Allianz Asset Management GmbH Reduces Stock Position in People’s United Financial, Inc. (NASDAQ:PBCT)

Allianz Asset Management GmbH lessened its stake in shares of People’s United Financial, Inc. (NASDAQ:PBCT) by 35.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,398 shares of the bank’s stock after selling 47,740 shares during the quarter. Allianz Asset Management GmbH’s holdings in People’s United Financial were worth $1,450,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PBCT. Texas Permanent School Fund increased its stake in People’s United Financial by 0.8% in the first quarter. Texas Permanent School Fund now owns 76,496 shares of the bank’s stock valued at $1,258,000 after purchasing an additional 577 shares during the last quarter. TrinityPoint Wealth LLC boosted its position in shares of People’s United Financial by 3.1% in the first quarter. TrinityPoint Wealth LLC now owns 20,111 shares of the bank’s stock worth $331,000 after acquiring an additional 606 shares during the last quarter. World Asset Management Inc boosted its position in shares of People’s United Financial by 2.0% in the second quarter. World Asset Management Inc now owns 33,301 shares of the bank’s stock worth $559,000 after acquiring an additional 642 shares during the last quarter. ETF Managers Group LLC grew its holdings in People’s United Financial by 9.3% in the first quarter. ETF Managers Group LLC now owns 7,834 shares of the bank’s stock valued at $129,000 after purchasing an additional 669 shares during the period. Finally, New Mexico Educational Retirement Board grew its holdings in People’s United Financial by 2.2% in the second quarter. New Mexico Educational Retirement Board now owns 32,188 shares of the bank’s stock valued at $540,000 after purchasing an additional 700 shares during the period. 76.88% of the stock is owned by hedge funds and other institutional investors.

In other People’s United Financial news, CFO R David Rosato sold 39,250 shares of People’s United Financial stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $16.20, for a total transaction of $635,850.00. Following the transaction, the chief financial officer now directly owns 137,952 shares of the company’s stock, valued at $2,234,822.40. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.40% of the company’s stock.

A number of research firms have weighed in on PBCT. ValuEngine downgraded shares of People’s United Financial from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Keefe, Bruyette & Woods lowered shares of People’s United Financial from an “outperform” rating to a “market perform” rating and set a $16.00 price target on the stock. in a report on Thursday, September 5th. BidaskClub raised shares of People’s United Financial from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 4th. Finally, DA Davidson started coverage on People’s United Financial in a report on Monday, August 26th. They set a “buy” rating and a $16.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. People’s United Financial has a consensus rating of “Hold” and a consensus price target of $17.60.

People’s United Financial stock opened at $15.72 on Wednesday. The company has a market cap of $5.89 billion, a price-to-earnings ratio of 12.00, a price-to-earnings-growth ratio of 5.55 and a beta of 1.25. People’s United Financial, Inc. has a 12 month low of $13.66 and a 12 month high of $18.54. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.96 and a quick ratio of 0.96. The stock’s 50-day moving average is $15.05 and its 200-day moving average is $16.32.

People’s United Financial (NASDAQ:PBCT) last issued its earnings results on Thursday, July 18th. The bank reported $0.34 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.34. The business had revenue of $454.40 million during the quarter, compared to analysts’ expectations of $448.83 million. People’s United Financial had a return on equity of 8.21% and a net margin of 23.51%. During the same quarter in the previous year, the business earned $0.32 EPS. Research analysts anticipate that People’s United Financial, Inc. will post 1.33 EPS for the current year.

People’s United Financial announced that its board has initiated a stock 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 usually a sign that the company’s leadership believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, August 1st were issued a $0.1775 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $0.71 annualized dividend and a yield of 4.52%. People’s United Financial’s payout ratio is 54.20%.

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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