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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

10 Liquid Bank Stocks With Highest Dividend Yields

4. People's United Financial

Shares of People's United Financial (PBCT) of Bridgeport, Conn., closed at $12.83 Friday, down 3% over the previous year. Based on a quarterly payout of 16 cents, the shares have a dividend yield of 4.91%.

People's United had $25 billion in total assets as of March 31, with about 340 branches in Connecticut, Vermont, New York, New Hampshire, Maine and Massachusetts.

In January, the company announced a deal to acquire Danvers Bancorp (DNBK) of Danvers, Mass., for $493 million in cash and stock. The deal is expected to be completed this month. Danvers Bancorp had $2.8 billion in total assets as of March 31, with 28 branches in the Boston area.

People's United reported first-quarter net income of $51.7 million, or 15 cents a share, increasing from $13.6 million, or 4 cents a share, a year earlier, mainly reflecting an increase in interest income, with the acquisitions of Smithtown Bancorp in November, the failed Butler Bank of Lowell, Mass., in April 2010, and Financial Federal Corp. in February 2010.

While interest and dividend income increased 31% year-over-year to $252.8 million in the first quarter -- partially from "interest accretion from the Financial Federal" -- interest expense actually declined slightly. First-quarter net interest income was up 38% to a tax-adjusted $221.5 million, according to SNL.

After the company announced its first-quarter results, David Darst of Guggenheim Securities reiterated his neutral rating for People's United, with a $14 price target, saying that positive catalysts for the shares "may include a larger acquisition in the $5-8 billion range, continued aggressive share repurchases, and strong organic growth in the Boston, Long Island, and New York City markets in addition to growth in the legacy footprint."

The consensus among analysts is for People's United to earn 66 cents a share in 2011. The shares trade for 15 times the consensus 2012 earnings estimate of 85 cents a share.

Out of 15 analysts covering People's United, six rate the shares a buy, while the remaining analysts all have neutral ratings.

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