First Merchants Corp Boosts Position in People’s United Financial, Inc. (NASDAQ:PBCT)

First Merchants Corp raised its stake in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 4.4% in the second quarter, Holdings Channel reports. The institutional investor owned 166,539 shares of the bank’s stock after buying an additional 7,076 shares during the quarter. First Merchants Corp’s holdings in People’s United Financial were worth $2,793,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Knott David M bought a new stake in People’s United Financial during the 1st quarter valued at approximately $25,000. Huntington National Bank purchased a new position in People’s United Financial during the 1st quarter valued at $47,000. Parallel Advisors LLC raised its position in People’s United Financial by 125.9% during the 1st quarter. Parallel Advisors LLC now owns 2,955 shares of the bank’s stock valued at $49,000 after purchasing an additional 1,647 shares in the last quarter. Thor Advisors LLC bought a new stake in People’s United Financial during the 1st quarter valued at $51,000. Finally, Cornerstone Advisors Inc. raised its position in People’s United Financial by 20.2% during the 1st quarter. Cornerstone Advisors Inc. now owns 4,578 shares of the bank’s stock valued at $75,000 after purchasing an additional 769 shares in the last quarter. 75.96% of the stock is owned by institutional investors and hedge funds.

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

In other news, CFO R David Rosato sold 39,250 shares of the company’s 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 sale, the chief financial officer now owns 137,952 shares in the company, valued at $2,234,822.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is owned by corporate insiders.

Shares of PBCT opened at $15.20 on Monday. People’s United Financial, Inc. has a 52 week low of $13.66 and a 52 week high of $19.00. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $6.13 billion, a P/E ratio of 11.60, a price-to-earnings-growth ratio of 5.77 and a beta of 1.21. The business has a 50-day moving average of $16.53.

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

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, August 1st will be paid a $0.1775 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $0.71 dividend on an annualized basis and a dividend yield of 4.67%. People’s United Financial’s payout ratio is 54.20%.

People’s United Financial declared that its board has authorized a share repurchase program on Thursday, July 18th that allows the company to repurchase 20,000,000 shares. This repurchase authorization allows the bank to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

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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