Sound Income Strategies LLC Has $1.21 Million Position in People’s United Financial, Inc. (NASDAQ:PBCT)

Sound Income Strategies LLC increased its holdings in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 46.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,290 shares of the bank’s stock after acquiring an additional 22,837 shares during the quarter. Sound Income Strategies LLC’s holdings in People’s United Financial were worth $1,213,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. JGP Wealth Management LLC grew its holdings in shares of People’s United Financial by 1.6% during the 2nd quarter. JGP Wealth Management LLC now owns 58,536 shares of the bank’s stock worth $982,000 after purchasing an additional 908 shares in the last quarter. Unigestion Holding SA grew its holdings in shares of People’s United Financial by 4.3% during the 2nd quarter. Unigestion Holding SA now owns 1,900,462 shares of the bank’s stock worth $31,890,000 after purchasing an additional 78,220 shares in the last quarter. Old Port Advisors grew its holdings in shares of People’s United Financial by 1.6% during the 2nd quarter. Old Port Advisors now owns 173,422 shares of the bank’s stock worth $2,924,000 after purchasing an additional 2,812 shares in the last quarter. Butensky & Cohen Financial Security Inc. grew its holdings in shares of People’s United Financial by 8.6% during the 2nd quarter. Butensky & Cohen Financial Security Inc. now owns 142,130 shares of the bank’s stock worth $2,385,000 after purchasing an additional 11,250 shares in the last quarter. Finally, Ridgewood Investments LLC grew its holdings in shares of People’s United Financial by 13.5% during the 2nd quarter. Ridgewood Investments LLC now owns 38,003 shares of the bank’s stock worth $638,000 after purchasing an additional 4,517 shares in the last quarter. 75.79% of the stock is currently owned by institutional investors and hedge funds.

Shares of PBCT stock traded down $0.23 on Thursday, hitting $16.19. 77,167 shares of the company’s stock were exchanged, compared to its average volume of 3,555,458. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.96 and a current ratio of 0.96. People’s United Financial, Inc. has a 12 month low of $13.66 and a 12 month high of $19.00. The company has a market capitalization of $6.59 billion, a PE ratio of 12.44, a P/E/G ratio of 6.20 and a beta of 1.22. The stock’s 50 day moving average is $16.55.

People’s United Financial (NASDAQ:PBCT) last announced its quarterly earnings data on Thursday, July 18th. The bank reported $0.34 earnings per share for the quarter, hitting the consensus estimate of $0.34. People’s United Financial had a return on equity of 8.21% and a net margin of 23.51%. The business had revenue of $454.40 million during the quarter, compared to the consensus estimate of $448.83 million. During the same period in the prior year, the company earned $0.32 EPS. As a group, analysts predict that People’s United Financial, Inc. will post 1.34 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Thursday, August 1st will be given a $0.1775 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $0.71 annualized dividend and a yield of 4.39%. People’s United Financial’s dividend payout ratio is presently 54.20%.

People’s United Financial declared that its board has approved a stock repurchase plan on Thursday, July 18th that permits the company to repurchase 20,000,000 shares. This repurchase authorization permits the bank to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Several brokerages recently weighed in on PBCT. FIG Partners downgraded People’s United Financial from an “outperform” rating to a “market perform” rating in a research report on Monday, April 22nd. BidaskClub downgraded People’s United Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Finally, ValuEngine downgraded People’s United Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $18.67.

In other People’s United Financial news, CFO R David Rosato sold 39,250 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $16.20, for a total value of $635,850.00. Following the completion of the transaction, the chief financial officer now directly owns 137,952 shares in the company, valued at $2,234,822.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is currently owned by company insiders.

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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