Shares of People’s United Financial, Inc. (NASDAQ:PBCT) ended Wednesday session in red amid volatile trading. The shares closed down -0.09 points or -0.55% at $16.15 with 2.93 million shares getting traded. Post opening the session at $16.23, the shares hit an intraday low of $16.05 and an intraday high of $16.23 and the price vacillated in this range throughout the day. The company has a market cap of $5.03 billion and the numbers of outstanding shares have been calculated to be 304.02 million shares.
People’s United Financial, Inc. (PBCT) recently declared completion of the acquisition of Gerstein Fisher, a $3 billion, New York City-based investment administration firm, by its partner, People’s Securities, Inc. The combined company brings People’s United Wealth Administration’s total assets under administration to over $20 billion, of which about $8 billion is under discretionary administration.
Founded in 1993 and featured in Barron’s “Top 100 Financial Advisors” list for six successive years, Gerstein Fisher manages assets using a quantitative Multi-Factor® approach, which structures portfolios to overweight the factors that leading-edge academic research has identified as having the potential to deliver improved returns.
“We are excited to officially integrate the know-how of Gerstein Fisher’s talented team with that of our own Wealth Administration group,” said Jack Barnes, President and Chief Executive Officer. “Gerstein Fisher’s client focus, respected quantitative investment approach and scalable technology-facilitated platform will greatly benefit our broader, shared market.”
Shares of SLM Corp (NASDAQ:SLM) ended Wednesday session in red amid volatile trading. The shares closed down -0.05 points or -0.71% at $7.03 with 5.74 million shares getting traded. Post opening the session at $7.02, the shares hit an intraday low of $6.93 and an intraday high of $7.09 and the price vacillated in this range throughout the day. The company has a market cap of $3.02 billion and the numbers of outstanding shares have been calculated to be 428.30 million shares.
SLM Corp (SLM) recently released third-quarter 2016 financial results that include marked growth in originations, portfolio size, net interest income, and diluted earnings per share. In the third-quarter 2016, the company’s private education loan originations raised 7 percent to $1.8 billion, private education loan portfolio grew 27 percent to $13.7 billion, and net interest income raised 27 percent to $223 million, as contrast to the year-ago quarter. The company earned $0.12 per diluted share in the quarter, up 33 percent from the same period last year.
“We continue to do what we do best, which is to assist students and families make college happen, and we’re doing it better than ever, with all indicators moving in the right direction,” said Raymond J. Quinlan, chairman and CEO. “Our investments in people and platforms have improved not only customer satisfaction, but also operating efficiency. Among this quarter’s many positives, I am partial to our consistent credit metrics because, eventually, credit quality illustrates our customers’ success and their ability to effectively manage their finances.”