The Manufacturers Life Insurance Company cut its position in shares of Webster Financial Corporation (NYSE:WBS – Free Report) by 30.4% during the 1st quarter, HoldingsChannel reports. The firm owned 82,398 shares of the financial services provider’s stock after selling 35,949 shares during the period. The Manufacturers Life Insurance Company’s holdings in Webster Financial were worth $5,720,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in Webster Financial by 2.2% during the first quarter. Royal Bank of Canada now owns 94,385 shares of the financial services provider’s stock valued at $4,866,000 after buying an additional 2,049 shares during the period. Cubist Systematic Strategies LLC bought a new stake in shares of Webster Financial during the 1st quarter valued at $114,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Webster Financial by 15.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,127 shares of the financial services provider’s stock worth $2,069,000 after buying an additional 5,299 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Webster Financial by 37.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 652,921 shares of the financial services provider’s stock worth $33,658,000 after buying an additional 176,258 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Webster Financial by 4.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 476,095 shares of the financial services provider’s stock worth $24,543,000 after acquiring an additional 20,090 shares in the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts recently issued reports on WBS shares. Weiss Ratings reissued a “buy (b)” rating on shares of Webster Financial in a research report on Friday, June 12th. Keefe, Bruyette & Woods cut their price objective on shares of Webster Financial from $79.00 to $77.50 and set an “outperform” rating on the stock in a report on Friday, May 1st. Barclays raised their target price on shares of Webster Financial from $75.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Royal Bank Of Canada lifted their target price on shares of Webster Financial from $75.00 to $76.00 and gave the company a “sector perform” rating in a report on Wednesday, July 22nd. Four investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Webster Financial has a consensus rating of “Hold” and a consensus target price of $74.25.
Webster Financial Trading Up 1.5%
NYSE WBS opened at $79.09 on Thursday. Webster Financial Corporation has a 12 month low of $52.69 and a 12 month high of $79.23. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.46. The stock’s fifty day moving average price is $75.42 and its 200-day moving average price is $72.15. The stock has a market cap of $12.82 billion, a P/E ratio of 12.86 and a beta of 1.01.
Webster Financial (NYSE:WBS – Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.01). The company had revenue of $769.23 million during the quarter, compared to analysts’ expectations of $755.80 million. Webster Financial had a return on equity of 11.23% and a net margin of 22.78%.Webster Financial’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.52 EPS. As a group, equities analysts forecast that Webster Financial Corporation will post 6.55 EPS for the current fiscal year.
Webster Financial Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Monday, August 10th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.60 annualized dividend and a yield of 2.0%. Webster Financial’s payout ratio is 26.02%.
Webster Financial Profile
Webster Financial Corporation is a bank holding company headquartered in Waterbury, Connecticut. Through its principal subsidiary, Webster Bank, N.A., the company offers a broad range of banking products and financial services to individuals, small businesses, and middle-market commercial clients. Key offerings include deposit accounts, residential and commercial real estate lending, equipment finance, treasury management, and payment processing solutions.
In addition to traditional banking services, Webster Financial provides wealth management and insurance products designed to help clients plan for retirement, preserve assets, and manage risk.
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