$489.95 Million in Sales Expected for People’s United Financial, Inc. (NASDAQ:PBCT) This Quarter
Brokerages forecast that People’s United Financial, Inc. (NASDAQ:PBCT) will post sales of $489.95 million for the current quarter, Zacks reports. Five analysts have issued estimates for People’s United Financial’s earnings, with estimates ranging from $477.46 million to $508.80 million. People’s United Financial reported sales of $421.30 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 16.3%. The business is scheduled to report its next quarterly earnings results on Thursday, January 16th.
According to Zacks, analysts expect that People’s United Financial will report full-year sales of $1.84 billion for the current year, with estimates ranging from $1.82 billion to $1.85 billion. For the next financial year, analysts expect that the company will report sales of $2.06 billion, with estimates ranging from $2.03 billion to $2.11 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for People’s United Financial.
People’s United Financial (NASDAQ:PBCT) last released its earnings results on Thursday, October 17th. The bank reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. People’s United Financial had a return on equity of 8.17% and a net margin of 23.32%. The business had revenue of $462.00 million during the quarter, compared to the consensus estimate of $452.39 million. During the same period last year, the business posted $0.33 earnings per share. The business’s revenue for the quarter was up .1% on a year-over-year basis.
In related news, CAO Jeffrey Hoyt sold 14,263 shares of People’s United Financial stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $16.09, for a total transaction of $229,491.67. Following the completion of the sale, the chief accounting officer now owns 25,199 shares of the company’s stock, valued at $405,451.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP David K. Norton sold 238,350 shares of People’s United Financial stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $16.65, for a total value of $3,968,527.50. Following the sale, the vice president now directly owns 290,491 shares of the company’s stock, valued at approximately $4,836,675.15. The disclosure for this sale can be found here. Insiders have sold 429,175 shares of company stock valued at $10,569,273 in the last three months. 2.40% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of PBCT. Invesco Ltd. lifted its stake in People’s United Financial by 10.5% during the second quarter. Invesco Ltd. now owns 16,011,946 shares of the bank’s stock worth $268,681,000 after purchasing an additional 1,515,333 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in People’s United Financial during the second quarter worth about $17,994,000. Morgan Stanley lifted its stake in People’s United Financial by 36.6% during the second quarter. Morgan Stanley now owns 2,350,911 shares of the bank’s stock worth $39,448,000 after purchasing an additional 629,471 shares during the last quarter. First Trust Advisors LP lifted its stake in People’s United Financial by 19.0% during the third quarter. First Trust Advisors LP now owns 3,599,066 shares of the bank’s stock worth $56,271,000 after purchasing an additional 575,026 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in People’s United Financial by 230.0% during the second quarter. SG Americas Securities LLC now owns 743,422 shares of the bank’s stock worth $12,475,000 after purchasing an additional 518,170 shares during the last quarter. 75.83% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:PBCT traded up $0.04 during trading hours on Thursday, reaching $16.54. The stock had a trading volume of 2,013,743 shares, compared to its average volume of 3,623,752. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a 50 day simple moving average of $16.56 and a 200 day simple moving average of $15.96. People’s United Financial has a 12-month low of $13.66 and a 12-month high of $18.03. The stock has a market cap of $6.59 billion, a P/E ratio of 12.63, a price-to-earnings-growth ratio of 6.13 and a beta of 1.26.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.177 per share. This represents a $0.71 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend was Wednesday, October 30th. People’s United Financial’s dividend payout ratio is 54.20%.
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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