Wells Fargo & Company MN lessened its holdings in People’s United Financial, Inc. (NASDAQ:PBCT) by 0.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,695,629 shares of the bank’s stock after selling 50,197 shares during the period. Wells Fargo & Company MN owned 4.19% of People’s United Financial worth $280,154,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Verity Asset Management Inc. acquired a new position in shares of People’s United Financial during the second quarter valued at about $323,000. New Mexico Educational Retirement Board increased its stake in People’s United Financial by 2.2% in the second quarter. New Mexico Educational Retirement Board now owns 32,188 shares of the bank’s stock valued at $540,000 after acquiring an additional 700 shares during the period. West Branch Capital LLC bought a new stake in People’s United Financial in the second quarter valued at about $301,000. CIBC Asset Management Inc increased its stake in People’s United Financial by 5.8% in the second quarter. CIBC Asset Management Inc now owns 46,942 shares of the bank’s stock valued at $788,000 after acquiring an additional 2,591 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its stake in People’s United Financial by 2.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 577,820 shares of the bank’s stock valued at $9,696,000 after acquiring an additional 16,496 shares during the period. 75.38% of the stock is owned by institutional investors and hedge funds.
NASDAQ PBCT traded down $0.53 on Friday, reaching $14.06. The company’s stock had a trading volume of 3,065,833 shares, compared to its average volume of 4,733,192. The firm has a market cap of $5.82 billion, a PE ratio of 10.73, a price-to-earnings-growth ratio of 5.49 and a beta of 1.21. The business has a 50-day moving average price of $15.82 and a 200 day moving average price of $16.56. People’s United Financial, Inc. has a 52 week low of $13.66 and a 52 week high of $18.86. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.44.
People’s United Financial (NASDAQ:PBCT) last posted its earnings results on Thursday, July 18th. The bank reported $0.34 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.34. The business had revenue of $454.40 million for the quarter, compared to analysts’ expectations of $448.83 million. People’s United Financial had a net margin of 23.51% and a return on equity of 8.21%. During the same quarter in the previous year, the firm posted $0.32 earnings per share. Analysts anticipate that People’s United Financial, Inc. will post 1.33 earnings per share for the current fiscal year.
People’s United Financial announced that its Board of Directors has initiated a stock buyback program on Thursday, July 18th that authorizes the company to buyback 20,000,000 shares. This buyback authorization authorizes the bank to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Thursday, August 1st were paid a dividend of $0.1775 per share. The ex-dividend date was Wednesday, July 31st. This represents a $0.71 annualized dividend and a yield of 5.05%. People’s United Financial’s dividend payout ratio is 54.20%.
In other news, CFO R David Rosato sold 39,250 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $16.20, for a total transaction of $635,850.00. Following the completion of the sale, the chief financial officer now owns 137,952 shares of the company’s stock, valued at $2,234,822.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.40% of the stock is currently owned by corporate insiders.
PBCT has been the topic of a number of analyst reports. ValuEngine cut shares of People’s United Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. BidaskClub cut shares of People’s United Financial from a “hold” rating to a “sell” rating in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $18.67.
About People’s United Financial
People's United Financial, Inc operates as the bank holding company for People's United Bank, National Association that provides commercial banking, retail banking, and wealth management services to individual, corporate, and municipal customers. The company operates in two segments, Commercial Banking and Retail Banking.
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