Zacks Investment Research downgraded shares of People’s United Financial, Inc. (NASDAQ:PBCT) from a buy rating to a hold rating in a research note published on Monday.

According to Zacks, “Shares of People’s United have underperformed the industry in the last three months. The company has a decent earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in two of the trailing four quarters. The company is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance sheet position. People’s United’s focus on improving credit quality is another positive factor. Also, the company’s steady capital deployment activities continue to enhance investors’ confidence. However, escalating expenses despite undertaking initiatives to curb costs remains a concern.”

PBCT has been the subject of a number of other research reports. BidaskClub raised shares of People’s United Financial from a strong sell rating to a sell rating in a research report on Friday, June 30th. Piper Jaffray Companies set a $16.00 price objective on shares of People’s United Financial and gave the company a sell rating in a research report on Thursday, August 17th. Morgan Stanley raised shares of People’s United Financial from an underweight rating to an equal weight rating and boosted their price objective for the company from $16.50 to $17.50 in a research report on Monday, June 5th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reissued a hold rating and set a $19.00 price objective on shares of People’s United Financial in a research report on Friday, June 9th. Finally, Jefferies Group LLC reissued a hold rating and set a $19.00 price objective on shares of People’s United Financial in a research report on Friday, August 18th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company. People’s United Financial presently has an average rating of Hold and a consensus price target of $18.38.

People’s United Financial (PBCT) opened at 17.41 on Monday. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 19.47 and a beta of 0.82. The firm’s 50-day moving average price is $16.90 and its 200 day moving average price is $17.47. People’s United Financial has a one year low of $15.28 and a one year high of $20.13.

People’s United Financial (NASDAQ:PBCT) last posted its earnings results on Thursday, July 20th. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). People’s United Financial had a return on equity of 6.14% and a net margin of 18.88%. The company had revenue of $366.50 million during the quarter, compared to the consensus estimate of $357.16 million. During the same period last year, the firm posted $0.23 EPS. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. On average, equities research analysts expect that People’s United Financial will post $0.93 earnings per share for the current fiscal year.

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In related news, Director Janet M. Hansen sold 12,000 shares of the company’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $17.14, for a total value of $205,680.00. Following the completion of the transaction, the director now owns 145,707 shares of the company’s stock, valued at approximately $2,497,417.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Hoyt sold 6,759 shares of the company’s stock in a transaction 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. Corporate insiders own 2.70% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Aberdeen Asset Management PLC UK boosted its holdings in People’s United Financial by 2.9% in the 1st quarter. Aberdeen Asset Management PLC UK now owns 95,564 shares of the bank’s stock worth $1,740,000 after buying an additional 2,659 shares during the period. Crawford Investment Counsel Inc. boosted its holdings in People’s United Financial by 7.8% in the 2nd quarter. Crawford Investment Counsel Inc. now owns 2,882,016 shares of the bank’s stock worth $50,896,000 after buying an additional 207,716 shares during the period. KBC Group NV boosted its holdings in People’s United Financial by 26.4% in the 1st quarter. KBC Group NV now owns 42,033 shares of the bank’s stock worth $765,000 after buying an additional 8,780 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in People’s United Financial by 7.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,083,768 shares of the bank’s stock worth $19,139,000 after buying an additional 72,489 shares during the period. Finally, Capital Advisors Inc. OK boosted its holdings in People’s United Financial by 4.3% in the 2nd quarter. Capital Advisors Inc. OK now owns 694,082 shares of the bank’s stock worth $12,257,000 after buying an additional 28,878 shares during the period. 77.28% of the stock is owned by institutional investors.

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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Analyst Recommendations for People`s United Financial (NASDAQ:PBCT)

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