Mutual of America Capital Management LLC cut its position in Webster Financial Corporation (NYSE:WBS – Free Report) by 5.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 83,662 shares of the financial services provider’s stock after selling 4,550 shares during the period. Mutual of America Capital Management LLC’s holdings in Webster Financial were worth $4,568,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management acquired a new position in Webster Financial in the first quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Webster Financial by 327.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 739 shares of the financial services provider’s stock valued at $38,000 after buying an additional 566 shares in the last quarter. TCTC Holdings LLC boosted its position in Webster Financial by 118.4% in the first quarter. TCTC Holdings LLC now owns 832 shares of the financial services provider’s stock valued at $43,000 after buying an additional 451 shares in the last quarter. IFP Advisors Inc boosted its position in Webster Financial by 3,628.6% in the second quarter. IFP Advisors Inc now owns 783 shares of the financial services provider’s stock valued at $43,000 after buying an additional 762 shares in the last quarter. Finally, Allworth Financial LP boosted its position in Webster Financial by 43.7% in the first quarter. Allworth Financial LP now owns 941 shares of the financial services provider’s stock valued at $45,000 after buying an additional 286 shares in the last quarter. 85.58% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Webster Financial
In other Webster Financial news, Director William L. Atwell sold 16,823 shares of the company’s stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $59.20, for a total value of $995,921.60. Following the completion of the sale, the director owned 30,915 shares of the company’s stock, valued at approximately $1,830,168. This represents a 35.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Mi Griffin sold 807 shares of the company’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $62.14, for a total transaction of $50,146.98. Following the completion of the sale, the insider directly owned 12,556 shares of the company’s stock, valued at $780,229.84. The trade was a 6.04% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 28,630 shares of company stock valued at $1,694,449. 0.54% of the stock is currently owned by corporate insiders.
Webster Financial Trading Down 0.3%
Webster Financial (NYSE:WBS – Get Free Report) last posted its quarterly earnings results on Friday, October 17th. The financial services provider reported $1.54 earnings per share for the quarter, topping analysts’ consensus estimates of $1.52 by $0.02. The business had revenue of $732.60 million during the quarter, compared to the consensus estimate of $725.22 million. Webster Financial had a net margin of 21.32% and a return on equity of 11.07%. During the same period in the previous year, the firm posted $1.34 earnings per share. On average, sell-side analysts anticipate that Webster Financial Corporation will post 5.88 earnings per share for the current year.
Webster Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, August 11th. Webster Financial’s payout ratio is 29.80%.
Analyst Ratings Changes
A number of equities analysts have commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Webster Financial from $70.00 to $68.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Webster Financial in a research report on Wednesday, October 8th. Truist Financial reduced their target price on shares of Webster Financial from $69.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday. Citigroup upped their target price on shares of Webster Financial from $65.00 to $71.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Finally, TD Cowen started coverage on shares of Webster Financial in a research report on Thursday, September 25th. They set a “buy” rating and a $78.00 target price on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.69.
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.
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