A Bank Stock That May Be Flying Below Your Radar
2019 was the most active year for mergers and acquisitions in the banking industry since 2016. According to American Banker, there were 271 mergers announced last year -- a 5% increase from the previous year. Activity may have been delayed for a couple of years because of the tax reform bill, but it picked up last year, especially after the successive rate cuts may have pressured more deals.
There were some mega deals like BB&T and SunTrust, which became Truist, and Charles Schwab and TD Ameritrade, which was announced in the fourth quarter. But the bulk of the deals were done by smaller, regional banks. One of the most active participants in the M&A carousel was People's United Financial (NASDAQ: PBCT).
People's United Financial, which is based in Bridgeport, Conn., and serves as the holding company for People's United Bank, acquired two banks and a specialty finance company last year. The company is in growth mode, and it's a stock that may be flying under your radar.
Source Fool.com
