UPDATE: Seaport Global Securities Downgrades People's United Financial (PBCT) to Neutral

(Updated - April 6, 2021 9:07 AM EDT)

Seaport Global Securities analyst David Bishop downgraded People's United Financial (NASDAQ: PBCT) from Buy to Neutral.

The analyst comments "We are lowering our rating on the shares of People's United Financial (PBCT) to Neutral from Buy heading into 1Q21 earnings as the shares have traded well above our previous $15.50 Price target following the company's late February 2021 announcement that it had entered into an acquisition agreement with M&T Bank (MTB; Not-rated) in a $7.6B all stock deal. As part of the transaction, People's United's current headquarters in Bridgeport, Connecticut will become the New England regional headquarters for M&T."

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 $18.08 yesterday.

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