Shell Asset Management Co. Reduces Position in People’s United Financial, Inc. (PBCT)

Shell Asset Management Co. decreased its position in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 85.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,127 shares of the bank’s stock after selling 122,376 shares during the period. Shell Asset Management Co.’s holdings in People’s United Financial were worth $355,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. ING Groep NV raised its position in shares of People’s United Financial by 0.5% in the second quarter. ING Groep NV now owns 17,637 shares of the bank’s stock worth $311,000 after buying an additional 94 shares during the last quarter. Contravisory Investment Management Inc. raised its position in shares of People’s United Financial by 0.8% in the second quarter. Contravisory Investment Management Inc. now owns 13,274 shares of the bank’s stock worth $234,000 after buying an additional 104 shares during the last quarter. Neuberger Berman Group LLC raised its position in shares of People’s United Financial by 0.7% in the first quarter. Neuberger Berman Group LLC now owns 31,946 shares of the bank’s stock worth $581,000 after buying an additional 214 shares during the last quarter. Meeder Asset Management Inc. raised its position in shares of People’s United Financial by 0.6% in the second quarter. Meeder Asset Management Inc. now owns 42,969 shares of the bank’s stock worth $759,000 after buying an additional 237 shares during the last quarter. Finally, Washington Trust Bank raised its position in shares of People’s United Financial by 1.4% in the second quarter. Washington Trust Bank now owns 18,408 shares of the bank’s stock worth $325,000 after buying an additional 255 shares during the last quarter. 75.03% of the stock is owned by institutional investors.

Shares of People’s United Financial, Inc. (NASDAQ:PBCT) opened at 17.10 on Wednesday. The company has a market capitalization of $5.77 billion, a price-to-earnings ratio of 19.13 and a beta of 0.82. People’s United Financial, Inc. has a 1-year low of $15.27 and a 1-year high of $20.13. The stock has a 50 day moving average price of $17.57 and a 200 day moving average price of $17.87.

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

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Tuesday, August 1st were paid a dividend of $0.1725 per share. The ex-dividend date was Friday, July 28th. This represents a $0.69 annualized dividend and a yield of 4.04%. People’s United Financial’s dividend payout ratio (DPR) is currently 77.53%.

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A number of equities analysts recently commented on the company. Morgan Stanley raised People’s United Financial from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $16.50 to $17.50 in a research note on Monday, June 5th. They noted that the move was a valuation call. BidaskClub lowered People’s United Financial from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. Keefe, Bruyette & Woods reissued a “hold” rating and set a $19.00 price target on shares of People’s United Financial in a research note on Friday, June 9th. Finally, Zacks Investment Research raised People’s United Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Three research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. People’s United Financial has an average rating of “Hold” and a consensus price target of $18.25.

In other news, VP Robert E. Trautmann sold 118,836 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The stock was sold at an average price of $17.08, for a total value of $2,029,718.88. Following the completion of the sale, the vice president now directly owns 70,323 shares in the company, valued at $1,201,116.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jerry Franklin sold 4,520 shares of the company’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $16.72, for a total value of $75,574.40. Following the completion of the sale, the director now owns 97,249 shares of the company’s stock, valued at $1,626,003.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,115 shares of company stock valued at $2,226,820. 2.70% of the stock is owned by company insiders.

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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Institutional Ownership by Quarter for People`s United Financial (NASDAQ:PBCT)

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