Morgan Stanley upgraded shares of People’s United Financial, Inc. (NASDAQ:PBCT) from an underweight rating to an equal weight rating in a research report report published on Monday, June 5th, MarketBeat.com reports. Morgan Stanley currently has $17.50 price target on the bank’s stock, up from their prior price target of $16.50. The analysts noted that the move was a valuation call.
Several other equities research analysts also recently weighed in on the stock. Zacks Investment Research raised shares of People’s United Financial from a hold rating to a buy rating and set a $20.00 price target for the company in a research report on Monday, March 27th. Keefe, Bruyette & Woods reissued a hold rating and set a $19.00 price target on shares of People’s United Financial in a research report on Thursday, April 6th. Finally, Sandler O’Neill raised shares of People’s United Financial from a sell rating to a hold rating and raised their price target for the company from $17.00 to $19.50 in a research report on Friday, March 10th. Three research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $18.22.
Shares of People’s United Financial (NASDAQ PBCT) traded down 0.22% during midday trading on Monday, hitting $17.75. 2,903,662 shares of the company were exchanged. The firm has a market cap of $5.51 billion, a P/E ratio of 19.15 and a beta of 0.81. The company’s 50 day moving average price is $17.19 and its 200 day moving average price is $18.40. People’s United Financial has a one year low of $13.80 and a one year high of $20.13.
People’s United Financial (NASDAQ:PBCT) last posted its earnings results on Thursday, April 20th. The bank reported $0.22 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.22. The company had revenue of $342.80 million during the quarter, compared to analyst estimates of $336.29 million. People’s United Financial had a net margin of 19.46% and a return on equity of 5.98%. People’s United Financial’s revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.21 earnings per share. Equities analysts expect that People’s United Financial will post $0.95 EPS for the current year.
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The business also recently declared a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Monday, May 1st were paid a $0.1725 dividend. The ex-dividend date was Thursday, April 27th. This represents a $0.69 annualized dividend and a yield of 3.89%. This is a boost from People’s United Financial’s previous quarterly dividend of $0.17. People’s United Financial’s payout ratio is presently 74.19%.
In other People’s United Financial news, Director Jerry Franklin sold 4,520 shares of the business’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $16.72, for a total value of $75,574.40. Following the sale, the director now owns 97,249 shares in the company, valued at approximately $1,626,003.28. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Robert E. Trautmann sold 118,836 shares of the business’s stock in a transaction on Thursday, June 8th. The stock was sold at an average price of $17.08, for a total transaction of $2,029,718.88. Following the completion of the sale, the vice president now owns 70,323 shares in the company, valued at approximately $1,201,116.84. The disclosure for this sale can be found here. 2.70% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in PBCT. OMERS ADMINISTRATION Corp increased its stake in People’s United Financial by 2.2% in the third quarter. OMERS ADMINISTRATION Corp now owns 538,000 shares of the bank’s stock worth $8,511,000 after buying an additional 11,500 shares during the period. Pacad Investment Ltd. increased its stake in People’s United Financial by 12.1% in the fourth quarter. Pacad Investment Ltd. now owns 84,500 shares of the bank’s stock worth $1,636,000 after buying an additional 9,100 shares during the period. Norges Bank acquired a new stake in People’s United Financial during the fourth quarter worth $49,250,000. Washington Trust Bank acquired a new stake in People’s United Financial during the first quarter worth $330,000. Finally, Aberdeen Asset Management PLC UK increased its stake in People’s United Financial by 2.9% in the first quarter. Aberdeen Asset Management PLC UK now owns 95,564 shares of the bank’s stock worth $1,740,000 after buying an additional 2,659 shares during the period. Institutional investors and hedge funds own 76.84% 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.
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