First Merchants Corp Sells 14,716 Shares of People’s United Financial, Inc. (PBCT)

First Merchants Corp trimmed its position in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 8.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 154,954 shares of the bank’s stock after selling 14,716 shares during the period. First Merchants Corp’s holdings in People’s United Financial were worth $2,809,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Glassman Wealth Services increased its position 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 worth $101,000 after buying an additional 5,562 shares during the last quarter. Ffcm LLC increased its position in People’s United Financial by 208.3% during the second quarter. Ffcm LLC now owns 6,345 shares of the bank’s stock worth $114,000 after buying an additional 4,287 shares during the last quarter. Advisory Services Network LLC increased its position 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 worth $137,000 after buying an additional 226 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position 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 worth $145,000 after buying an additional 7,466 shares during the last quarter. Finally, Federated Investors Inc. PA increased its position 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 worth $171,000 after buying an additional 80 shares during the last quarter. Institutional investors and hedge funds own 76.90% of the company’s stock.

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In other news, CEO John P. Barnes sold 299,309 shares of People’s United Financial stock in a transaction on 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 completion of the sale, the chief executive officer now owns 383,140 shares of the company’s stock, valued at $7,233,683.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Janet M. Hansen sold 12,000 shares of People’s United Financial stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $17.14, for a total value of $205,680.00. Following the completion of the sale, the director now directly owns 145,707 shares of the company’s stock, valued at approximately $2,497,417.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 381,491 shares of company stock valued at $7,173,247. Company insiders own 2.70% of the company’s stock.

Several research firms have commented on PBCT. Zacks Investment Research downgraded shares of People’s United Financial from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. Piper Jaffray Companies reissued a “sell” rating and set a $17.00 target price on shares of People’s United Financial in a research report on Sunday, October 22nd. Keefe, Bruyette & Woods reissued a “hold” rating on shares of People’s United Financial in a research report on Monday, July 10th. Finally, BidaskClub downgraded shares of People’s United Financial from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Three equities 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 stock. The company has a consensus rating of “Hold” and an average price target of $19.08.

Shares of People’s United Financial, Inc. (PBCT) traded down $0.13 during trading hours on Friday, hitting $18.49. The stock had a trading volume of 1,795,343 shares, compared to its average volume of 2,375,299. The firm has a market capitalization of $6,371.10, a P/E ratio of 19.26, a P/E/G ratio of 9.39 and a beta of 0.85. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.72. People’s United Financial, Inc. has a 12 month low of $15.97 and a 12 month high of $20.13.

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. research analysts predict that People’s United Financial, Inc. will post 0.98 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st will be given a $0.1725 dividend. This represents a $0.69 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend is Tuesday, October 31st. People’s United Financial’s dividend payout ratio is currently 75.83%.

People’s United Financial Profile

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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