Barclays Maintains an 'Equalweight' on People's United Financial (PBCT); 3Q11 EPS Review: Adds Danvers and Announces Another Buyback

Barclays maintains an 'Equalweight' on People's United Financial (NASDAQ: PBCT) price target of $14.00.

Barclays analyst says, "With the completion of the Danvers Bancorp acquisition, PBCT is refocusing on returning capital to shareholders. After the purchase of 15.8mn shares in the quarter, it completed its share repurchase authorization, while announcing another one for 18mn shares (5% of outstandings). We expect its continued expense discipline and liability management levers to help it continue delivering solid near-term results."

"Following 3Q11 results, we our lowering our 2011 EPS estimate by $0.02 to $0.63. Our 2012 EPS estimate of $0.85 remains unchanged. We expect the flattening in the yield curve and increasing loan competition to be mitigated by its opportunity to continue lowering its funding costs."

For more ratings news on People's United Financial click here and for the rating history of People's United Financial click here.

Shares of People's United Financial closed at $12.34 yesterday.

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