PNC Financial Services Group Inc. Sells 3,020 Shares of People’s United Financial, Inc. (PBCT)

PNC Financial Services Group Inc. trimmed its stake in People’s United Financial, Inc. (NASDAQ:PBCT) by 6.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,827 shares of the bank’s stock after selling 3,020 shares during the period. PNC Financial Services Group Inc.’s holdings in People’s United Financial were worth $721,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Glassman Wealth Services increased its holdings in People’s United Financial by 4,150.7% in the second quarter. Glassman Wealth Services now owns 5,696 shares of the bank’s stock valued at $101,000 after purchasing an additional 5,562 shares during the period. Ffcm LLC increased its holdings in People’s United Financial by 208.3% in the second quarter. Ffcm LLC now owns 6,345 shares of the bank’s stock valued at $114,000 after purchasing an additional 4,287 shares during the period. Federated Investors Inc. PA increased its holdings in People’s United Financial by 0.8% in the second quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock valued at $171,000 after purchasing an additional 80 shares during the period. Public Employees Retirement Association of Colorado increased its holdings in People’s United Financial by 9.9% in the second quarter. Public Employees Retirement Association of Colorado now owns 10,771 shares of the bank’s stock valued at $190,000 after purchasing an additional 968 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in People’s United Financial in the second quarter valued at $193,000. Institutional investors and hedge funds own 77.20% of the company’s stock.

A number of analysts have weighed in on PBCT shares. Zacks Investment Research downgraded People’s United Financial from a “hold” rating to a “sell” rating in a report on Tuesday, October 3rd. Piper Jaffray Companies reiterated a “sell” rating and set a $16.00 price target on shares of People’s United Financial in a report on Wednesday, October 4th. Morgan Stanley reiterated 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 downgraded People’s United Financial from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Finally, Jefferies Group LLC reiterated 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 equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. People’s United Financial has an average rating of “Hold” and a consensus target price of $18.75.

In related news, insider Jeffrey Hoyt sold 6,759 shares of the business’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $17.98, for a total transaction of $121,526.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Janet M. Hansen sold 12,000 shares of the business’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $17.14, for a total transaction of $205,680.00. Following the transaction, the director now owns 145,707 shares in the company, valued at approximately $2,497,417.98. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.

People’s United Financial (NASDAQ:PBCT) last released its quarterly earnings data on Thursday, July 20th. The bank reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). People’s United Financial had a net margin of 18.88% and a return on equity of 6.14%. The firm had revenue of $366.50 million during the quarter, compared to analysts’ expectations of $357.16 million. During the same quarter in the previous year, the firm posted $0.23 EPS. People’s United Financial’s revenue was up 10.0% compared to the same quarter last year.

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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.

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

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