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Stock Alert: People's United Rises On Upbeat Results

Shares of People's United Financial, Inc. (PBCT) are climbing more than 3% Friday morning after reporting better-than-expected first-quarter results.

Net income for the first quarter rose to $126.9 million, or $0.30 per share from $111.1 million or $0.30 per share last year. On average, 12 analysts polled by Thomson Reuters were expecting earnings of $0.23 per share.

Net interest income in the quarter increased to $396 million from $332.8 million in the same quarter a year ago.

"While the economic impact of COVID-19 will have a meaningful effect on results for the remainder of 2020, our first quarter performance marked a strong start to the year," stated David Rosato, Senior Executive Vice President and Chief Financial Officer.

PBT is currently at 11.54. It has traded in the range of $9.37- $17.66 in the last 52 weeks.

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