Martingale Asset Management L P bought a new stake in shares of People’s United Financial, Inc. (NASDAQ:PBCT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 14,581 shares of the bank’s stock, valued at approximately $212,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in shares of People’s United Financial by 63.3% during the third quarter. JPMorgan Chase & Co. now owns 1,405,128 shares of the bank’s stock valued at $24,055,000 after buying an additional 544,832 shares during the last quarter. Private Advisor Group LLC grew its stake in shares of People’s United Financial by 46.9% during the third quarter. Private Advisor Group LLC now owns 29,812 shares of the bank’s stock valued at $510,000 after buying an additional 9,522 shares during the last quarter. Morgan Stanley grew its stake in shares of People’s United Financial by 22.9% during the third quarter. Morgan Stanley now owns 2,494,820 shares of the bank’s stock valued at $42,711,000 after buying an additional 464,448 shares during the last quarter. Chicago Equity Partners LLC bought a new position in shares of People’s United Financial during the fourth quarter valued at approximately $1,061,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of People’s United Financial during the third quarter valued at approximately $299,000. 76.96% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP David K. Norton sold 32,163 shares of the stock in a transaction on Wednesday, December 19th. The stock was sold at an average price of $14.89, for a total transaction of $478,907.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mark W. Richards sold 6,800 shares of the stock in a transaction on Thursday, January 24th. The shares were sold at an average price of $16.43, for a total value of $111,724.00. The disclosure for this sale can be found here. Insiders have sold a total of 197,382 shares of company stock worth $3,411,597 in the last ninety days. Insiders own 2.50% of the company’s stock.
People’s United Financial (NASDAQ:PBCT) last announced its quarterly earnings data on Thursday, January 17th. The bank reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.02. People’s United Financial had a return on equity of 8.11% and a net margin of 24.34%. The company had revenue of $428.20 million for the quarter, compared to analysts’ expectations of $432.25 million. During the same quarter in the prior year, the firm earned $0.31 earnings per share. People’s United Financial’s revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts predict that People’s United Financial, Inc. will post 1.4 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, February 15th. Shareholders of record on Friday, February 1st were given a dividend of $0.175 per share. The ex-dividend date was Thursday, January 31st. This represents a $0.70 annualized dividend and a yield of 4.03%. People’s United Financial’s dividend payout ratio (DPR) is presently 53.44%.
PBCT has been the topic of a number of analyst reports. BidaskClub cut People’s United Financial from a “hold” rating to a “sell” rating in a research note on Friday, January 11th. ValuEngine raised People’s United Financial from a “sell” rating to a “hold” rating in a research note on Saturday, January 19th. Barclays reaffirmed a “hold” rating and set a $19.00 target price on shares of People’s United Financial in a research note on Sunday, January 20th. Wells Fargo & Co reaffirmed a “hold” rating on shares of People’s United Financial in a research note on Thursday, January 3rd. Finally, FIG Partners began coverage on People’s United Financial in a research note on Thursday, December 20th. They issued an “outperform” rating on the stock. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $19.92.
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People’s United Financial Profile
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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