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People's United beats 2Q profit forecasts

BRIDGEPORT, Conn. (AP) _ People's United Financial Inc. (PBCT) on Thursday reported second-quarter earnings of $69.3 million.

On a per-share basis, the Bridgeport, Connecticut-based company said it had net income of 19 cents. Earnings, adjusted for costs related to mergers and acquisitions, were 24 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The holding company for People's United Bank posted revenue of $413.6 million in the period. Its adjusted revenue was $366.5 million.

People's United shares have fallen almost 9 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 10 percent. In the final minutes of trading on Thursday, shares hit $17.64, an increase of 15 percent in the last 12 months.

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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

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Keywords: People's United, Earnings Report