Compass Point Maintains a 'Neutral' on People's United Financial (NASDAQ: PBCT); In Depth Review of Q2
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Price: $19.41 --0%
Rating Summary:
3 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
3 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Compass Point maintains a 'Neutral' on People's United Financial (NASDAQ: PBCT) price target of $11.00 (from $13.00).
Analyst, Mike Turner, said, "Reported results were in-line with our expectation, though the impact of the acquired loan portfolio run-off and lower rate environment is becoming more acute as adjusted net interest income was below our expectation. Further, increased prepayments on the acquired portfolio are also acting as headwinds to growth in total loans as the Q/Q change was only +58 bps. Going forward, we have confidence in management's ability to deliver on their expense reductions (they are already ahead of prior targets), though the integration of the Citizens branches will weigh on FY12/13 results, even more so now that loan growth is slowing. As a result, management pushed out their 55% efficiency target into 2014...We are lowering our FY12/FY13 EPS estimates from $0.79 and $0.94 to $0.73 and $0.84, respectively."
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 $11.98 yesterday.
Analyst, Mike Turner, said, "Reported results were in-line with our expectation, though the impact of the acquired loan portfolio run-off and lower rate environment is becoming more acute as adjusted net interest income was below our expectation. Further, increased prepayments on the acquired portfolio are also acting as headwinds to growth in total loans as the Q/Q change was only +58 bps. Going forward, we have confidence in management's ability to deliver on their expense reductions (they are already ahead of prior targets), though the integration of the Citizens branches will weigh on FY12/13 results, even more so now that loan growth is slowing. As a result, management pushed out their 55% efficiency target into 2014...We are lowering our FY12/FY13 EPS estimates from $0.79 and $0.94 to $0.73 and $0.84, respectively."
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 $11.98 yesterday.
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