People’s United: 4Q Earnings Snapshot
BRIDGEPORT, Conn. (AP) _ People’s United Financial Inc. (PBCT) on Thursday reported fourth-quarter profit of $132.9 million.
On a per-share basis, the Bridgeport, Connecticut-based company said it had net income of 35 cents. Earnings, adjusted for non-recurring costs, came to 36 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.
The holding company for People’s United Bank posted revenue of $520.5 million in the period. Its adjusted revenue was $421.3 million, missing Street forecasts. Five analysts surveyed by Zacks expected $427.9 million.
For the year, the company reported profit of $468.1 million, or $1.29 per share. Revenue was reported as $1.6 billion.
People’s United shares have climbed 11 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 5 percent. In the final minutes of trading on Thursday, shares hit $16, a decrease of 18 percent in the last 12 months.