Webster Financial Corporation (NYSE:WBS) Receives $69.69 Average PT from Brokerages

Shares of Webster Financial Corporation (NYSE:WBS) have been assigned a consensus rating of “Moderate Buy” from the sixteen research firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and thirteen have issued a buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $69.8462.

Several research analysts have recently weighed in on the company. Truist Financial lowered their price objective on Webster Financial from $69.00 to $67.00 and set a “buy” rating for the company in a research report on Monday, October 20th. JPMorgan Chase & Co. cut their target price on Webster Financial from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 1st. Barclays lifted their target price on Webster Financial from $78.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday. Citigroup boosted their price target on Webster Financial from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Finally, TD Cowen initiated coverage on shares of Webster Financial in a research report on Thursday, September 25th. They set a “buy” rating and a $78.00 price objective for the company.

Webster Financial Stock Up 0.6%

Webster Financial stock opened at $57.57 on Monday. The firm has a market cap of $9.57 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 0.50 and a beta of 1.13. Webster Financial has a 52-week low of $39.43 and a 52-week high of $63.99. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a 50 day moving average price of $58.66 and a two-hundred day moving average price of $56.57.

Webster Financial (NYSE:WBS) last posted its quarterly earnings data on Friday, October 17th. The financial services provider reported $1.54 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.02. Webster Financial had a net margin of 21.32% and a return on equity of 11.07%. The company had revenue of $732.60 million during the quarter, compared to analysts’ expectations of $725.22 million. During the same period in the prior year, the company posted $1.34 earnings per share. Equities analysts predict that Webster Financial will post 5.88 EPS for the current year.

Webster Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Monday, November 10th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, November 10th. Webster Financial’s dividend payout ratio (DPR) is presently 29.80%.

Insider Activity

In other news, CAO Elzbieta Cieslik sold 2,000 shares of the company’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $61.58, for a total transaction of $123,160.00. Following the transaction, the chief accounting officer owned 14,894 shares in the company, valued at approximately $917,172.52. This represents a 11.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Mi Griffin sold 807 shares of the firm’s stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $62.14, for a total value of $50,146.98. Following the completion of the sale, the insider owned 12,556 shares of the company’s stock, valued at approximately $780,229.84. This represents a 6.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,807 shares of company stock worth $234,927 in the last quarter. Company insiders own 0.54% of the company’s stock.

Institutional Trading of Webster Financial

Several hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. raised its holdings in Webster Financial by 1.8% during the first quarter. Envestnet Asset Management Inc. now owns 267,787 shares of the financial services provider’s stock worth $13,804,000 after buying an additional 4,684 shares during the last quarter. Allworth Financial LP lifted its position in Webster Financial by 43.7% during the first quarter. Allworth Financial LP now owns 941 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 286 shares during the last quarter. Alps Advisors Inc. purchased a new position in Webster Financial in the first quarter worth $364,000. Cerity Partners LLC increased its position in shares of Webster Financial by 38.7% during the 1st quarter. Cerity Partners LLC now owns 12,288 shares of the financial services provider’s stock valued at $633,000 after purchasing an additional 3,430 shares during the last quarter. Finally, State of Michigan Retirement System raised its stake in shares of Webster Financial by 1.2% during the first quarter. State of Michigan Retirement System now owns 41,044 shares of the financial services provider’s stock worth $2,116,000 after acquiring an additional 500 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

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.