We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
People's United (PBCT) Acquires LEAF Commercial Capital
Read MoreHide Full Article
People's United Bank, N.A., a subsidiary of People's United Financial, Inc. , announced the completion of the acquisition of LEAF Commercial Capital, Inc. The transaction is likely to be immediately accretive to the company’s earnings.
The acquisition was announced in Jul 2017 under the terms that People's United would acquire about $730 million of net investment in leases and loans and retain almost $250 million of securitizations.
On completion of the deal, total assets of People's United amount to about $4 billion, making it the 16th largest bank-owned equipment finance entity.
Since 2002, the Philadelphia, PA based LEAF Commercial Capital has provided finance of about $5.8 billion to more than 243,000 customers. Also, it provides expertise and equipment finance solutions to a large number of vendors and end users. Further, LEAF Commercial Capital employs about 250 people with offices in Orange County, CA and Moberly, MO.
Lately, People's United has been taking initiatives to expand its business and bolster fee income. In Apr 2017, the company acquired Suffolk Bancorp in a $391 million all-stock deal, with a view to fortify its footprint in the New York Metro region. Earlier, in Nov 2016, People's United had acquired Gerstein Fisher, a $3 billion investment management firm.
The company’s progress on the acquisition front reflects its capital and liquidity strength. Further, People’s United’s organic growth remains impressive. However, persistent pressure on margins despite rising rates and escalating expenses might restrict its bottom-line growth in the near term.
Shares of People’s United have gained 17.5% over the last one year, underperforming the 25.3% rally of the industry.
Currently, People’s United carries a Zacks Rank #3 (Hold).
Bank of New York Mellon’s Zacks Consensus Estimate witnessed an upward revision of 1.4% for current-year earnings, over the past 60 days. Also, its shares have gained 36.7%, over the last one year.
Fifth Third’s Zacks Consensus Estimates for the current-year earnings moved 2.3% upward, over the past 60 days. Its share price has increased 43.7%, over the last one year.
Trustmark’s current-year earnings estimates were revised 1.1% upward, over the past 60 days. Over the last one year, its share price has jumped 24.4%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
People's United (PBCT) Acquires LEAF Commercial Capital
People's United Bank, N.A., a subsidiary of People's United Financial, Inc. , announced the completion of the acquisition of LEAF Commercial Capital, Inc. The transaction is likely to be immediately accretive to the company’s earnings.
The acquisition was announced in Jul 2017 under the terms that People's United would acquire about $730 million of net investment in leases and loans and retain almost $250 million of securitizations.
On completion of the deal, total assets of People's United amount to about $4 billion, making it the 16th largest bank-owned equipment finance entity.
Since 2002, the Philadelphia, PA based LEAF Commercial Capital has provided finance of about $5.8 billion to more than 243,000 customers. Also, it provides expertise and equipment finance solutions to a large number of vendors and end users. Further, LEAF Commercial Capital employs about 250 people with offices in Orange County, CA and Moberly, MO.
Lately, People's United has been taking initiatives to expand its business and bolster fee income. In Apr 2017, the company acquired Suffolk Bancorp in a $391 million all-stock deal, with a view to fortify its footprint in the New York Metro region. Earlier, in Nov 2016, People's United had acquired Gerstein Fisher, a $3 billion investment management firm.
The company’s progress on the acquisition front reflects its capital and liquidity strength. Further, People’s United’s organic growth remains impressive. However, persistent pressure on margins despite rising rates and escalating expenses might restrict its bottom-line growth in the near term.
Shares of People’s United have gained 17.5% over the last one year, underperforming the 25.3% rally of the industry.
Currently, People’s United carries a Zacks Rank #3 (Hold).
Better-ranked stocks in the financial space include The Bank of New York Mellon Corporation (BK - Free Report) , Fifth Third Bancorp (FITB - Free Report) and Trustmark Corporation (TRMK - Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bank of New York Mellon’s Zacks Consensus Estimate witnessed an upward revision of 1.4% for current-year earnings, over the past 60 days. Also, its shares have gained 36.7%, over the last one year.
Fifth Third’s Zacks Consensus Estimates for the current-year earnings moved 2.3% upward, over the past 60 days. Its share price has increased 43.7%, over the last one year.
Trustmark’s current-year earnings estimates were revised 1.1% upward, over the past 60 days. Over the last one year, its share price has jumped 24.4%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>