Barclays maintains an 'Equalweight' on Peoples United Financial (PBCT); Management Showing Shareholder Focus
Tweet
Share
E-mailGet Alerts PBCT Hot Sheet
Price: $19.41 --0%
Rating Summary:
3 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
3 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
Barclays maintains an 'Equalweight' on Peoples United Financial (NASDAQ: PBCT) price target of $14.00.
Barclays analyst says, "Last week, PBCT reported 2Q11 GAAP EPS of $0.15 and operating EPS of $0.17, two cents ahead of our estimates. The beat was driven by lower-than-modeled expenses and gains on sales of acquired loans. Management announced new cost savings measures that will eliminate $23M of annual expenses beginning in 2012. The company also maintains committed to deploying excess capital via acquisitions and share buybacks, as it attempts to reach its 1.25% target ROA compared to 2Q11 operating ROA of 0.92%. With a pro forma TCE ratio of 11.6% (our estimate) at the end of 3Q11 following the Danvers acquisition, we estimate that PBCT still has substantial runway for growth via acquisitions or capital deployment via buybacks. Trading at 14x our new 2012 EPS estimate of $0.92, we reiterate our rating."
For more ratings news on Peoples United Financial click here and for the rating history of Peoples United Financial click here.
Shares of Peoples United Financial closed at $13.18 yesterday.
Barclays analyst says, "Last week, PBCT reported 2Q11 GAAP EPS of $0.15 and operating EPS of $0.17, two cents ahead of our estimates. The beat was driven by lower-than-modeled expenses and gains on sales of acquired loans. Management announced new cost savings measures that will eliminate $23M of annual expenses beginning in 2012. The company also maintains committed to deploying excess capital via acquisitions and share buybacks, as it attempts to reach its 1.25% target ROA compared to 2Q11 operating ROA of 0.92%. With a pro forma TCE ratio of 11.6% (our estimate) at the end of 3Q11 following the Danvers acquisition, we estimate that PBCT still has substantial runway for growth via acquisitions or capital deployment via buybacks. Trading at 14x our new 2012 EPS estimate of $0.92, we reiterate our rating."
For more ratings news on Peoples United Financial click here and for the rating history of Peoples United Financial click here.
Shares of Peoples United Financial closed at $13.18 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Viking Holdings (VIK) PT Raised to $82 at Mizuho
- Ferrovial SA (FER:SM) (FRRVF) Reiterated at Buy by UBS on Winning Bid For Tennessee Project
- DA Davidson Starts Everus (ECG) at Buy
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
BarclaysSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
