Post-Earnings Coverage - People's United Financial
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LONDON, January 23, 2015 /PRNewswire/ --
Investor-Edge.com has issued free post-earnings coverage on People's United Financial Inc. (NASDAQ: PBCT). On January 15, 2015, the company reported its financial results for Q4 FY14 and full year FY14 (period ended December 31, 2014). Click on http://get.Investor-Edge.com/pdf/?c=People%27s%20United%20Financial&d=23-Jan-2015&s=PBCT to read our free earnings review on People's United Financial Inc. (People's United). During Q4 FY14 and FY14, the company recorded net income of $64.7 million, or $0.22 per share, and $251.7 million, or $0.84 per share, respectively. President and CEO of People's United, Jack Barnes, said that the company's performance in FY14 demonstrates the benefits of its deep customer relationships, product breadth and ongoing strategic initiatives. Our free coverage report can be accessed at:
http://get.Investor-Edge.com/pdf/?c=People%27s%20United%20Financial&d=23-Jan-2015&s=PBCT
Earnings Overview
During Q4 FY14, People's United's total revenue increased to $320.0 million from $312.0 million in Q4 FY13. The company's net revenues during Q4 FY14 outperformed Bloomberg analysts' forecast of $315.3 million. Further, People's United's net interest income increased to $228.1 million in Q4 FY14 from $224.9 million in Q4 FY13. However, in Q4 FY14, the company's net interest margin decreased 24 basis points Y-o-Y to 3.00%. The free research on PBCT can be downloaded as in PDF format at:
http://get.Investor-Edge.com/pdf/?c=People%27s%20United%20Financial&d=23-Jan-2015&s=PBCT
In Q4 FY14, People's United's operating earnings improved to $65.1 million, or $0.22 per share, from $60.0 million, or $0.20 per share in Q4 FY13. During Q4 FY14, the company's net income increased by $5.4 million, or $0.02 per share, from $59.3 million, or $0.20 per share, in Q4 FY13. Analysts from Bloomberg had expected net income of $63.6 million, or $0.21 per share, in Q4 FY14.
For FY14, People's United's total revenues improved to $1.28 billion from $1.25 billion in FY13. The company's net revenues during FY14 outperformed Bloomberg analysts' forecast of $1.27 billion. The company's net interest income increased to $911.9 million in FY14 from $888.6 million in FY13. However, People's United's net interest margin decreased from 3.31% in FY13 to 3.09% in FY14. Sign up and read the free analyst's notes on PBCT at:
http://get.Investor-Edge.com/pdf/?c=People%27s%20United%20Financial&d=23-Jan-2015&s=PBCT
During FY14, the company's operating earnings improved to $244.5 million, or $0.82 per share, from $241.1 million, or $0.77 per share, in FY13. For FY14, People's United's operating earnings exclude a net after-tax gain of $13.4 million, or $0.04 per share, resulting from the formation of a merchant services joint venture as well as non-operating expenses of $6.2 million after-tax, or $0.02 per share. In FY14, People's United's net income increased by $19.3 million, or $0.10 per share, from $232.4 million, or $0.74 per share, in FY13. Analysts from Bloomberg had expected net income of $250.3 million, or $0.84 per share, in FY14.
David Rosato, Senior Executive Vice President and CFO at People's United, said that the company's FY14 financial results reflected ongoing revenue growth and effective expense management. He stated that the company achieved strong annual loan and organic deposit growth of 9% and 5%, respectively, while maintaining superior asset quality metrics. He added that a 3% Y-o-Y growth in net interest income was primarily driven by continued strong loan originations, despite a challenging interest rate and economic environment.
As of December 31, 2014, People's United's tier 1 common and total risk-based capital ratios stood at 9.8% and 12.2%, respectively, while the tangible equity ratio was 7.5%. People's United Bank's (a subsidiary of People's United) tier 1 and total risk-based capital ratios were 10.5% and 13.1%, respectively, as of December 31, 2014. Visit Investor-Edge and access the latest research on PBCT at:
http://get.Investor-Edge.com/pdf/?c=People%27s%20United%20Financial&d=23-Jan-2015&s=PBCT
People's United declared a quarterly dividend of $0.165 per share, which is payable on February 15, 2015 to its shareholders of record on February 01, 2015.
Looking forward to 2015, Mr. Barnes asserted that the company's businesses are well positioned in attractive markets and People's United was optimistic about further growth opportunities.
Stock Performance
On the day following the earnings release, January 16, 2015, People's United's stock edged 0.78% higher to end the session at $14.28. Since then, the stock has moved both ways with gains outperforming the losses so far. On the last close, Thursday, January 22, 2014, the company's shares finished 4.10% higher at $14.73, after vacillating between $14.23 and $14.74. A total of 4.09 million shares were traded which was much above its three months average volume of 2.94 million shares. Over the previous three trading sessions and over the past three months, the company's shares have gained 3.15% and 4.03%, respectively. However, the stock has fallen by 2.84% in the last one month.
Sneak Peek to Corporate Insider Trading
In the last one month, People's United has reported two corporate trading transactions by one insider. On January 20, 2015 and January 21, 2015, Galan G. Daukas, Senior Executive Vice President - Wealth Management at People's United, purchased a total of 15,200 shares at an average price of $14.12 per share for a total value of $214,622. Complimentary in-depth research on PBCT is available at:
http://get.Investor-Edge.com/pdf/?c=People%27s%20United%20Financial&d=23-Jan-2015&s=PBCT
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