1. People's United Financial Shares of Bridgeport, Connecticut-based People's United Financial ( PBCT) 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 http://twitter.com/shavenk. >To submit a news tip, send an email to: email@example.com.