in shares of People’s United Financial, Inc. (NASDAQ:PBCT) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 17,944 shares of the bank’s stock, valued at approximately $301,000.
Other large investors have also recently made changes to their positions in the company. BlackRock Inc. increased its stake in People’s United Financial by 3.3% in the first quarter. BlackRock Inc. now owns 36,571,846 shares of the bank’s stock worth $601,242,000 after purchasing an additional 1,159,031 shares during the period. Dimensional Fund Advisors LP grew its position in shares of People’s United Financial by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,879,897 shares of the bank’s stock worth $142,565,000 after buying an additional 589,342 shares during the period. Geode Capital Management LLC grew its position in shares of People’s United Financial by 9.7% in the 4th quarter. Geode Capital Management LLC now owns 5,871,742 shares of the bank’s stock worth $84,598,000 after buying an additional 517,455 shares during the period. Crawford Investment Counsel Inc. grew its position in shares of People’s United Financial by 16.9% in the 1st quarter. Crawford Investment Counsel Inc. now owns 3,966,668 shares of the bank’s stock worth $65,212,000 after buying an additional 572,285 shares during the period. Finally, First Trust Advisors LP grew its position in shares of People’s United Financial by 10.0% in the 1st quarter. First Trust Advisors LP now owns 3,403,221 shares of the bank’s stock worth $55,949,000 after buying an additional 310,119 shares during the period. 75.38% of the stock is currently owned by institutional investors.
Shares of People’s United Financial stock traded up $0.04 on Wednesday, reaching $14.50. 2,094,558 shares of the stock were exchanged, compared to its average volume of 4,803,561. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.44. People’s United Financial, Inc. has a twelve month low of $13.66 and a twelve month high of $18.95. The firm has a market capitalization of $5.82 billion, a price-to-earnings ratio of 11.06, a PEG ratio of 5.46 and a beta of 1.21. The business has a 50 day moving average price of $15.95 and a two-hundred day moving average price of $16.59.
People’s United Financial announced that its board has approved a share buyback program on Thursday, July 18th that permits the company to buyback 20,000,000 shares. This buyback authorization permits the bank to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 1st were issued a dividend of $0.1775 per share. This represents a $0.71 dividend on an annualized basis and a dividend yield of 4.90%. The ex-dividend date was Wednesday, July 31st. People’s United Financial’s dividend payout ratio (DPR) is 54.20%.
In related news, CFO R David Rosato sold 39,250 shares of People’s United Financial stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $16.20, for a total transaction of $635,850.00. Following the completion of the sale, the chief financial officer now owns 137,952 shares of the company’s stock, valued at $2,234,822.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.40% of the company’s stock.
Several equities analysts have issued reports on PBCT shares. ValuEngine lowered People’s United Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. BidaskClub downgraded People’s United Financial from a “hold” rating to a “sell” rating in a report on Thursday, August 15th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $18.67.
About People’s United Financial
People's United Financial, Inc operates as the bank holding company for People's United Bank, National Association that provides commercial banking, retail banking, and wealth management services to individual, corporate, and municipal customers. The company operates in two segments, Commercial Banking and Retail Banking.
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