People’s United posts profit, acquires Mass. insurance agency

Bridgeport-based People’s United Financial Inc. has reported first-quarter net income of $62.9 million, or $0.21 per share, meeting Wall Street expectations.

The figures represent an increase from first quarter 2015’s figure of $59.2 million, or $0.20 per share, but a decrease from 2015’s fourth quarter results of $70.8 million, or $0.23 per share. Those fourth quarter numbers did, however, include a net after-tax gain of $6.1 million ($0.02 per share) resulting from the sale of the company’s payroll services business.

Concurrent with its April 21 results, People’s announced the acquisition of Eagle Insurance Group for an undisclosed amount. The Raynham, Mass.-based Eagle is the second agency People’s has purchased recently, following its October acquisition of Bridgeport’s Keston-Brown insurance brokerage firm.

“Our performance this quarter reflects our continued focus on further improving profitability, while moving the company forward with a long-term view,” said People’s President and CEO Jack Barnes.

He added that the company’s board of directors voted to increase the common stock dividend to an annual rate of $0.68 per share ”” its 23^rd consecutive annual dividend increase, “which demonstrates our commitment to deliver shareholder value through the consistent return of capital.”