Q2 2020 EPS Estimates for People’s United Financial, Inc. Reduced by Piper Sandler (NASDAQ:PBCT)

People’s United Financial, Inc. (NASDAQ:PBCT) – Equities researchers at Piper Sandler reduced their Q2 2020 EPS estimates for People’s United Financial in a research note issued on Monday, June 29th. Piper Sandler analyst M. Fitzgibbon now anticipates that the bank will earn $0.23 per share for the quarter, down from their previous forecast of $0.27. Piper Sandler currently has a “Overweight” rating and a $14.00 target price on the stock. Piper Sandler also issued estimates for People’s United Financial’s Q4 2020 earnings at $0.24 EPS, Q1 2021 earnings at $0.27 EPS, Q2 2021 earnings at $0.27 EPS, Q3 2021 earnings at $0.28 EPS, Q4 2021 earnings at $0.28 EPS and FY2021 earnings at $1.11 EPS.

People’s United Financial (NASDAQ:PBCT) last posted its quarterly earnings results on Thursday, April 23rd. The bank reported $0.33 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.01. People’s United Financial had a net margin of 22.34% and a return on equity of 8.10%. The business had revenue of $519.80 million for the quarter, compared to the consensus estimate of $498.17 million. During the same period in the prior year, the business posted $0.33 earnings per share.

Other equities research analysts have also recently issued research reports about the company. ValuEngine cut People’s United Financial from a “hold” rating to a “sell” rating in a research note on Thursday, April 2nd. Wells Fargo & Co restated a “hold” rating on shares of People’s United Financial in a report on Monday, March 30th. DA Davidson lowered shares of People’s United Financial from a “buy” rating to a “neutral” rating and set a $12.50 price objective for the company. in a research note on Friday, April 24th. Zacks Investment Research downgraded shares of People’s United Financial from a “hold” rating to a “sell” rating and set a $13.00 target price on the stock. in a research report on Tuesday, April 28th. Finally, UBS Group reduced their price target on People’s United Financial from $9.50 to $9.00 and set a “neutral” rating for the company in a research report on Friday, May 15th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. People’s United Financial has an average rating of “Hold” and a consensus target price of $13.50.

Shares of PBCT stock opened at $11.57 on Tuesday. People’s United Financial has a fifty-two week low of $9.37 and a fifty-two week high of $17.22. The stock’s 50-day moving average is $11.72 and its two-hundred day moving average is $13.65. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market cap of $4.60 billion, a P/E ratio of 9.11 and a beta of 1.27.

Several institutional investors and hedge funds have recently made changes to their positions in PBCT. Richard P Slaughter Associates Inc grew its position in People’s United Financial by 21.2% during the first quarter. Richard P Slaughter Associates Inc now owns 74,553 shares of the bank’s stock worth $824,000 after buying an additional 13,024 shares in the last quarter. Optimal Asset Management Inc. lifted its position in shares of People’s United Financial by 33.7% in the 1st quarter. Optimal Asset Management Inc. now owns 89,566 shares of the bank’s stock worth $990,000 after acquiring an additional 22,595 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of People’s United Financial by 15.2% during the 1st quarter. The Manufacturers Life Insurance Company now owns 495,961 shares of the bank’s stock worth $5,481,000 after purchasing an additional 65,253 shares in the last quarter. Capital Advisors Inc. OK increased its position in shares of People’s United Financial by 18.7% during the first quarter. Capital Advisors Inc. OK now owns 997,238 shares of the bank’s stock valued at $11,019,000 after purchasing an additional 157,219 shares during the period. Finally, APG Asset Management N.V. raised its stake in shares of People’s United Financial by 92.3% in the first quarter. APG Asset Management N.V. now owns 505,303 shares of the bank’s stock valued at $5,584,000 after purchasing an additional 242,522 shares in the last quarter. 75.33% of the stock is owned by institutional investors and hedge funds.

In other news, EVP David P. Berey sold 12,978 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $12.03, for a total value of $156,125.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.20% of the company’s stock.

People’s United Financial Company Profile

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 and Estimates for People`s United Financial (NASDAQ:PBCT)

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