Webster Financial (NYSE:WBS) Price Target Raised to $75.00

Webster Financial (NYSE:WBS) had its price target lifted by JPMorgan Chase & Co. from $70.00 to $75.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

WBS has been the topic of a number of other reports. Morgan Stanley raised their target price on shares of Webster Financial from $64.00 to $77.00 and gave the company an “underperform” rating in a research note on Monday, September 29th. Cowen began coverage on shares of Webster Financial in a report on Wednesday, September 24th. They set a “buy” rating for the company. Keefe, Bruyette & Woods raised their price target on Webster Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday. Cantor Fitzgerald began coverage on Webster Financial in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $70.00 price objective on the stock. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Webster Financial in a research report on Monday, December 8th. Fourteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $70.92.

Webster Financial Stock Performance

Shares of NYSE WBS opened at $64.72 on Tuesday. The business’s 50-day simple moving average is $58.57 and its 200-day simple moving average is $58.26. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.85 and a current ratio of 0.85. Webster Financial has a 52 week low of $39.43 and a 52 week high of $65.39. The firm has a market cap of $10.44 billion, a price-to-earnings ratio of 12.05, a P/E/G ratio of 0.56 and a beta of 1.07.

Webster Financial (NYSE:WBS) last announced its earnings results on Friday, October 17th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.02. Webster Financial had a return on equity of 11.07% and a net margin of 21.32%.The firm had revenue of $756.06 million during the quarter, compared to analysts’ expectations of $725.22 million. During the same quarter in the prior year, the business earned $1.34 earnings per share. As a group, equities research analysts expect that Webster Financial will post 5.88 earnings per share for the current fiscal year.

Webster Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Monday, November 10th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, November 10th. Webster Financial’s payout ratio is currently 29.80%.

Insider Buying and Selling

In other Webster Financial news, CEO John R. Ciulla sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $55.45, for a total value of $443,600.00. Following the completion of the sale, the chief executive officer owned 231,872 shares in the company, valued at approximately $12,857,302.40. This trade represents a 3.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WBS. Amundi raised its holdings in Webster Financial by 699.7% during the 1st quarter. Amundi now owns 137,740 shares of the financial services provider’s stock worth $7,100,000 after purchasing an additional 120,516 shares during the last quarter. Pallas Capital Advisors LLC bought a new stake in shares of Webster Financial during the second quarter worth approximately $474,000. Norges Bank acquired a new position in Webster Financial in the second quarter valued at approximately $131,780,000. Great Lakes Advisors LLC boosted its stake in Webster Financial by 3,066.1% in the first quarter. Great Lakes Advisors LLC now owns 126,012 shares of the financial services provider’s stock valued at $6,496,000 after acquiring an additional 122,032 shares during the last quarter. Finally, Hunter Perkins Capital Management LLC raised its position in shares of Webster Financial by 15.9% during the 2nd quarter. Hunter Perkins Capital Management LLC now owns 118,256 shares of the financial services provider’s stock valued at $6,457,000 after acquiring an additional 16,211 shares during the last quarter. Institutional investors own 85.58% of the company’s stock.

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.