Barclays Maintains an 'Equalweight' on People's United Financial (PBCT); 3Q11 10-Q Review: Asset Sensitivity Upped
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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
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Barclays maintains an 'Equalweight' on People's United Financial (NASDAQ: PBCT) price target of $14.00.
Barclays analyst says, "Rates: Its asset sensitivity appeared to increase. For a 100bp increase in rates, it estimates its percentage change in income at risk at +5.7% (4.7% at 2Q11)."
"Asset Quality: At 3Q11, it had identified $537mn ($508mn at 2Q) in originated potential problem loans, including $222mn ($176mn) of C&I loans, $184mn ($198mn) of CRE loans and $131mn ($134mn) of equipment financing loans."
"Buybacks: In 3Q11, it repurchased 15.8mn shares under its publicly announced
repurchase programs at an average price of $11.81 exhausting its authorized share repurchase program."
"Other: PBCT has submitted an application to the OCC to convert to a national bank charter from its current federal savings bank charter. In addition, it plans to submit an application to the Fed for financial holding company status. It expects an effective tax rate of approximately 33.3% for the remainder of 2011."
For an analyst ratings summary and ratings history on People's United Financial click here. For more ratings news on People's United Financial click here.
Shares of People's United Financial closed at $12.79 yesterday.
Barclays analyst says, "Rates: Its asset sensitivity appeared to increase. For a 100bp increase in rates, it estimates its percentage change in income at risk at +5.7% (4.7% at 2Q11)."
"Asset Quality: At 3Q11, it had identified $537mn ($508mn at 2Q) in originated potential problem loans, including $222mn ($176mn) of C&I loans, $184mn ($198mn) of CRE loans and $131mn ($134mn) of equipment financing loans."
"Buybacks: In 3Q11, it repurchased 15.8mn shares under its publicly announced
repurchase programs at an average price of $11.81 exhausting its authorized share repurchase program."
"Other: PBCT has submitted an application to the OCC to convert to a national bank charter from its current federal savings bank charter. In addition, it plans to submit an application to the Fed for financial holding company status. It expects an effective tax rate of approximately 33.3% for the remainder of 2011."
For an analyst ratings summary and ratings history on People's United Financial click here. For more ratings news on People's United Financial click here.
Shares of People's United Financial closed at $12.79 yesterday.
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