Davis Asset Management L.P. Purchases 250,000 Shares of Webster Financial Co. (NYSE:WBS)

Davis Asset Management L.P. raised its position in Webster Financial Co. (NYSE:WBS) by 14.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,000,000 shares of the financial services provider’s stock after buying an additional 250,000 shares during the quarter. Webster Financial accounts for 4.1% of Davis Asset Management L.P.’s holdings, making the stock its 8th biggest holding. Davis Asset Management L.P.’s holdings in Webster Financial were worth $101,520,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Webster Financial during the 4th quarter valued at $97,217,000. FMR LLC lifted its position in shares of Webster Financial by 22.6% during the 3rd quarter. FMR LLC now owns 7,258,411 shares of the financial services provider’s stock valued at $292,587,000 after acquiring an additional 1,339,862 shares during the period. American Century Companies Inc. lifted its position in shares of Webster Financial by 1,773.9% during the 3rd quarter. American Century Companies Inc. now owns 1,324,457 shares of the financial services provider’s stock valued at $53,389,000 after acquiring an additional 1,253,778 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Webster Financial by 12.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,916,013 shares of the financial services provider’s stock valued at $198,785,000 after acquiring an additional 430,331 shares during the period. Finally, Swiss National Bank bought a new stake in shares of Webster Financial during the 4th quarter worth $17,329,000. 85.58% of the stock is owned by institutional investors and hedge funds.

Webster Financial Stock Performance

Shares of NYSE WBS traded up $0.42 during trading on Thursday, reaching $44.80. 4,468,024 shares of the stock traded hands, compared to its average volume of 1,221,590. The company has a 50-day moving average of $47.67 and a 200-day moving average of $46.67. Webster Financial Co. has a 52-week low of $31.03 and a 52-week high of $53.39. The stock has a market capitalization of $7.69 billion, a P/E ratio of 9.17, a price-to-earnings-growth ratio of 0.39 and a beta of 1.35. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.86 and a quick ratio of 0.86.

Webster Financial (NYSE:WBS) last posted its earnings results on Tuesday, April 23rd. The financial services provider reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.02). The business had revenue of $667.10 million during the quarter, compared to analysts’ expectations of $680.72 million. Webster Financial had a return on equity of 12.55% and a net margin of 21.09%. Webster Financial’s revenue for the quarter was up .2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.49 EPS. Analysts forecast that Webster Financial Co. will post 5.62 EPS for the current fiscal year.

Webster Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 6th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Friday, May 3rd. Webster Financial’s payout ratio is currently 32.79%.

Insider Activity

In other news, insider Daniel Bley sold 2,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $47.60, for a total value of $95,200.00. Following the sale, the insider now directly owns 27,955 shares of the company’s stock, valued at $1,330,658. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.88% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Jefferies Financial Group dropped their price objective on Webster Financial from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Morgan Stanley upped their price objective on Webster Financial from $51.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Citigroup dropped their price objective on Webster Financial from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, April 24th. Raymond James reissued an “outperform” rating and issued a $60.00 price target on shares of Webster Financial in a research note on Tuesday, March 26th. Finally, Royal Bank of Canada decreased their price target on Webster Financial from $57.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, April 24th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Webster Financial has an average rating of “Moderate Buy” and a consensus target price of $56.23.

Webster Financial Company Profile

Webster Financial Corporation operates as the bank holding company for Webster Bank, National Association that provides a range of financial products and services to individuals, families, and businesses in the United States. It operates through three segments: Commercial Banking, HSA Bank, and Consumer Banking.