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People's United Continues to Expand, Closes BSB Bancorp Buyout
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Recently, People's United Financial, Inc. , the U.S. regional bank completed the acquisition of Belmont-based BSB Bancorp, Inc. . The all-stock deal was valued at $327 million when announced in November 2018.
"We are extremely pleased to welcome the customers and employees of Belmont Savings Bank to People's United," said Jack Barnes, chairman and chief executive officer of People's United Financial. "People's United and Belmont have many shared values, including a client-centric approach, a spirit of community giving, and similar workplace cultures. We look forward to enhancing the experience of Belmont customers through our suite of specialized products and services, and access to our personalized technology and expert bankers," Barnes further added.
People's United came up with the expansion plan in Greater Boston last year. This deal is expected to be accretive to earnings by 3 cents, based on fully phased-in cost savings, with an IRR of more than 20% and a tangible book value earn-back within 3.1 years.
Per terms of the deal, shareholders of BSB Bancorp will get 2 shares of People's United for each share. Based on the closing price of People's United's common stock on Nov 26, 2018, per BSB Bancorp share is valued at $32.42. Moreover, these terms have been approved by boards of directors of both companies.
Our Viewpoint
People’s United’s inorganic growth activities reflect capital strength and the bank’s efforts to boost its performance. Also, it has diversified revenue sources, which are likely to keep supporting the bank’s financials. Additionally, the company will benefit from improving conditions in the domestic economy.
Shares of People’s United have gained around 13.8% over the past three months. Currently, People’s United carries a Zacks Rank #3 (Hold).
E*TRADE Financial Corporation has been witnessing upward estimate revisions for the past 60 days, with the company’s shares rising nearly 7.9%, in three months’ time. It holds a Zacks Rank of 2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Fifth Third Bancorp (FITB - Free Report) has been witnessing upward estimate revisions for the past 60 days. Over the past three months, this Zacks #2 Ranked company’s shares have been up more than 8%.
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People's United Continues to Expand, Closes BSB Bancorp Buyout
Recently, People's United Financial, Inc. , the U.S. regional bank completed the acquisition of Belmont-based BSB Bancorp, Inc. . The all-stock deal was valued at $327 million when announced in November 2018.
"We are extremely pleased to welcome the customers and employees of Belmont Savings Bank to People's United," said Jack Barnes, chairman and chief executive officer of People's United Financial. "People's United and Belmont have many shared values, including a client-centric approach, a spirit of community giving, and similar workplace cultures. We look forward to enhancing the experience of Belmont customers through our suite of specialized products and services, and access to our personalized technology and expert bankers," Barnes further added.
People's United came up with the expansion plan in Greater Boston last year. This deal is expected to be accretive to earnings by 3 cents, based on fully phased-in cost savings, with an IRR of more than 20% and a tangible book value earn-back within 3.1 years.
Per terms of the deal, shareholders of BSB Bancorp will get 2 shares of People's United for each share. Based on the closing price of People's United's common stock on Nov 26, 2018, per BSB Bancorp share is valued at $32.42. Moreover, these terms have been approved by boards of directors of both companies.
Our Viewpoint
People’s United’s inorganic growth activities reflect capital strength and the bank’s efforts to boost its performance. Also, it has diversified revenue sources, which are likely to keep supporting the bank’s financials. Additionally, the company will benefit from improving conditions in the domestic economy.
Shares of People’s United have gained around 13.8% over the past three months. Currently, People’s United carries a Zacks Rank #3 (Hold).
People's United Financial, Inc. Price
People's United Financial, Inc. Price | People's United Financial, Inc. Quote
Stocks to Consider
E*TRADE Financial Corporation has been witnessing upward estimate revisions for the past 60 days, with the company’s shares rising nearly 7.9%, in three months’ time. It holds a Zacks Rank of 2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Fifth Third Bancorp (FITB - Free Report) has been witnessing upward estimate revisions for the past 60 days. Over the past three months, this Zacks #2 Ranked company’s shares have been up more than 8%.
Today's Best Stocks from Zacks
Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.
This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.
See their latest picks free >>