Zacks Investment Research Upgrades People's United Financial (PBCT) to “Buy”

People's United Financial (NASDAQ:PBCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $22.00 target price on the bank’s stock. Zacks Investment Research‘s price objective points to a potential upside of 16.90% 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. 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. However, escalating expenses despite undertaking initiatives to curb costs remain a concern.”

A number of other research firms have also commented on PBCT. Piper Jaffray Companies reaffirmed a “sell” rating and set a $17.00 price target on shares of People's United Financial in a research report on Sunday, October 22nd. Jefferies Group reissued a “hold” rating and issued a $19.00 target price 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, eight have assigned a hold rating and one has given a buy rating to the company. People's United Financial has a consensus rating of “Hold” and an average price target of $19.19.

People's United Financial (PBCT) opened at $18.82 on Tuesday. People's United Financial has a 1 year low of $15.97 and a 1 year high of $20.13. The company has a market cap of $6,665.34, a PE ratio of 20.05, a P/E/G ratio of 9.78 and a beta of 0.85. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.98 and a current ratio of 0.98.

People's United Financial (NASDAQ:PBCT) last released its quarterly earnings results on Thursday, October 19th. The bank reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.01. People's United Financial had a net margin of 19.32% and a return on equity of 6.28%. The business had revenue of $373.90 million for the quarter, compared to analyst estimates of $374.59 million. During the same period last year, the firm earned $0.24 earnings per share. People's United Financial’s revenue for the quarter was up 11.2% compared to the same quarter last year. analysts anticipate that People's United Financial will post 0.98 EPS for the current year.

In other news, Director Janet M. Hansen sold 12,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 145,707 shares in the company, valued at approximately $2,497,417.98. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Jeffrey J. Tengel sold 173,685 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $19.32, for a total transaction of $3,355,594.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 736,338 shares of company stock worth $14,001,764. Insiders own 2.70% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Federated Investors Inc. PA boosted its stake in shares of People's United Financial by 0.8% in the 2nd 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 in the last quarter. ING Groep NV boosted its stake in shares of People's United Financial by 0.5% in the 2nd quarter. ING Groep NV now owns 17,637 shares of the bank’s stock valued at $311,000 after purchasing an additional 94 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of People's United Financial by 0.4% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,583 shares of the bank’s stock valued at $452,000 after purchasing an additional 104 shares in the last quarter. Bingham Osborn & Scarborough LLC boosted its stake in shares of People's United Financial by 1.2% in the 2nd quarter. Bingham Osborn & Scarborough LLC now owns 10,982 shares of the bank’s stock valued at $194,000 after purchasing an additional 130 shares in the last quarter. Finally, Advisory Services Network LLC boosted its stake in shares of People's United Financial by 3.0% in the 2nd quarter. Advisory Services Network LLC now owns 7,757 shares of the bank’s stock valued at $137,000 after purchasing an additional 226 shares in the last quarter. Institutional investors own 75.67% of the company’s stock.

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People's United Financial Company 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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