Shares of People’s United Financial Inc. (NASDAQ: PBCT) were downgraded by analysts at Zacks Investment Research in a note to their investors today. The company currently has a rating of Sell on the shares. A number of other analysts have issued reports on the stock in recent days, and People’s United Financial Inc. has secured a consensus one-year price target of $14.19, lower than the opening price of $15.79, a difference of 9.03 percent. People’s United Financial Inc. stock has a 52-week high of $16.93. Downgrades are more common when analysts believe that the future prospects for the security have weakened from the initial recommendation, usually because of an important and major digression in the company’s actions, future direction or industry.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Shares of People’s United Financial Inc. (NASDAQ: PBCT) opened at $15.79 yesterday and traded in a range between, $15.59 and $15.81, and last traded at $15.72, a jump of $0.04 compared to the previous closing price.
People’s United Financial Inc. (NASDAQ: PBCT) currently has a market cap of 4.77B.
2,046,566 shares traded hands yesterday, lower than normal, out of a total float 300,590,000. Look for trading volume to pick up in the coming days as investors often use increases in trading volume to identify heavy volume growth or distribution by institutional investors.
However, just a day of high volume buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts that investigate thousands of stocks, so it is good confirmation to see them taking a postion in a stock you’re considering.
By following the activity of these professional investors and how they affect moving averages,it allows for traders to make more impactful judgments on trades.
Trades for People’s United Financial Inc. (NASDAQ: PBCT) have ranged from $13.62 – 16.93, and the stock now has a 50-day MA of $15.76 and 200-day MA of $15.56. Today’s last price is 0.07% below the 52 week high of $16.93.
Earnings growth is a critical factor to consider when investing in stocks and investors watch for companies that have raised their earnings at least 25% or more over a 3 year period.
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