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People's United (PBCT) Reports Q1 Earnings As Expected

Have you been eager to see how People's United Financial Inc. PBCT performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this CT-based savings and loans bank’s earnings release this morning:

In Line Earnings

People's United came out with earnings per share of 21 cents, in line with the Zacks Consensus Estimate. Higher revenues were offset by elevated provisions.

How Was the Estimate Revision Trend?

You should note that the earnings estimate revisions for People's United depicted neutral stance prior to the earnings release. The Zacks Consensus Estimate remained stable over the last 7 days.

Moreover, People's United has a decent earnings surprise history. Before posting in line earnings in Q1, the company delivered positive surprises in two of the prior four quarters. Overall, the company surpassed the Zacks Consensus Estimate by an average of 1.30% in the trailing four quarters.

Revenue Came In Lower Than Expected

People's United posted revenues of $329.7 million, which lagged the Zacks Consensus Estimate of $332 million. However, it compared favorably with the year-ago number of $322.9 million.

Key Stats to Note:

  • Total revenue increased 2.1% year over year
  • Net loans and deposits grew 6% and 7.4% year over year, respectively
  • Announced 23rd consecutive annual dividend increase

What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) for People's United. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. It all depends on what sense the just-released report makes to the analysts.

Check back later for our full write up on this People's United earnings report!

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PEOPLES UTD FIN (PBCT): Free Stock Analysis Report
 
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