Ossiam Purchases New Position in People’s United Financial, Inc. (NASDAQ:PBCT)
Ossiam purchased a new stake in shares of People’s United Financial, Inc. (NASDAQ:PBCT) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 30,517 shares of the bank’s stock, valued at approximately $512,000.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PBCT. Knott David M bought a new position in People’s United Financial in the first quarter worth about $25,000. Amica Retiree Medical Trust bought a new position in People’s United Financial in the second quarter worth $30,000. AGF Investments LLC purchased a new position in People’s United Financial during the second quarter valued at $48,000. Parallel Advisors LLC lifted its position in People’s United Financial by 125.9% during the first quarter. Parallel Advisors LLC now owns 2,955 shares of the bank’s stock valued at $49,000 after buying an additional 1,647 shares during the period. Finally, Thor Advisors LLC bought a new stake in shares of People’s United Financial during the 1st quarter valued at $51,000. 76.88% of the stock is owned by institutional investors and hedge funds.
In other People’s United Financial news, CFO R David Rosato sold 39,250 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were 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 directly owns 137,952 shares in the company, valued at approximately $2,234,822.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company’s stock.
People’s United Financial (NASDAQ:PBCT) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $0.34 earnings per share for the quarter, meeting the consensus estimate of $0.34. The firm had revenue of $454.40 million during the quarter, compared to the consensus estimate of $448.83 million. People’s United Financial had a return on equity of 8.21% and a net margin of 23.51%. During the same period last year, the company earned $0.32 earnings per share. On average, analysts anticipate that People’s United Financial, Inc. will post 1.33 earnings per share for the current year.
People’s United Financial declared that its Board of Directors has initiated a stock repurchase program on Thursday, July 18th that permits the company to repurchase 20,000,000 outstanding shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 1st were given a dividend of $0.1775 per share. This represents a $0.71 annualized dividend and a yield of 4.48%. The ex-dividend date of this dividend was Wednesday, July 31st. People’s United Financial’s dividend payout ratio (DPR) is 54.20%.
PBCT has been the subject of several research reports. BidaskClub upgraded shares of People’s United Financial from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 4th. ValuEngine lowered shares of People’s United Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Keefe, Bruyette & Woods cut shares of People’s United Financial from an “outperform” rating to a “market perform” rating and set a $16.00 price objective on the stock. in a report on Thursday, September 5th. Finally, DA Davidson initiated coverage on shares of People’s United Financial in a research note on Monday, August 26th. They set a “buy” rating and a $16.00 target price for the company. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $17.60.
People’s United Financial Company Profile
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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