People’s United: 3Q Earnings Snapshot
BRIDGEPORT, Conn. (AP) _ People’s United Financial Inc. (PBCT) on Thursday reported third-quarter earnings of $117 million.
On a per-share basis, the Bridgeport, Connecticut-based company said it had net income of 33 cents.
The results fell short of Wall Street expectations. The average estimate of six 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 $482.3 million in the period. Its adjusted revenue was $398.7 million, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $404.6 million.
People’s United shares have dropped 14 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 3.5 percent. In the final minutes of trading on Thursday, shares hit $16.16, a decline of 11 percent in the last 12 months.