Commerce Bank Raises Position in People’s United Financial, Inc. (PBCT)

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Commerce Bank boosted its stake in People’s United Financial, Inc. (NASDAQ:PBCT) by 6.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,930 shares of the bank’s stock after buying an additional 9,550 shares during the quarter. Commerce Bank’s holdings in People’s United Financial were worth $2,584,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. BlackRock Inc. lifted its stake in People’s United Financial by 0.6% in the 2nd quarter. BlackRock Inc. now owns 32,213,648 shares of the bank’s stock valued at $582,747,000 after buying an additional 190,316 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in People’s United Financial by 2.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,386,117 shares of the bank’s stock valued at $169,799,000 after buying an additional 185,833 shares in the last quarter. First Trust Advisors LP lifted its stake in People’s United Financial by 63.7% in the 2nd quarter. First Trust Advisors LP now owns 4,844,250 shares of the bank’s stock valued at $87,632,000 after buying an additional 1,885,432 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in People’s United Financial by 1.0% in the 2nd quarter. Great West Life Assurance Co. Can now owns 2,962,033 shares of the bank’s stock valued at $53,674,000 after buying an additional 28,462 shares in the last quarter. Finally, Alps Advisors Inc. lifted its stake in People’s United Financial by 6.4% in the 3rd quarter. Alps Advisors Inc. now owns 2,677,953 shares of the bank’s stock valued at $45,847,000 after buying an additional 160,452 shares in the last quarter. 78.32% of the stock is currently owned by hedge funds and other institutional investors.

A number of research analysts have weighed in on the stock. Zacks Investment Research raised shares of People’s United Financial from a “hold” rating to a “buy” rating and set a $19.00 target price on the stock in a research note on Tuesday, October 9th. Morgan Stanley raised their target price on shares of People’s United Financial from $20.50 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 24th. BidaskClub raised shares of People’s United Financial from a “strong sell” rating to a “sell” rating in a research note on Friday, September 7th. ValuEngine raised shares of People’s United Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, July 24th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $21.50 target price on shares of People’s United Financial in a research note on Monday, July 23rd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $20.21.

PBCT opened at $15.85 on Friday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.95 and a current ratio of 0.95. People’s United Financial, Inc. has a 1-year low of $15.04 and a 1-year high of $20.26. The company has a market capitalization of $5.50 billion, a price-to-earnings ratio of 15.24, a price-to-earnings-growth ratio of 6.11 and a beta of 0.96.

People’s United Financial (NASDAQ:PBCT) last released its earnings results on Thursday, October 18th. The bank reported $0.33 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.33. People’s United Financial had a net margin of 23.98% and a return on equity of 7.94%. The business had revenue of $398.70 million for the quarter, compared to analyst estimates of $404.65 million. During the same period last year, the company posted $0.26 EPS. Sell-side analysts forecast that People’s United Financial, Inc. will post 1.29 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, November 1st will be paid a $0.175 dividend. This represents a $0.70 dividend on an annualized basis and a yield of 4.42%. The ex-dividend date of this dividend is Wednesday, October 31st. People’s United Financial’s dividend payout ratio (DPR) is 67.31%.

In other news, Director George P. Carter sold 10,874 shares of the firm’s stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $18.70, for a total transaction of $203,343.80. Following the completion of the sale, the director now owns 13,758 shares in the company, valued at approximately $257,274.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Lee C. Powlus sold 48,200 shares of the firm’s stock in a transaction that occurred on Thursday, September 20th. The stock was sold at an average price of $17.97, for a total transaction of $866,154.00. Following the sale, the vice president now owns 146,050 shares of the company’s stock, valued at approximately $2,624,518.50. The disclosure for this sale can be found here. Insiders sold a total of 70,050 shares of company stock worth $1,274,200 over the last three months. Corporate insiders own 2.50% of the company’s stock.

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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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Institutional Ownership by Quarter for People`s United Financial (NASDAQ:PBCT)

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