BRIDGEPORT, Conn. (AP) _ People's United Financial Inc. (PBCT) on Thursday reported second-quarter profit of $89.9 million.
On a per-share basis, the Bridgeport, Connecticut-based company said it had profit of 21 cents. Earnings, adjusted for costs related to mergers and acquisitions, were 24 cents per share.
The results matched Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was also for earnings of 24 cents per share.
The holding company for People's United Bank posted revenue of $547.2 million in the period. Its adjusted revenue was $495.2 million, missing Street forecasts. Three analysts surveyed by Zacks expected $495.9 million.
People's United shares have fallen 30% since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Thursday, shares hit $11.78, a drop of 28% in the last 12 months.