People’s United Financial (NASDAQ:PBCT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $20.00 price objective on the bank’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 9.11% from the company’s previous close.

According to Zacks, “Shares of People’s United have outperformed the industry, in the past three months. While earnings estimates for the to-be-reported quarter have not seen any revision lately, the company possesses an impressive earnings surprise history, beating the Zacks Consensus Estimate in three out of the trailing four quarters. People’s United is steadily growing through acquisitions, which is likely to continue in the near future, given its strong balance-sheet position. Also, the company remains committed to enhance shareholders’ value through active involvement in capital-deployment activities. However, escalating expenses, despite undertaking initiatives to curb costs, remain a concern. Nevertheless, People's United remains well poised to benefit from lower tax rate and rising interest rates.”

PBCT has been the topic of a number of other reports. Sandler O’Neill upgraded shares of People’s United Financial from a “hold” rating to a “buy” rating in a research report on Thursday, April 19th. Piper Jaffray Companies upgraded shares of People’s United Financial from an “underweight” rating to a “neutral” rating in a research report on Friday, April 20th. BidaskClub upgraded shares of People’s United Financial from a “sell” rating to a “hold” rating in a research report on Friday, May 4th. Keefe, Bruyette & Woods restated a “hold” rating and set a $21.50 target price on shares of People’s United Financial in a research report on Thursday, April 19th. Finally, Morgan Stanley lowered their target price on shares of People’s United Financial from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Friday, April 20th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $19.25.

Shares of People’s United Financial stock opened at $18.33 on Wednesday. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of 17.63, a P/E/G ratio of 7.11 and a beta of 0.92. People’s United Financial has a 52 week low of $15.97 and a 52 week high of $20.26. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.96 and a current ratio of 0.96.

People’s United Financial (NASDAQ:PBCT) last announced its earnings results on Thursday, July 19th. The bank reported $0.32 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.32. People’s United Financial had a net margin of 21.64% and a return on equity of 7.16%. During the same quarter last year, the firm earned $0.19 EPS. analysts anticipate that People’s United Financial will post 1.28 EPS for the current fiscal year.

In related news, insider Sara M. Longobardi sold 73,324 shares of People’s United Financial stock in a transaction on Tuesday, May 8th. The shares were sold at an average price of $18.33, for a total value of $1,344,028.92. Following the transaction, the insider now directly owns 134,525 shares in the company, valued at approximately $2,465,843.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mark W. Richards sold 4,000 shares of People’s United Financial stock in a transaction on Thursday, May 17th. The shares were sold at an average price of $18.71, for a total transaction of $74,840.00. Following the completion of the transaction, the director now owns 13,758 shares in the company, valued at $257,412.18. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. US Bancorp DE grew its position in People’s United Financial by 36.8% in the 1st quarter. US Bancorp DE now owns 11,698 shares of the bank’s stock valued at $218,000 after buying an additional 3,144 shares during the last quarter. Nisa Investment Advisors LLC grew its position in People’s United Financial by 4.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 74,605 shares of the bank’s stock valued at $1,350,000 after buying an additional 3,500 shares during the last quarter. Norinchukin Bank The grew its position in People’s United Financial by 23.6% in the 1st quarter. Norinchukin Bank The now owns 21,456 shares of the bank’s stock valued at $400,000 after buying an additional 4,096 shares during the last quarter. Xact Kapitalforvaltning AB grew its position in People’s United Financial by 15.4% in the 1st quarter. Xact Kapitalforvaltning AB now owns 34,388 shares of the bank’s stock valued at $642,000 after buying an additional 4,586 shares during the last quarter. Finally, Flippin Bruce & Porter Inc. grew its position in People’s United Financial by 1.6% in the 1st quarter. Flippin Bruce & Porter Inc. now owns 302,058 shares of the bank’s stock valued at $5,636,000 after buying an additional 4,658 shares during the last quarter. Hedge funds and other institutional investors own 76.96% of the company’s stock.

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.

Recommended Story: Price to Earnings Ratio (PE)

Get a free copy of the Zacks research report on People’s United Financial (PBCT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for People`s United Financial (NASDAQ:PBCT)

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