The word lackluster doesn’t really do justice to the frustrating performance from People’s United Financial (PBCT) over the past decade, as the negative return dramatically lags regional bank indices at individual comps like Signature (SBNY) and M&T Bank (MTB), though BankUnited (BKU) and New York Community (NYCB) do have similarly dreary long-term returns.
The problem, I believe, is an ongoing conservatism on the part of management, which depresses yields and profits, and an ongoing willingness to make TBV-dilutive transactions; over the past decade, People’s United