The stock of People’s United Financial, Inc. (NASDAQ:PBCT) is now priced at $10.85 and the shares are -0.32 points down or -2.86% lower compared to its previous closing price of $11.17. The stock had 3.498 million contracts set over the past session. PBCT shares’ daily volume is compared to its average trading volume at 4.466 million shares. However, it has a float of 416 million and although its performance was -6.87% over the week, it’s one to watch. Analysts have given the PBCT stock a yearly average price target of $12.23 per share. It means the stock’s upside potential is 12.72% with the PBCT share price recently placing at $10.81 to $11.22. However, some brokerage firms have priced the stock below the average, including one that has called $10.5.
The shorts are climbing into the People’s United Financial, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PBCT shares have risen. Short interest in the stock represents just 3.9% of its float, but the volume has raised by 156828. The volume of shorted shares rised to 16.193 million from 16.036 million shares over the last two weeks. The average intraday trading volume has been 3.789 million shares, which means that days to cover moved to roughly 4.273198.
In the last trading session, People’s United Financial, Inc. (NASDAQ:PBCT) dropped by -$0.8 over the week and lost -$0.86 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.22. The stock recorded its established 52-week high on 10/29/19.
Since 04/03/20, the stock has traded to a low of $9.37 at 15.8%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.23. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, People’s United Financial, Inc.’s two-week RSI is 42.77. This suggests that the stock is neutral at the moment and that PBCT shares’ price movement remains stable. The stochastic readings are equally revealing at 43.88% meaning the PBCT share price is currently in neutral territory.
The technical chart shows that the PBCT stock will likely settle at between $11.11 and $11.37 per share. However, if the stock dips below $10.7, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.55.
Currently, the stock is trading in the red of MACD, with a reading of -0.16. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned PBCT a rating of Sector Perform in their intiating review released on June 24. Compass Point analysts see the stock as a Neutral in a flash note released to investors on April 14 initiating covering the stock. DA Davidson seeing the stock struggling downgraded it from Buy to Neutral on January 17 placing it at $17.5.
The average rating for the PBCT equity is 2.93 and is currently gathering a bullish momentum. Of 14 analysts tracking People’s United Financial, Inc. polled by Reuters, 13 rated PBCT as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PBCT stock price is 11.29X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 9.5 below the group’s average of 14.2. People’s United Financial, Inc. has its P/E ratio at 0.6, which means that the stock is currently trading at a discount relative to the 0.9 industry average.