BRIDGEPORT, Conn. (AP) _ People's United Financial Inc. (PBCT) on Thursday reported third-quarter net income of $144.6 million.
On a per-share basis, the Bridgeport, Connecticut-based company said it had profit of 34 cents.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
The holding company for People's United Bank posted revenue of $537.9 million in the period. Its adjusted revenue was $492.5 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $498.6 million.
People's United shares have dropped 33% since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 7%. In the final minutes of trading on Thursday, shares hit $11.31, a decline of 32% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PBCT at https://www.zacks.com/ap/PBCT
Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News