Compass Point Maintains a 'Neutral' on People's United Financial (PBCT); Needing Another Catalyst
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Price: $19.41 --0%
Rating Summary:
3 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 10 | New: 16
Rating Summary:
3 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 10 | New: 16
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Compass Point maintains a 'Neutral' on People's United Financial (NASDAQ: PBCT) price target of $13.00.
Analyst, Mike Turner, said, "Cost saves from prior mergers appear on track to achieve the $200MM-$208MM quarterly expense run rate by year-end. Though the integration of the Citizens branches (expected in 3Q12) are expected to push up the achievement of a $750MM-$800MM annual target by another $20-$30MM (though increased revenues will offset the higher cost base). The low rate environment continues to pressure net interest income as NII was down $2MM Q/Q (excluding cost recovery in 4Q11)."
Turner says one of three things need to happen in order for the stock to outperform: 1) rates rise; 2) execute on expense reductions; or 3) make an accretive acquisition. For now, Turner cuts FY12 EPS estimate from $0.82 to $0.79.
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 $12.41 yesterday.
Analyst, Mike Turner, said, "Cost saves from prior mergers appear on track to achieve the $200MM-$208MM quarterly expense run rate by year-end. Though the integration of the Citizens branches (expected in 3Q12) are expected to push up the achievement of a $750MM-$800MM annual target by another $20-$30MM (though increased revenues will offset the higher cost base). The low rate environment continues to pressure net interest income as NII was down $2MM Q/Q (excluding cost recovery in 4Q11)."
Turner says one of three things need to happen in order for the stock to outperform: 1) rates rise; 2) execute on expense reductions; or 3) make an accretive acquisition. For now, Turner cuts FY12 EPS estimate from $0.82 to $0.79.
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 $12.41 yesterday.
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