Lecap Asset Management Ltd. Sells 10,751 Shares of Webster Financial Corporation $WBS

Lecap Asset Management Ltd. reduced its stake in shares of Webster Financial Corporation (NYSE:WBS) by 51.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,327 shares of the financial services provider’s stock after selling 10,751 shares during the quarter. Lecap Asset Management Ltd.’s holdings in Webster Financial were worth $564,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Fort Washington Investment Advisors Inc. OH raised its position in shares of Webster Financial by 4.0% during the second quarter. Fort Washington Investment Advisors Inc. OH now owns 401,504 shares of the financial services provider’s stock valued at $21,922,000 after buying an additional 15,420 shares during the last quarter. Signaturefd LLC raised its holdings in Webster Financial by 4.5% in the 2nd quarter. Signaturefd LLC now owns 7,388 shares of the financial services provider’s stock valued at $403,000 after acquiring an additional 319 shares in the last quarter. Perigon Wealth Management LLC raised its holdings in Webster Financial by 4.5% in the 2nd quarter. Perigon Wealth Management LLC now owns 4,348 shares of the financial services provider’s stock valued at $237,000 after acquiring an additional 189 shares in the last quarter. Cardinal Capital Management lifted its position in shares of Webster Financial by 2.6% in the 2nd quarter. Cardinal Capital Management now owns 53,038 shares of the financial services provider’s stock worth $2,896,000 after acquiring an additional 1,365 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Webster Financial by 32.4% during the 2nd quarter. GAMMA Investing LLC now owns 4,013 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 981 shares in the last quarter. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Webster Financial Price Performance

NYSE:WBS opened at $59.02 on Friday. The firm has a market cap of $9.81 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 0.54 and a beta of 1.05. The company’s 50-day moving average price is $59.68 and its two-hundred day moving average price is $54.46. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.47. Webster Financial Corporation has a 12 month low of $39.43 and a 12 month high of $63.99.

Webster Financial (NYSE:WBS) last released its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%.The business had revenue of $715.80 million for the quarter, compared to analyst estimates of $716.59 million. During the same period in the prior year, the company earned $1.26 EPS. Webster Financial’s revenue for the quarter was up 16.5% on a year-over-year basis. On average, equities analysts anticipate that Webster Financial Corporation will post 5.88 EPS for the current fiscal year.

Webster Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were given a dividend of $0.40 per share. The ex-dividend date was Monday, August 11th. This represents a $1.60 annualized dividend and a yield of 2.7%. Webster Financial’s dividend payout ratio is 32.45%.

Insider Activity

In related news, CAO Elzbieta Cieslik sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $61.58, for a total value of $123,160.00. Following the completion of the sale, the chief accounting officer owned 14,894 shares of the company’s stock, valued at $917,172.52. This trade represents a 11.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William L. Atwell sold 16,823 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $59.20, for a total value of $995,921.60. Following the completion of the transaction, the director owned 30,915 shares in the company, valued at $1,830,168. The trade was a 35.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,445 shares of company stock worth $2,168,537. 0.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

WBS has been the subject of several research reports. TD Cowen initiated coverage on Webster Financial in a research report on Thursday, September 25th. They issued a “buy” rating and a $78.00 target price for the company. Raymond James Financial increased their price objective on shares of Webster Financial from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Friday, July 18th. Cowen assumed coverage on shares of Webster Financial in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. Seaport Res Ptn lowered shares of Webster Financial from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Finally, Truist Financial restated a “buy” rating and set a $67.00 price target (up previously from $61.00) on shares of Webster Financial in a research note on Friday, July 11th. Thirteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Webster Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.67.

About Webster Financial

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.