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UBNK - Always-Reliable People's United Financial Executing To Plan
United Financial Bancorp Inc.
People’s United Financial (PBCT) is an exceptionally reliable, consistent bank – quarterly earnings rarely deviate more than a couple of pennies from expectations and PBCT management has been uncannily accurate in projecting its asset sensitivity over time.
What’s also reliable and consistent is the lack of value-added growth – although the company’s 15-year tangible book value per share growth record isn’t bad (8% annualized growth), the 10-year record is poor (down 1.5%), and the bank basically never earns my estimate of its cost of equity (the highest reported return on equity in the