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PBCT

People's United

$18.74

0.02 (0.11%)

, FBNK

First Connecticut

$26.05

0.15 (0.58%)

07:35
06/19/18
06/19
07:35
06/19/18
07:35

People's United to acquire First Connecticut in $544M stock transaction

People's United Financial (PBCT) announced an agreement to acquire First Connecticut Bancorp (FBNK) in a 100% stock transaction valued at approximately $544M. Completion of the transaction is subject to customary closing conditions, including receipt of regulatory approvals and the approval of First Connecticut Bancorp shareholders. People's United expects the transaction to be 5c accretive to earnings per common share based on fully phased-in cost savings, with a tangible book value earn-back of approximately 3.5 years and an IRR of approximately 18%. The transaction is expected to close during the fourth quarter of 2018. Under the terms of the agreement, which has been approved by both companies' boards of directors, First Connecticut Bancorp shareholders will receive 1.725 shares of People's United Financial stock for each First Connecticut Bancorp share. The transaction is valued at $32.33 per First Connecticut Bancorp share, based on the closing price of People's United's common stock on June 18.

PBCT

People's United

$18.74

0.02 (0.11%)

FBNK

First Connecticut

$26.05

0.15 (0.58%)

PBCT People's United
$18.74

0.02 (0.11%)

03/22/18
UBSW
03/22/18
INITIATION
Target $21
UBSW
Neutral
People's United initiated with a Neutral at UBS
UBS analyst Brock Vandervliet started People's United with a Neutral rating and $21 price target. The analyst rolled out coverage last night on the Mid-Cap Banks. He sees performance differentiation "playing out more starkly" than investors may expect with "increasingly advantaged and disadvantaged participants."
04/19/18
SDLR
04/19/18
UPGRADE
Target $21
SDLR
Buy
People's United upgraded to Buy from Hold at Sandler O'Neill
Sandler O'Neill analyst Mark Fitzgibbon upgraded People's United Financial to Buy with a $21 price target following the company's Q1 results.
04/20/18
PIPR
04/20/18
UPGRADE
Target $18
PIPR
Neutral
People's United upgraded to Neutral from Underweight at Piper Jaffray
Piper Jaffray analyst Matthew Breese upgraded People's United Financial to Neutral with an unchanged price target of $18. The analyst believes the shares are nearing fair value following yesterday's post-earnings pullback. He no longer expects the stock to underperform over the next 12 months.
FBNK First Connecticut
$26.05

0.15 (0.58%)

02/05/18
PIPR
02/05/18
UPGRADE
Target $29
PIPR
Overweight
First Connecticut upgraded to Overweight from Neutral at Piper Jaffray
Piper Jaffray analyst Matthew Breese upgraded First Connecticut Bancorp to Overweight and raised his price target for the shares to $29 from $28.50. While the company reported a miss in Q4, its earnings had some "notable underlying positive trends," Breese tells investors in a research note. He thinks First Connecticut remains on the right long-term track and views the current valuation as reasonable.

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ARCE

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JEC

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CBS

CBS

$57.20

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LLY

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, INCY

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WAL

Western Alliance

$49.42

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FFBC

First Financial Bancorp

$24.91

-2.51 (-9.15%)

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HRZN

Horizon Technology

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NCNA

NuCana

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CBNK

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ABX

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, GOLD

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V

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T

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FOX

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VLKAY

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BX

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FCAU

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0.035 (0.23%)

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MRK

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0.12 (0.17%)

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VAR

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NTGN

Neon Therapeutics

$8.88

0.56 (6.73%)

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GTHX

G1 Therapeutics

$46.88

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NCNA

NuCana

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