Webster Financial Co. (WBS) Stake Raised by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. lifted its position in shares of Webster Financial Co. (NYSE:WBS) by 7.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 526,353 shares of the financial services provider’s stock after acquiring an additional 35,180 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Webster Financial were worth $29,560,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of the company. American Century Companies Inc. purchased a new position in Webster Financial in the 3rd quarter valued at about $87,888,000. Pzena Investment Management LLC lifted its stake in Webster Financial by 2.0% in the 3rd quarter. Pzena Investment Management LLC now owns 1,543,338 shares of the financial services provider’s stock valued at $81,102,000 after buying an additional 30,216 shares in the last quarter. Wasatch Advisors Inc. lifted its stake in Webster Financial by 1.1% in the 3rd quarter. Wasatch Advisors Inc. now owns 1,250,812 shares of the financial services provider’s stock valued at $65,730,000 after buying an additional 13,041 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Webster Financial by 27.8% in the 3rd quarter. Wells Fargo & Company MN now owns 1,186,320 shares of the financial services provider’s stock valued at $62,342,000 after buying an additional 258,311 shares in the last quarter. Finally, Janus Henderson Group PLC purchased a new position in Webster Financial in the 3rd quarter valued at about $54,672,000. 94.75% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on the stock. Boenning Scattergood reaffirmed a “hold” rating on shares of Webster Financial in a research note on Wednesday, January 24th. JPMorgan Chase & Co. raised their price target on shares of Webster Financial from $66.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Morgan Stanley raised their price target on shares of Webster Financial from $54.00 to $56.00 and gave the company an “underweight” rating in a research note on Friday, January 26th. Piper Jaffray Companies reiterated a “hold” rating and issued a $56.00 price objective on shares of Webster Financial in a report on Tuesday, January 23rd. Finally, Zacks Investment Research downgraded shares of Webster Financial from a “buy” rating to a “hold” rating and set a $63.00 price objective for the company. in a report on Saturday, January 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. Webster Financial currently has a consensus rating of “Hold” and an average target price of $59.82.
Webster Financial (NYSE:WBS) last released its quarterly earnings data on Tuesday, January 23rd. The financial services provider reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.06. The company had revenue of $270.97 million during the quarter, compared to the consensus estimate of $269.64 million. Webster Financial had a net margin of 21.77% and a return on equity of 9.91%. Webster Financial’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.60 EPS. equities research analysts expect that Webster Financial Co. will post 3.37 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 13th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Monday, February 12th. This represents a $1.04 dividend on an annualized basis and a yield of 1.93%. Webster Financial’s payout ratio is 39.10%.
In other news, Director Joel S. Becker sold 5,064 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $54.22, for a total transaction of $274,570.08. Following the completion of the sale, the director now owns 58,283 shares in the company, valued at approximately $3,160,104.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Daniel Bley sold 2,917 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $58.27, for a total transaction of $169,973.59. Following the sale, the executive vice president now owns 19,804 shares of the company’s stock, valued at approximately $1,153,979.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,272 shares of company stock valued at $629,959. 2.20% of the stock is owned by insiders.
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About Webster Financial
Webster Financial Corporation is a bank and financial holding company. The Company’s segments include Commercial Banking, Community Banking, HSA Bank, Private Banking, and Corporate and Reconciling. The Commercial Banking segment includes middle-market, asset-based lending, commercial real estate, equipment finance, and treasury and payment solutions, which includes government and institutional banking.
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