Webster Financial Co. to Post Q2 2024 Earnings of $1.35 Per Share, Wedbush Forecasts (NYSE:WBS)

Webster Financial Co. (NYSE:WBS) – Analysts at Wedbush decreased their Q2 2024 earnings estimates for Webster Financial in a research note issued on Tuesday, April 23rd. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $1.35 for the quarter, down from their prior forecast of $1.45. The consensus estimate for Webster Financial’s current full-year earnings is $5.72 per share. Wedbush also issued estimates for Webster Financial’s Q3 2024 earnings at $1.50 EPS and FY2024 earnings at $5.80 EPS.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group cut their price target on shares of Webster Financial from $65.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Citigroup dropped their price objective on shares of Webster Financial from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday. Royal Bank of Canada lowered their price target on shares of Webster Financial from $57.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods lowered their price target on shares of Webster Financial from $64.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, Morgan Stanley raised their price target on shares of Webster Financial from $51.00 to $61.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $56.23.

Webster Financial Stock Performance

Shares of WBS stock opened at $45.48 on Friday. The stock has a market cap of $7.81 billion, a P/E ratio of 9.32, a P/E/G ratio of 0.37 and a beta of 1.33. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.86 and a quick ratio of 0.85. The company has a fifty day moving average price of $47.94 and a two-hundred day moving average price of $46.49. Webster Financial has a one year low of $31.03 and a one year high of $53.39.

Webster Financial (NYSE:WBS) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.35 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.02). The firm had revenue of $667.10 million during the quarter, compared to analyst estimates of $680.72 million. Webster Financial had a net margin of 21.09% and a return on equity of 12.55%. The business’s revenue was up .2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.49 EPS.

Webster Financial Dividend Announcement

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 paid a $0.40 dividend. The ex-dividend date is Friday, May 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.52%. Webster Financial’s payout ratio is currently 32.79%.

Insider Activity

In other news, COO Luis Massiani sold 13,500 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $51.63, for a total value of $697,005.00. Following the sale, the chief operating officer now directly owns 89,621 shares in the company, valued at approximately $4,627,132.23. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Christopher J. Motl sold 10,475 shares of Webster Financial stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $52.40, for a total transaction of $548,890.00. Following the sale, the insider now directly owns 63,306 shares in the company, valued at approximately $3,317,234.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Luis Massiani sold 13,500 shares of Webster Financial stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $51.63, for a total transaction of $697,005.00. Following the sale, the chief operating officer now owns 89,621 shares in the company, valued at $4,627,132.23. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,975 shares of company stock worth $1,341,095. Corporate insiders own 0.88% of the company’s stock.

Institutional Investors Weigh In On Webster Financial

Several hedge funds have recently added to or reduced their stakes in WBS. Rise Advisors LLC acquired a new stake in Webster Financial during the 1st quarter worth approximately $29,000. Spire Wealth Management lifted its position in shares of Webster Financial by 79.1% in the 4th quarter. Spire Wealth Management now owns 607 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 268 shares during the period. NBC Securities Inc. acquired a new position in shares of Webster Financial in the 3rd quarter worth approximately $32,000. Bruce G. Allen Investments LLC acquired a new position in shares of Webster Financial in the 4th quarter worth approximately $42,000. Finally, Principal Securities Inc. acquired a new position in shares of Webster Financial in the 4th quarter worth approximately $45,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

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.