People’s United Financial, Inc. (NASDAQ:PBCT) Expected to Announce Quarterly Sales of $500.97 Million

Brokerages expect People’s United Financial, Inc. (NASDAQ:PBCT) to announce $500.97 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for People’s United Financial’s earnings, with estimates ranging from $493.20 million to $507.00 million. People’s United Financial reported sales of $454.40 million during the same quarter last year, which indicates a positive year over year growth rate of 10.2%. The firm is expected to issue its next quarterly earnings report after the market closes on Thursday, July 23rd.

According to Zacks, analysts expect that People’s United Financial will report full year sales of $2.06 billion for the current financial year, with estimates ranging from $2.03 billion to $2.10 billion. For the next financial year, analysts forecast that the business will report sales of $1.99 billion, with estimates ranging from $1.91 billion to $2.04 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover People’s United Financial.

People’s United Financial (NASDAQ:PBCT) last released its quarterly earnings results on Thursday, April 23rd. The bank reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The business had revenue of $519.80 million during the quarter, compared to the consensus estimate of $498.17 million. People’s United Financial had a return on equity of 8.10% and a net margin of 22.34%. During the same period in the previous year, the company posted $0.33 EPS.

A number of analysts have recently weighed in on PBCT shares. Piper Sandler cut their target price on People’s United Financial from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. Zacks Investment Research downgraded People’s United Financial from a “hold” rating to a “sell” rating and set a $13.00 target price for the company. in a research report on Tuesday, April 28th. Royal Bank of Canada started coverage on People’s United Financial in a research report on Wednesday, June 24th. They set a “sector perform” rating and a $14.00 target price for the company. Compass Point assumed coverage on People’s United Financial in a research report on Tuesday, April 14th. They set a “neutral” rating for the company. Finally, UBS Group dropped their price objective on People’s United Financial from $9.50 to $9.00 and set a “neutral” rating for the company in a research report on Friday, May 15th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. People’s United Financial has an average rating of “Hold” and a consensus price target of $13.50.

Shares of NASDAQ:PBCT traded down $0.03 during trading on Friday, reaching $11.18. 4,493,011 shares of the company traded hands, compared to its average volume of 4,850,105. The company’s 50 day moving average is $11.74 and its two-hundred day moving average is $13.54. The firm has a market capitalization of $4.75 billion, a PE ratio of 8.80 and a beta of 1.29. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.74. People’s United Financial has a 52 week low of $9.37 and a 52 week high of $17.22.

In other People’s United Financial news, EVP David P. Berey sold 12,978 shares of the company’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 accessible through this hyperlink. 2.20% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. C M Bidwell & Associates Ltd. acquired a new position in People’s United Financial in the 4th quarter worth about $210,000. Bank of New York Mellon Corp increased its holdings in People’s United Financial by 10.5% in the 4th quarter. Bank of New York Mellon Corp now owns 14,362,163 shares of the bank’s stock worth $242,720,000 after purchasing an additional 1,360,490 shares in the last quarter. Gateway Investment Advisers LLC acquired a new position in People’s United Financial in the 1st quarter worth about $2,717,000. Creative Planning increased its holdings in People’s United Financial by 1.7% in the 1st quarter. Creative Planning now owns 95,917 shares of the bank’s stock worth $1,060,000 after purchasing an additional 1,639 shares in the last quarter. Finally, Aperio Group LLC increased its stake in shares of People’s United Financial by 146.8% in the first quarter. Aperio Group LLC now owns 256,483 shares of the bank’s stock valued at $2,834,000 after buying an additional 152,541 shares during the period. 75.33% of the stock is owned by institutional investors and hedge funds.

About People’s United Financial

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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Earnings History and Estimates for People`s United Financial (NASDAQ:PBCT)

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