Cornerstone Advisors Inc. Sells 1,685 Shares of People’s United Financial, Inc. (NASDAQ:PBCT)

Cornerstone Advisors Inc. reduced its stake in People’s United Financial, Inc. (NASDAQ:PBCT) by 36.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,926 shares of the bank’s stock after selling 1,685 shares during the period. Cornerstone Advisors Inc.’s holdings in People’s United Financial were worth $34,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of People’s United Financial by 5.3% in the 1st quarter. Geode Capital Management LLC now owns 7,812,078 shares of the bank’s stock worth $86,172,000 after purchasing an additional 394,672 shares during the last quarter. Prudential PLC bought a new position in shares of People’s United Financial in the 1st quarter worth $61,242,000. Hamlin Capital Management LLC boosted its position in shares of People’s United Financial by 36.3% in the 2nd quarter. Hamlin Capital Management LLC now owns 4,136,918 shares of the bank’s stock worth $47,864,000 after purchasing an additional 1,102,138 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of People’s United Financial by 46.8% in the 1st quarter. Parametric Portfolio Associates LLC now owns 3,411,934 shares of the bank’s stock worth $37,702,000 after purchasing an additional 1,087,437 shares during the last quarter. Finally, Norges Bank bought a new position in shares of People’s United Financial in the 4th quarter worth $40,649,000. Institutional investors and hedge funds own 75.25% of the company’s stock.

In other news, EVP David P. Berey sold 12,978 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $12.03, for a total value of $156,125.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.20% of the stock is owned by company insiders.

Several analysts recently commented on the company. BidaskClub downgraded People’s United Financial from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 25th. DA Davidson downgraded People’s United Financial from a “buy” rating to a “neutral” rating and set a $12.50 price objective on the stock. in a research note on Friday, April 24th. UBS Group dropped their price objective on People’s United Financial from $9.50 to $9.00 and set a “neutral” rating on the stock in a research note on Friday, May 15th. Zacks Investment Research downgraded People’s United Financial from a “hold” rating to a “sell” rating and set a $13.00 price objective on the stock. in a research note on Tuesday, April 28th. Finally, Piper Sandler dropped their price objective on People’s United Financial from $15.00 to $14.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company. People’s United Financial presently has a consensus rating of “Hold” and a consensus target price of $13.44.

PBCT opened at $10.79 on Friday. The business’s 50-day moving average price is $11.55 and its two-hundred day moving average price is $12.86. People’s United Financial, Inc. has a 1 year low of $9.37 and a 1 year high of $17.22. The company has a market capitalization of $4.58 billion, a price-to-earnings ratio of 9.38 and a beta of 1.29. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.92 and a quick ratio of 0.92.

People’s United Financial (NASDAQ:PBCT) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $0.24 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The company had revenue of $495.20 million during the quarter, compared to analysts’ expectations of $495.87 million. People’s United Financial had a return on equity of 7.39% and a net margin of 20.81%. During the same quarter last year, the company earned $0.34 EPS. Sell-side analysts anticipate that People’s United Financial, Inc. will post 1.13 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, August 15th. Stockholders of record on Monday, August 3rd will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 6.67%. The ex-dividend date is Friday, July 31st. People’s United Financial’s payout ratio is 51.80%.

People’s United Financial 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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