People’s United Financial (NASDAQ:PBCT) Posts Earnings Results, Hits Expectations

People’s United Financial (NASDAQ:PBCT) posted its quarterly earnings results on Thursday. The bank reported $0.34 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.34, Briefing.com reports. People’s United Financial had a net margin of 23.51% and a return on equity of 8.43%. The firm had revenue of $454.40 million for the quarter, compared to analysts’ expectations of $448.83 million. During the same quarter in the prior year, the company posted $0.32 earnings per share.

Shares of PBCT stock opened at $16.33 on Friday. People’s United Financial has a 12-month low of $13.66 and a 12-month high of $19.00. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.39. The stock has a 50 day moving average of $16.39. The stock has a market capitalization of $6.51 billion, a PE ratio of 12.01, a P/E/G ratio of 6.01 and a beta of 1.22.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Thursday, August 1st will be issued a $0.1775 dividend. This represents a $0.71 annualized dividend and a yield of 4.35%. People’s United Financial’s dividend payout ratio is currently 54.20%.



In other People’s United Financial news, insider Mark F. Herron sold 4,466 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $17.36, for a total value of $77,529.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO R David Rosato sold 39,250 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $16.20, for a total transaction of $635,850.00. Following the completion of the transaction, the chief financial officer now owns 137,952 shares in the company, valued at $2,234,822.40. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. acquired a new position in People’s United Financial in the fourth quarter valued at about $72,000. Dimensional Fund Advisors LP boosted its position in shares of People’s United Financial by 6.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,879,897 shares of the bank’s stock worth $142,565,000 after buying an additional 589,342 shares during the period. Stifel Financial Corp boosted its position in shares of People’s United Financial by 40.3% during the fourth quarter. Stifel Financial Corp now owns 87,641 shares of the bank’s stock worth $1,259,000 after buying an additional 25,191 shares during the period. California State Teachers Retirement System boosted its position in shares of People’s United Financial by 20.8% during the fourth quarter. California State Teachers Retirement System now owns 626,745 shares of the bank’s stock worth $9,044,000 after buying an additional 107,817 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of People’s United Financial by 9.7% during the fourth quarter. Geode Capital Management LLC now owns 5,871,742 shares of the bank’s stock worth $84,598,000 after buying an additional 517,455 shares during the period. Institutional investors and hedge funds own 75.82% of the company’s stock.

People’s United Financial announced that its Board of Directors has initiated a stock buyback program on Thursday, July 18th that authorizes the company to repurchase 20,000,000 outstanding shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

A number of equities research analysts have recently commented on PBCT shares. FIG Partners cut shares of People’s United Financial from an “outperform” rating to a “market perform” rating in a report on Monday, April 22nd. ValuEngine upgraded shares of Vermillion from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th. Zacks Investment Research cut shares of GasLog Partners LP Unit from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 2nd. Finally, BidaskClub cut shares of Zions Bancorporation NA from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. People’s United Financial presently has a consensus rating of “Hold” and an average price target of $19.70.

About People’s United Financial

People's United Financial, Inc operates as the bank holding company for People's United Bank, National Association that provides commercial banking, retail banking, and wealth management services to individual, corporate, and municipal customers. The company operates in two segments, Commercial Banking and Retail Banking.

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Earnings History for People`s United Financial (NASDAQ:PBCT)

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