This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

5 Regional Banks With Solid Revenue Growth

1. People's United Financial

Shares of Bridgeport, Connecticut-based People's United Financial (PBCT - Get Report) are down 12% in 2011.

The bank reported a third-quarter net income of $52.90 million or 15 cents per share, up from $24.1 million, or 7 cents per share, for the third quarter of 2010, and $51.2 million, or 15 cents per share, for the second quarter of 2011. The third- quarter profit included $14.4 million (post-tax) of merger-related expenses.

Analysts expected a third-quarter EPS of 18 cents per share according to consensus estimates from Factset.

Pre-provision net revenue jumped 82% to $115.6 million from $63.6 million in the year-ago quarter, helped by the acquisition of Danvers in July.

However, the bank reported strong metrics even excluding the acquisition. Excluding Danvers, loans grew at an annualized rate of 15% and deposits increased 6%.

"Our performance this quarter continues to reflect improvements in our operating metrics, including another solid quarter of organic loan and deposit growth throughout our franchise, and encouraging trends in asset quality," stated Jack Barnes, President and Chief Executive Officer.

The company also announced a new 5% stock repurchase program.

Sandler O'Neill cut its rating on the stock to hold from buy with a price target of $12.34 after the results, citing relatively high valuations compared to peers. The stock trades at a price to book of 1.4.

Only six out of 20 analysts covering the stock rate it a buy. 13 analysts have a hold rating while one analyst ranks it an underperform.

--Written by Shanthi Bharatwaj in New York

>To contact the writer of this article, click here: Shanthi Bharatwaj.

>To follow the writer on Twitter, go to

>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
6 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $14.35 -2.80%
C $45.58 -2.40%
FNFG $10.42 -1.30%
PBCT $15.29 -1.70%
SIVB $100.74 -4.20%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs