Municipal Employees Retirement System of Michigan Invests $1.28 Million in People’s United Financial, Inc. (NASDAQ:PBCT)

Municipal Employees Retirement System of Michigan bought a new stake in People’s United Financial, Inc. (NASDAQ:PBCT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 88,810 shares of the bank’s stock, valued at approximately $1,282,000.

Several other hedge funds have also bought and sold shares of PBCT. JPMorgan Chase & Co. raised its holdings in shares of People’s United Financial by 63.3% in the third quarter. JPMorgan Chase & Co. now owns 1,405,128 shares of the bank’s stock valued at $24,055,000 after acquiring an additional 544,832 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of People’s United Financial by 46.9% in the third quarter. Private Advisor Group LLC now owns 29,812 shares of the bank’s stock valued at $510,000 after acquiring an additional 9,522 shares in the last quarter. Morgan Stanley raised its holdings in shares of People’s United Financial by 22.9% in the third quarter. Morgan Stanley now owns 2,494,820 shares of the bank’s stock valued at $42,711,000 after acquiring an additional 464,448 shares in the last quarter. Comerica Bank raised its holdings in shares of People’s United Financial by 12.9% in the fourth quarter. Comerica Bank now owns 174,321 shares of the bank’s stock valued at $2,937,000 after acquiring an additional 19,953 shares in the last quarter. Finally, Chicago Equity Partners LLC bought a new stake in shares of People’s United Financial in the fourth quarter valued at about $1,061,000. 77.50% of the stock is owned by hedge funds and other institutional investors.

Several analysts recently weighed in on PBCT shares. BidaskClub downgraded People’s United Financial from a “hold” rating to a “sell” rating in a report on Friday, January 11th. Barclays upgraded People’s United Financial from an “underweight” rating to an “equal weight” rating and set a $18.00 price objective for the company in a report on Thursday, January 10th. Wells Fargo & Co restated a “hold” rating on shares of People’s United Financial in a report on Thursday, January 3rd. FIG Partners started coverage on People’s United Financial in a research note on Thursday, December 20th. They issued an “outperform” rating on the stock. Finally, ValuEngine upgraded People’s United Financial from a “sell” rating to a “hold” rating in a research note on Saturday, January 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. People’s United Financial currently has an average rating of “Hold” and an average target price of $19.70.

In related news, EVP David P. Berey sold 129,431 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $17.90, for a total value of $2,316,814.90. Following the sale, the executive vice president now owns 46,672 shares in the company, valued at $835,428.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Galan G. Daukas sold 13,534 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $17.11, for a total value of $231,566.74. The disclosure for this sale can be found here. Insiders have sold 165,219 shares of company stock worth $2,932,690 in the last 90 days. Insiders own 2.50% of the company’s stock.

Shares of PBCT stock traded down $0.23 during trading hours on Monday, reaching $16.97. 2,070,800 shares of the company’s stock were exchanged, compared to its average volume of 3,827,398. People’s United Financial, Inc. has a 1 year low of $13.66 and a 1 year high of $19.37. The firm has a market capitalization of $6.47 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 6.07 and a beta of 1.16. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.96 and a current ratio of 0.96.

People’s United Financial (NASDAQ:PBCT) last issued its quarterly earnings results on Thursday, January 17th. The bank reported $0.36 earnings per share for the quarter, topping the Zacks’ 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 business had revenue of $428.20 million for the quarter, compared to analyst estimates of $432.25 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The company’s revenue was up 9.4% on a year-over-year basis. As a group, equities analysts forecast that People’s United Financial, Inc. will post 1.39 earnings per share for the current year.

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

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