American International Group Inc. Cuts Stake in People’s United Financial, Inc. (PBCT)

American International Group Inc. Cuts Stake in People’s United Financial, Inc. (PBCT)

American International Group Inc. decreased its position in People’s United Financial, Inc. (NASDAQ:PBCT) by 0.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 135,775 shares of the company’s stock after selling 728 shares during the period. American International Group Inc.’s holdings in People’s United Financial were worth $2,148,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PBCT. Bank of Montreal Can acquired a new position in shares of People’s United Financial during the second quarter valued at $12,405,000. PGGM Investments raised its stake in People’s United Financial by 2.7% in the second quarter. PGGM Investments now owns 483,393 shares of the company’s stock valued at $7,087,000 after buying an additional 12,837 shares during the period. Retirement Systems of Alabama raised its stake in People’s United Financial by 0.9% in the second quarter. Retirement Systems of Alabama now owns 158,482 shares of the company’s stock valued at $2,323,000 after buying an additional 1,340 shares during the period. Candriam Luxembourg S.C.A. purchased a new stake in People’s United Financial during the second quarter valued at $558,000. Finally, ING Groep NV purchased a new stake in People’s United Financial during the second quarter valued at $161,000. Institutional investors own 80.88% of the company’s stock.

Shares of People’s United Financial, Inc. (NASDAQ:PBCT) traded down 1.24% during mid-day trading on Friday, reaching $19.04. 2,556,293 shares of the company’s stock were exchanged. People’s United Financial, Inc. has a 52-week low of $13.70 and a 52-week high of $20.13. The company has a market cap of $5.88 billion, a PE ratio of 20.70 and a beta of 0.80. The company’s 50-day moving average price is $19.35 and its 200 day moving average price is $16.97.

People’s United Financial (NASDAQ:PBCT) last issued its quarterly earnings results on Thursday, January 19th. The company reported $0.24 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.24. People’s United Financial had a net margin of 19.12% and a return on equity of 5.86%. During the same period in the prior year, the company posted $0.22 EPS. On average, equities research analysts predict that People’s United Financial, Inc. will post $0.96 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Investors of record on Wednesday, February 1st will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, January 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.53%. People’s United Financial’s payout ratio is presently 73.91%.

Several research firms have weighed in on PBCT. J P Morgan Chase & Co began coverage on shares of People’s United Financial in a report on Thursday, January 5th. They issued a “neutral” rating and a $20.50 target price on the stock. Stephens began coverage on shares of People’s United Financial in a report on Wednesday, December 21st. They issued an “equal weight” rating on the stock. Zacks Investment Research downgraded shares of People’s United Financial from a “buy” rating to a “hold” rating in a research report on Friday, January 6th. Wells Fargo & Company started coverage on shares of People’s United Financial in a research report on Friday, January 6th. They set a “market perform” rating for the company. Finally, FBR & Co raised shares of People’s United Financial from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $15.00 to $20.00 in a research report on Tuesday, December 20th. Four research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. People’s United Financial has an average rating of “Hold” and a consensus price target of $16.93.

In related news, insider Sara M. Longobardi sold 12,437 shares of the business’s stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $17.88, for a total transaction of $222,373.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jeffrey J. Tengel sold 195,883 shares of the business’s stock in a transaction on Thursday, December 8th. The shares were sold at an average price of $20.04, for a total transaction of $3,925,495.32. Following the transaction, the insider now owns 192,002 shares in the company, valued at approximately $3,847,720.08. The disclosure for this sale can be found here. Insiders have sold a total of 1,901,770 shares of company stock worth $35,408,838 in the last quarter. 2.90% of the stock is owned by corporate insiders.

People’s United Financial Company Profile

People’s United Financial, Inc (People’s United) is the bank holding company for People’s United Bank, National Association (the Bank). The principal business of the Company is to provide, through the Bank and its subsidiaries, commercial banking, retail banking and wealth management services to individual, corporate and municipal customers.

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