Update (4:13 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.
NEW YORK (TheStreet) -- People's United Financial (PBCT) fell 3.38% to $14.85, down 52 cents from its previous close of $15.37, at the close of the trading day on Friday after a pair of downgrades from JPMorgan and FBR Capital after the company released its fourth-quarter results.
The stock had a volume of 21,263,369, nearly seven times its average of 3,116,260. It hit a high of $15.01 and a low of $14.62 for the day.
People's United announced that it posted net income of $59.3 million, or 20 cents a share, for the fourth quarter of 2013, compared to $61.2 million, or 18 cents a share, for the fourth quarter of 2012 and $58.5 million, or 19 cents a share, for the third quarter of 2013. Operating earnings landed at $60 million, or 20 cents a share, for the fourth quarter of 2013, compared to $63.2 million, or 19 cents a share, for the fourth quarter of 2012 and $60.8 million, or 20 cents a share, for the third quarter of 2013.
JPMorgan downgraded the stock to Neutral from Overweight and set the target price at $16. Analysts stated in the report that it "no longer see(s) the company as positioned to deliver EPS above Street estimates and...at current valuation levels the stock appears fairly priced."
FBR Capital also downgraded the stock to Underperform from Market Perform and set the target price at $14. It cited valuation and the company's diminished capital as the reasons for the downgrade.