People’s United Financial, Inc. (PBCT) Stock Rating Upgraded by Zacks Investment Research

People’s United Financial, Inc. (NASDAQ:PBCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $21.00 price target on the bank’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.78% from the stock’s current price.

According to Zacks, “Shares of People’s United have outperformed the industry in the past three months. Also, the company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. In third-quarter 2017, the company reported an earnings beat driven by growth in revenues and lower provisions. Higher expenses were an undermining factor. People’s United is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. Also, People’s United’s improving credit quality and easing margin pressure are tailwinds. The company’s steady capital deployment activities continue to enhance investors’ confidence. However, escalating expenses despite undertaking initiatives to curb costs remain a concern. Also, stretched valuation indicates the stock’s limited upside potential.”

A number of other equities research analysts also recently issued reports on the company. Keefe, Bruyette & Woods reissued a “hold” rating on shares of People’s United Financial in a research report on Monday, July 10th. Morgan Stanley reissued an “equal weight” rating and set a $17.75 price target (up previously from $17.50) on shares of People’s United Financial in a research report on Friday, July 7th. BidaskClub downgraded People’s United Financial from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Piper Jaffray Companies reissued a “sell” rating and set a $16.00 price target on shares of People’s United Financial in a research report on Wednesday, October 4th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $19.00 price target on shares of People’s United Financial in a research report on Friday, August 18th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company. People’s United Financial currently has an average rating of “Hold” and a consensus price target of $19.08.

People’s United Financial (NASDAQ:PBCT) last announced its quarterly earnings data on Thursday, October 19th. The bank reported $0.26 EPS for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.01. The business had revenue of $373.90 million during the quarter, compared to the consensus estimate of $374.59 million. People’s United Financial had a return on equity of 6.28% and a net margin of 19.32%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 earnings per share.

TRADEMARK VIOLATION NOTICE: This article was posted by Community Financial News and is the property of of Community Financial News. If you are accessing this article on another domain, it was stolen and reposted in violation of US & international trademark and copyright laws. The correct version of this article can be viewed at https://www.com-unik.info/2017/11/03/peoples-united-financial-inc-pbct-stock-rating-upgraded-by-zacks-investment-research.html.

In related news, CEO John P. Barnes sold 299,309 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $18.88, for a total value of $5,650,953.92. Following the transaction, the chief executive officer now owns 383,140 shares in the company, valued at $7,233,683.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Mark W. Richards sold 26,732 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $18.89, for a total value of $504,967.48. Following the completion of the transaction, the director now owns 332,668 shares in the company, valued at approximately $6,284,098.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 381,491 shares of company stock worth $7,173,247. 2.70% of the stock is currently owned by insiders.

Several large investors have recently added to or reduced their stakes in PBCT. Glassman Wealth Services raised its stake in People’s United Financial by 4,150.7% during the second quarter. Glassman Wealth Services now owns 5,696 shares of the bank’s stock valued at $101,000 after buying an additional 5,562 shares in the last quarter. Ffcm LLC raised its stake in People’s United Financial by 208.3% during the second quarter. Ffcm LLC now owns 6,345 shares of the bank’s stock valued at $114,000 after buying an additional 4,287 shares in the last quarter. Advisory Services Network LLC raised its stake in People’s United Financial by 3.0% during the second quarter. Advisory Services Network LLC now owns 7,757 shares of the bank’s stock valued at $137,000 after buying an additional 226 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in People’s United Financial by 1,408.7% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 7,996 shares of the bank’s stock valued at $145,000 after buying an additional 7,466 shares in the last quarter. Finally, Federated Investors Inc. PA raised its stake in People’s United Financial by 0.8% during the second quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock valued at $171,000 after buying an additional 80 shares in the last quarter. Institutional investors and hedge funds own 76.90% of the company’s stock.

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.

Analyst Recommendations for People`s United Financial (NASDAQ:PBCT)

What are top analysts saying about People's United Financial Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for People's United Financial Inc. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit