American Century Companies Inc. increased its stake in People’s United Financial, Inc. (NASDAQ:PBCT) by 38.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,350 shares of the bank’s stock after purchasing an additional 7,866 shares during the period. American Century Companies Inc.’s holdings in People’s United Financial were worth $486,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Alpine Associates Management Inc. bought a new stake in shares of People’s United Financial in the 1st quarter worth approximately $15,737,000. Spring Creek Capital LLC acquired a new stake in People’s United Financial in the 1st quarter valued at approximately $12,043,000. Bank of Nova Scotia increased its position in People’s United Financial by 13.9% in the 1st quarter. Bank of Nova Scotia now owns 82,614 shares of the bank’s stock valued at $1,479,000 after acquiring an additional 10,090 shares during the period. Allianz Asset Management GmbH increased its position in People’s United Financial by 295.8% in the 1st quarter. Allianz Asset Management GmbH now owns 96,722 shares of the bank’s stock valued at $1,731,000 after acquiring an additional 72,287 shares during the period. Finally, Paragon Capital Management Ltd acquired a new stake in People’s United Financial in the 2nd quarter valued at approximately $179,000. 70.79% of the stock is currently owned by institutional investors and hedge funds.
Separately, Morgan Stanley lowered their target price on People’s United Financial from $21.00 to $20.50 and set an “equal weight” rating on the stock in a research report 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $17.29.
People’s United Financial (NASDAQ:PBCT) last released its quarterly earnings data on Wednesday, July 14th. The bank reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.06. The business had revenue of $551.70 million during the quarter, compared to analyst estimates of $497.60 million. People’s United Financial had a return on equity of 8.53% and a net margin of 30.99%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the company posted $0.24 EPS. Equities research analysts predict that People’s United Financial, Inc. will post 1.4 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Sunday, August 15th. Stockholders of record on Sunday, August 1st were paid a dividend of $0.183 per share. This represents a $0.73 annualized dividend and a dividend yield of 4.69%. The ex-dividend date of this dividend was Thursday, July 29th. People’s United Financial’s dividend payout ratio is presently 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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