NEW YORK (TheStreet) -- Shares of People's United Financial (PBCT) - Get Report are advancing by 0.79% to $15.29 on Friday morning, after the Bridgeport, CT-based bank holding company reported second quarter results that beat analyst estimates after Thursday's market closed.
People's United Financial reported earnings of 23 cents per share, exceeding analysts surveyed by Thomson Reuters' expectations of 22 cents per share. The company noted that 2016 second quarter revenue grew 4% compared to the fiscal 2015 second quarter revenue.
Last year, the company reported earnings of 20 cents per share for the second quarter.
Additionally, People's United Financial announced a quarterly dividend of 17 cents per share to be paid to shareholders.
"While deposit balances were modestly lower due to seasonal declines in our retail and municipal businesses, franchise-wide cross-sell and commercial deposit gathering efforts continue to be successful," People's United Financial CEO Jack Barnes said in a statement.
The company announced yesterday that it will be purchasing the New York City-based investment management firm Gerstein Fisher for an undisclosed amount. The deal is expected to close in the fourth quarter, People's United Financial added.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate PEOPLE'S UNITED FINL INC as a Buy with a ratings score of B+. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: PBCT