Webster Financial (NYSE:WBS) Now Covered by Truist Financial

Truist Financial started coverage on shares of Webster Financial (NYSE:WBS) in a research note released on Tuesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $61.00 target price on the financial services provider’s stock.

Several other brokerages have also recently issued reports on WBS. Keefe, Bruyette & Woods dropped their target price on shares of Webster Financial from $70.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Royal Bank of Canada set a $60.00 target price on shares of Webster Financial and gave the stock an “outperform” rating in a report on Friday, April 25th. Wells Fargo & Company dropped their target price on shares of Webster Financial from $75.00 to $60.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Raymond James dropped their target price on shares of Webster Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday, April 2nd. Finally, Morgan Stanley dropped their target price on shares of Webster Financial from $75.00 to $66.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Webster Financial presently has an average rating of “Moderate Buy” and an average price target of $62.58.

Webster Financial Trading Up 0.0%

NYSE:WBS opened at $52.91 on Tuesday. The company’s 50 day moving average price is $48.11 and its 200-day moving average price is $54.31. Webster Financial has a 52 week low of $39.34 and a 52 week high of $63.99. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.34. The stock has a market cap of $8.90 billion, a price-to-earnings ratio of 12.11, a PEG ratio of 1.02 and a beta of 0.98.

Webster Financial (NYSE:WBS) last issued its earnings results on Thursday, April 24th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.08). Webster Financial had a return on equity of 10.82% and a net margin of 18.39%. The company had revenue of $704.80 million during the quarter, compared to analysts’ expectations of $708.46 million. During the same quarter in the prior year, the business posted $1.35 EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities research analysts forecast that Webster Financial will post 5.88 earnings per share for the current fiscal year.

Webster Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, May 12th. This represents a $1.60 annualized dividend and a dividend yield of 3.02%. Webster Financial’s payout ratio is 36.04%.

Webster Financial announced that its Board of Directors has approved a stock buyback plan on Thursday, May 1st that permits the company to buyback $700.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 8.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Laurence C. Morse sold 13,217 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $59.07, for a total transaction of $780,728.19. Following the sale, the director now directly owns 18,808 shares in the company, valued at $1,110,988.56. This trade represents a 41.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel Bley sold 1,200 shares of the firm’s stock in a transaction on Monday, May 5th. The shares were sold at an average price of $49.97, for a total transaction of $59,964.00. Following the sale, the insider now owns 20,317 shares in the company, valued at $1,015,240.49. The trade was a 5.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,217 shares of company stock worth $1,386,244 in the last three months. Company insiders own 0.54% of the company’s stock.

Institutional Trading of Webster Financial

Hedge funds have recently bought and sold shares of the stock. Picton Mahoney Asset Management bought a new position in shares of Webster Financial during the 1st quarter valued at about $25,000. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Webster Financial during the 4th quarter valued at about $26,000. Headlands Technologies LLC bought a new stake in Webster Financial in the 4th quarter worth approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Webster Financial by 327.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 739 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 566 shares in the last quarter. Finally, R Squared Ltd bought a new position in shares of Webster Financial during the 4th quarter valued at approximately $43,000. Hedge funds and other 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.