Home / FINANCIAL NEWS / Schwab Charles Investment Management Inc. Buys 146,025 Shares of People’s United Financial, Inc. (NASDAQ:PBCT)

Schwab Charles Investment Management Inc. Buys 146,025 Shares of People’s United Financial, Inc. (NASDAQ:PBCT)

Schwab Charles Investment Management Inc. boosted its holdings in People’s United Financial, Inc. (NASDAQ:PBCT) by 10.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,548,127 shares of the bank’s stock after buying an additional 146,025 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.46% of People’s United Financial worth $27,340,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System grew its position in shares of People’s United Financial by 7.7% during the 1st quarter. Louisiana State Employees Retirement System now owns 21,100 shares of the bank’s stock valued at $384,000 after purchasing an additional 1,500 shares in the last quarter. Nationwide Fund Advisors lifted its holdings in shares of People’s United Financial by 3.2% during the 1st quarter. Nationwide Fund Advisors now owns 128,316 shares of the bank’s stock worth $2,335,000 after acquiring an additional 3,944 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of People’s United Financial by 15.5% during the 1st quarter. Russell Investments Group Ltd. now owns 319,528 shares of the bank’s stock worth $5,816,000 after acquiring an additional 42,957 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in shares of People’s United Financial by 14.7% during the 1st quarter. Sumitomo Mitsui Asset Management Company LTD now owns 27,490 shares of the bank’s stock worth $500,000 after acquiring an additional 3,524 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its holdings in shares of People’s United Financial by 55.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 35,098 shares of the bank’s stock worth $661,000 after acquiring an additional 12,567 shares during the last quarter. Institutional investors and hedge funds own 77.28% of the company’s stock.

In other People’s United Financial news, insider Jeffrey Hoyt sold 6,759 shares of People’s United Financial stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $17.98, for a total value of $121,526.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Janet M. Hansen sold 12,000 shares of the business’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $17.14, for a total value of $205,680.00. Following the sale, the director now owns 145,707 shares of the company’s stock, valued at approximately $2,497,417.98. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

PBCT has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of People’s United Financial from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Tuesday, September 5th. Morgan Stanley raised shares of People’s United Financial from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $16.50 to $17.50 in a research note on Monday, June 5th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reissued a “hold” rating on shares of People’s United Financial in a research note on Monday, July 10th. Jefferies Group LLC restated a “hold” rating and issued a $19.00 price objective on shares of People’s United Financial in a research report on Friday, August 18th. Finally, BidaskClub upgraded shares of People’s United Financial from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 10th. Three equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. The company has a consensus rating of “Hold” and an average target price of $18.38.

TRADEMARK VIOLATION NOTICE: This news story was originally posted by StockNewsTimes and is owned by of StockNewsTimes. If you are viewing this news story on another website, it was illegally copied and republished in violation of US & international trademark & copyright laws. The correct version of this news story can be accessed at https://stocknewstimes.com/2017/09/30/schwab-charles-investment-management-inc-has-27-34-million-position-in-peoples-united-financial-inc-pbct.html.

Shares of People’s United Financial, Inc. (NASDAQ PBCT) traded up 0.95% on Friday, hitting $18.14. 3,092,405 shares of the stock traded hands. The stock has a market cap of $6.12 billion, a P/E ratio of 20.29 and a beta of 0.82. The stock’s 50 day moving average price is $16.90 and its 200 day moving average price is $17.47. People’s United Financial, Inc. has a 52-week low of $15.28 and a 52-week high of $20.13.

People’s United Financial (NASDAQ:PBCT) last released its earnings results on Thursday, July 20th. The bank reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.04). The business had revenue of $366.50 million during the quarter, compared to analyst estimates of $357.16 million. People’s United Financial had a net margin of 18.88% and a return on equity of 6.14%. People’s United Financial’s revenue was up 10.0% compared to the same quarter last year. During the same period last year, the business posted $0.23 EPS. On average, equities analysts expect that People’s United Financial, Inc. will post $0.93 EPS for the current fiscal year.

People’s United Financial Profile

People’s United Financial, Inc is a bank holding company and a financial holding company of People’s United Bank (the Bank). The Bank is engaged in providing commercial banking, retail banking and wealth management services to individual, corporate and municipal customers. The Company operates through two segments: Commercial Banking and Retail Banking.

Institutional Ownership by Quarter for People`s United Financial (NASDAQ:PBCT)




Receive News & Ratings for People’s United Financial Inc. Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for People’s United Financial Inc. and related companies with MarketBeat.com’s FREE daily email newsletter.

Check Also

NewStar Financial (NEWS) EPS Estimated At $0.13; Country Trust Bank Lifted Halliburton Company Common (HAL) Position

October 1, 2017 – By Ellis Scott Country …

Leave a Reply

Your email address will not be published. Required fields are marked *

seventeen − 13 =