People’s United Financial, Inc. (PBCT) Shares Gap Up on Strong Earnings

Shares of People’s United Financial, Inc. (NASDAQ:PBCT) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $17.36, but opened at $18.36. People’s United Financial shares last traded at $18.89, with a volume of 3,267,456 shares changing hands.

The bank reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.01. People’s United Financial had a net margin of 18.88% and a return on equity of 6.14%. The business had revenue of $373.90 million for the quarter, compared to analysts’ expectations of $374.59 million. During the same quarter last year, the firm earned $0.24 EPS. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be given a $0.1725 dividend. This represents a $0.69 annualized dividend and a yield of 3.65%. People’s United Financial’s payout ratio is 77.53%.

PBCT has been the topic of several recent research reports. Zacks Investment Research cut shares of People’s United Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Piper Jaffray Companies reaffirmed a “sell” rating and issued a $16.00 price target on shares of People’s United Financial in a research report on Wednesday, October 4th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $17.75 price target (up previously from $17.50) on shares of People’s United Financial in a research report on Friday, July 7th. BidaskClub cut shares of People’s United Financial from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $19.00 price target on shares of People’s United Financial in a research report on Friday, August 18th. Three research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and an average price target of $18.75.

In other People’s United Financial news, Director Janet M. Hansen sold 12,000 shares of People’s United Financial stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $17.14, for a total transaction of $205,680.00. Following the transaction, the director now owns 145,707 shares of the company’s stock, valued at approximately $2,497,417.98. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeffrey Hoyt sold 6,759 shares of People’s United Financial stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $17.98, for a total transaction of $121,526.82. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of PBCT. Glassman Wealth Services lifted its position in shares of People’s United Financial by 4,150.7% during the 2nd quarter. Glassman Wealth Services now owns 5,696 shares of the bank’s stock worth $101,000 after buying an additional 5,562 shares in the last quarter. Ffcm LLC lifted its position in shares of People’s United Financial by 208.3% during the 2nd quarter. Ffcm LLC now owns 6,345 shares of the bank’s stock worth $114,000 after buying an additional 4,287 shares in the last quarter. Advisory Services Network LLC lifted its position in shares of People’s United Financial by 3.0% during the 2nd quarter. Advisory Services Network LLC now owns 7,757 shares of the bank’s stock worth $137,000 after buying an additional 226 shares in the last quarter. Federated Investors Inc. PA lifted its position in shares of People’s United Financial by 0.8% during the 2nd quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock worth $171,000 after buying an additional 80 shares in the last quarter. Finally, Intl Fcstone Inc. bought a new position in shares of People’s United Financial during the 2nd quarter worth approximately $185,000. 77.19% of the stock is currently owned by hedge funds and other institutional investors.

The company has a 50-day moving average of $17.59 and a 200-day moving average of $17.41. The stock has a market cap of $6.38 billion, a PE ratio of 21.13 and a beta of 0.84.

COPYRIGHT VIOLATION NOTICE: “People’s United Financial, Inc. (PBCT) Shares Gap Up on Strong Earnings” was originally posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this article on another website, it was stolen and republished in violation of U.S. and international copyright & trademark law. The legal version of this article can be viewed at https://ledgergazette.com/2017/10/21/peoples-united-financial-inc-pbct-shares-gap-up-on-strong-earnings.html.

About People’s United Financial

People’s United Financial, Inc is a bank holding company and a financial hol

The bank reported $0.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.01. People’s United Financial had a net margin of 18.88% and a return on equity of 6.14%. The business had revenue of $373.90 million for the quarter, compared to analysts’ expectations of $374.59 million. During the same quarter last year, the firm earned $0.24 EPS. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st will be given a $0.1725 dividend. This represents a $0.69 annualized dividend and a yield of 3.65%. People’s United Financial’s payout ratio is 77.53%.

PBCT has been the topic of several recent research reports. Zacks Investment Research cut shares of People’s United Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Piper Jaffray Companies reaffirmed a “sell” rating and issued a $16.00 price target on shares of People’s United Financial in a research report on Wednesday, October 4th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $17.75 price target (up previously from $17.50) on shares of People’s United Financial in a research report on Friday, July 7th. BidaskClub cut shares of People’s United Financial from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $19.00 price target on shares of People’s United Financial in a research report on Friday, August 18th. Three research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. The company has a consensus rating of “Hold” and an average price target of $18.75.

In other People’s United Financial news, Director Janet M. Hansen sold 12,000 shares of People’s United Financial stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $17.14, for a total transaction of $205,680.00. Following the transaction, the director now owns 145,707 shares of the company’s stock, valued at approximately $2,497,417.98. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jeffrey Hoyt sold 6,759 shares of People’s United Financial stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $17.98, for a total transaction of $121,526.82. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of PBCT. Glassman Wealth Services lifted its position in shares of People’s United Financial by 4,150.7% during the 2nd quarter. Glassman Wealth Services now owns 5,696 shares of the bank’s stock worth $101,000 after buying an additional 5,562 shares in the last quarter. Ffcm LLC lifted its position in shares of People’s United Financial by 208.3% during the 2nd quarter. Ffcm LLC now owns 6,345 shares of the bank’s stock worth $114,000 after buying an additional 4,287 shares in the last quarter. Advisory Services Network LLC lifted its position in shares of People’s United Financial by 3.0% during the 2nd quarter. Advisory Services Network LLC now owns 7,757 shares of the bank’s stock worth $137,000 after buying an additional 226 shares in the last quarter. Federated Investors Inc. PA lifted its position in shares of People’s United Financial by 0.8% during the 2nd quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock worth $171,000 after buying an additional 80 shares in the last quarter. Finally, Intl Fcstone Inc. bought a new position in shares of People’s United Financial during the 2nd quarter worth approximately $185,000. 77.19% of the stock is currently owned by hedge funds and other institutional investors.

The company has a 50-day moving average of $17.59 and a 200-day moving average of $17.41. The stock has a market cap of $6.38 billion, a PE ratio of 21.13 and a beta of 0.84.

COPYRIGHT VIOLATION NOTICE: “People’s United Financial, Inc. (PBCT) Shares Gap Up on Strong Earnings” was originally posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this article on another website, it was stolen and republished in violation of U.S. and international copyright & trademark law. The legal version of this article can be viewed at https://ledgergazette.com/2017/10/21/peoples-united-financial-inc-pbct-shares-gap-up-on-strong-earnings.html.

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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