People's United Financial, Inc. (NASDAQ:PBCT) – Research analysts at Jefferies Group increased their FY2018 earnings per share estimates for shares of People's United Financial in a research report issued to clients and investors on Monday. Jefferies Group analyst C. Haire now expects that the bank will post earnings of $1.22 per share for the year, up from their previous forecast of $1.10. Jefferies Group also issued estimates for People's United Financial’s FY2019 earnings at $1.30 EPS.
Other research analysts have also recently issued reports about the company. Piper Jaffray Companies reaffirmed a “sell” rating and set a $17.00 price objective on shares of People's United Financial in a research report on Sunday, October 22nd. Zacks Investment Research raised People's United Financial from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Tuesday, October 24th. Finally, Barclays upped their price objective on People's United Financial from $18.00 to $20.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 2nd. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. People's United Financial presently has an average rating of “Hold” and an average target price of $19.04.
People's United Financial (NASDAQ:PBCT) last posted its quarterly earnings data on Thursday, October 19th. The bank reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.01. The company had revenue of $373.90 million during the quarter, compared to analysts’ expectations of $374.59 million. People's United Financial had a return on equity of 6.28% and a net margin of 19.32%. People's United Financial’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share.
In related news, CEO John P. Barnes sold 299,309 shares of the stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $18.88, for a total transaction of $5,650,953.92. Following the completion of the transaction, the chief executive officer now directly owns 383,140 shares of the company’s stock, valued at $7,233,683.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sara M. Longobardi sold 43,450 shares of the stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $18.68, for a total value of $811,646.00. The disclosure for this sale can be found here. Insiders have sold 724,338 shares of company stock valued at $13,796,084 over the last three months. Insiders own 2.70% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisory Services Network LLC boosted 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 valued at $137,000 after purchasing an additional 226 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted 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 valued at $145,000 after purchasing an additional 7,466 shares during the last quarter. Federated Investors Inc. PA boosted 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 valued at $171,000 after purchasing an additional 80 shares during the last quarter. Intl Fcstone Inc. acquired a new position in People's United Financial during the second quarter valued at approximately $185,000. Finally, Franklin Resources Inc. acquired a new position in People's United Financial during the second quarter valued at approximately $193,000. 75.52% of the stock is owned by hedge funds and other institutional investors.
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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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