People's United Financial, Inc. (NASDAQ:PBCT) was the target of a significant drop in short interest in December. As of December 29th, there was short interest totalling 19,940,910 shares, a drop of 12.1% from the December 15th total of 22,694,232 shares. Based on an average trading volume of 2,171,360 shares, the days-to-cover ratio is currently 9.2 days. Approximately 5.8% of the company’s stock are sold short.
Shares of People's United Financial (PBCT) opened at $19.48 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.72. People's United Financial has a twelve month low of $15.97 and a twelve month high of $19.85. The company has a market capitalization of $6,740.00, a PE ratio of 21.41, a P/E/G ratio of 8.26 and a beta of 0.85.
People's United Financial (NASDAQ:PBCT) last released its earnings results on Thursday, October 19th. The bank reported $0.26 EPS for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.01. People's United Financial had a return on equity of 6.28% and a net margin of 19.32%. The firm had revenue of $373.90 million during the quarter, compared to the consensus estimate of $374.59 million. During the same quarter in the previous year, the company posted $0.24 earnings per share. The company’s revenue was up 11.2% compared to the same quarter last year. analysts expect that People's United Financial will post 1 EPS for the current fiscal year.
Several equities research analysts have weighed in on the company. Zacks Investment Research raised People's United Financial from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Tuesday, December 5th. Piper Jaffray Companies reissued a “sell” rating and issued a $17.00 price target on shares of People's United Financial in a report on Sunday, October 22nd. Finally, Barclays raised their price target on People's United Financial from $18.00 to $20.00 and gave the stock an “underweight” rating in a report on Tuesday, January 2nd. Three research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. People's United Financial has a consensus rating of “Hold” and an average target price of $19.04.
In other People's United Financial news, CEO John P. Barnes sold 299,309 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $18.88, for a total value of $5,650,953.92. Following the completion of the sale, the chief executive officer now owns 383,140 shares of the company’s stock, valued at $7,233,683.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP David K. Norton sold 108,194 shares of the firm’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $19.22, for a total value of $2,079,488.68. The disclosure for this sale can be found here. In the last three months, insiders sold 724,338 shares of company stock valued at $13,796,084. Corporate insiders own 2.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Advisory Services Network LLC lifted its holdings in shares of People's United Financial by 3.0% during the second quarter. Advisory Services Network LLC now owns 7,757 shares of the bank’s stock worth $137,000 after purchasing an additional 226 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of People's United Financial by 1,408.7% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 7,996 shares of the bank’s stock worth $145,000 after purchasing an additional 7,466 shares during the period. Federated Investors Inc. PA lifted its holdings in shares of People's United Financial by 0.8% during the second quarter. Federated Investors Inc. PA now owns 9,678 shares of the bank’s stock worth $171,000 after purchasing an additional 80 shares during the period. Aurora Investment Counsel acquired a new stake in shares of People's United Financial during the fourth quarter worth about $193,000. Finally, Intl Fcstone Inc. acquired a new stake in shares of People's United Financial during the second quarter worth about $185,000. 75.52% of the stock is owned by hedge funds and other institutional investors.
People's United Financial Company Profile
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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