Bar Harbor Trust Services trimmed its position in People’s United Financial, Inc. (NASDAQ:PBCT) by 12.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,046 shares of the bank’s stock after selling 4,500 shares during the quarter. Bar Harbor Trust Services’ holdings in People’s United Financial were worth $532,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in PBCT. FMR LLC increased its stake in People’s United Financial by 10.8% in the first quarter. FMR LLC now owns 138,970 shares of the bank’s stock valued at $2,285,000 after acquiring an additional 13,596 shares during the last quarter. OLD Mission Capital LLC bought a new stake in shares of People’s United Financial during the third quarter worth $2,125,000. Envestnet Asset Management Inc. grew its stake in shares of People’s United Financial by 6.6% during the first quarter. Envestnet Asset Management Inc. now owns 334,053 shares of the bank’s stock worth $5,980,000 after buying an additional 20,722 shares during the last quarter. Standard Life Aberdeen plc grew its stake in shares of People’s United Financial by 48.7% during the first quarter. Standard Life Aberdeen plc now owns 190,964 shares of the bank’s stock worth $3,418,000 after buying an additional 62,540 shares during the last quarter. Finally, Bank of Nova Scotia grew its stake in shares of People’s United Financial by 13.9% during the first quarter. Bank of Nova Scotia now owns 82,614 shares of the bank’s stock worth $1,479,000 after buying an additional 10,090 shares during the last quarter. 70.79% of the stock is currently owned by institutional investors and hedge funds.
Separately, Morgan Stanley decreased their target price on shares of People’s United Financial from $21.00 to $20.50 and set an “equal weight” rating on the stock in a research note on Monday, August 2nd. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $17.29.
People’s United Financial (NASDAQ:PBCT) last released its earnings results on Wednesday, July 14th. The bank reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.06. The business had revenue of $551.70 million for the quarter, compared to analyst estimates of $497.60 million. People’s United Financial had a net margin of 30.99% and a return on equity of 8.53%. People’s United Financial’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 earnings per share. Analysts predict that People’s United Financial, Inc. will post 1.4 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Sunday, August 15th. Investors of record on Sunday, August 1st were issued a $0.183 dividend. The ex-dividend date of this dividend was Thursday, July 29th. This represents a $0.73 annualized dividend and a yield of 4.70%. People’s United Financial’s payout ratio is 57.48%.
People’s United Financial Profile
People’s United Financial, Inc is a bank and financial holding company, which engages in the commercial banking, retail and business banking, and wealth management services to individual, corporate, and municipal customers. It operates through the Commercial Banking and Retail Banking segments. The Commercial Banking segment offers commercial real estate lending, middle market and business banking, mortgage warehouse and asset-based lending, and the equipment financing operations.
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