Vestcor Inc Takes Position in Webster Financial Corporation $WBS

Vestcor Inc acquired a new stake in shares of Webster Financial Corporation (NYSE:WBS) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 20,091 shares of the financial services provider’s stock, valued at approximately $1,194,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its position in shares of Webster Financial by 2.2% during the 1st quarter. Royal Bank of Canada now owns 94,385 shares of the financial services provider’s stock valued at $4,866,000 after purchasing an additional 2,049 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Webster Financial in the first quarter valued at $114,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Webster Financial by 15.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,127 shares of the financial services provider’s stock valued at $2,069,000 after buying an additional 5,299 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Webster Financial by 37.0% during the first quarter. Goldman Sachs Group Inc. now owns 652,921 shares of the financial services provider’s stock valued at $33,658,000 after buying an additional 176,258 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Webster Financial by 4.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 476,095 shares of the financial services provider’s stock worth $24,543,000 after acquiring an additional 20,090 shares during the period. Institutional investors own 85.58% of the company’s stock.

Webster Financial Trading Down 0.5%

NYSE:WBS opened at $68.77 on Thursday. The stock has a fifty day simple moving average of $68.34 and a 200 day simple moving average of $62.90. The firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 11.64 and a beta of 1.03. Webster Financial Corporation has a 1-year low of $39.43 and a 1-year high of $74.00. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.40.

Webster Financial (NYSE:WBS) last posted its quarterly earnings data on Friday, January 23rd. The financial services provider reported $1.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.07. Webster Financial had a return on equity of 11.10% and a net margin of 22.67%.The firm had revenue of $760.48 million for the quarter, compared to the consensus estimate of $731.95 million. During the same quarter in the previous year, the company earned $1.43 EPS. Sell-side analysts forecast that Webster Financial Corporation will post 5.88 earnings per share for the current year.

Webster Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 19th. Stockholders of record on Monday, February 9th were issued a dividend of $0.40 per share. The ex-dividend date was Monday, February 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.3%. Webster Financial’s payout ratio is currently 27.07%.

Analysts Set New Price Targets

Several brokerages have commented on WBS. JPMorgan Chase & Co. boosted their price target on shares of Webster Financial from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 16th. Morgan Stanley lowered their price objective on shares of Webster Financial from $77.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 5th. Truist Financial downgraded shares of Webster Financial from a “buy” rating to a “hold” rating and set a $74.00 target price on the stock. in a report on Wednesday, February 4th. Raymond James Financial lowered shares of Webster Financial from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, February 11th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Webster Financial in a report on Monday, December 29th. Four equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $74.50.

About Webster Financial

Webster Financial Corporation is a bank holding company headquartered in Waterbury, Connecticut. Through its principal subsidiary, Webster Bank, N.A., the company offers a broad range of banking products and financial services to individuals, small businesses, and middle-market commercial clients. Key offerings include deposit accounts, residential and commercial real estate lending, equipment finance, treasury management, and payment processing solutions.

In addition to traditional banking services, Webster Financial provides wealth management and insurance products designed to help clients plan for retirement, preserve assets, and manage risk.