Webster Financial Co. (NYSE:WBS – Get Rating)’s stock price was down 3.2% during trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $56.00 to $50.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Webster Financial traded as low as $45.74 and last traded at $45.93. Approximately 19,223 shares traded hands during trading, a decline of 97% from the average daily volume of 768,233 shares. The stock had previously closed at $47.46.
Several other equities research analysts have also recently issued reports on the stock. Piper Sandler dropped their target price on shares of Webster Financial to $55.00 in a report on Wednesday, October 5th. Morgan Stanley started coverage on shares of Webster Financial in a report on Monday, December 5th. They issued an “overweight” rating and a $70.00 target price on the stock. StockNews.com upgraded shares of Webster Financial from a “sell” rating to a “hold” rating in a report on Tuesday, December 6th. TheStreet upgraded shares of Webster Financial from a “c+” rating to a “b-” rating in a report on Tuesday, September 27th. Finally, Raymond James started coverage on shares of Webster Financial in a research note on Friday, November 4th. They set an “outperform” rating and a $60.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $59.63.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of WBS. Bank of New York Mellon Corp raised its position in shares of Webster Financial by 4.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,534,694 shares of the financial services provider’s stock valued at $114,569,000 after purchasing an additional 110,309 shares during the period. Robeco Institutional Asset Management B.V. raised its position in shares of Webster Financial by 66.7% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 21,600 shares of the financial services provider’s stock valued at $976,000 after purchasing an additional 8,643 shares during the period. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Webster Financial during the 3rd quarter valued at $3,218,000. M&T Bank Corp bought a new stake in shares of Webster Financial during the 3rd quarter valued at $230,000. Finally, Captrust Financial Advisors raised its position in shares of Webster Financial by 29.8% during the 3rd quarter. Captrust Financial Advisors now owns 708,860 shares of the financial services provider’s stock valued at $32,040,000 after purchasing an additional 162,860 shares during the period. Hedge funds and other institutional investors own 85.98% of the company’s stock.
Webster Financial Stock Down 3.0 %
The stock has a market capitalization of $8.01 billion, a P/E ratio of 14.08 and a beta of 1.24. The company’s 50-day moving average price is $51.28 and its 200 day moving average price is $47.98. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.87 and a current ratio of 0.87.
Webster Financial (NYSE:WBS – Get Rating) last announced its quarterly earnings data on Thursday, October 20th. The financial services provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.40 by $0.06. The firm had revenue of $664.60 million for the quarter, compared to the consensus estimate of $640.62 million. Webster Financial had a net margin of 23.15% and a return on equity of 12.09%. The company’s revenue was up 112.0% on a year-over-year basis. During the same period last year, the firm earned $1.08 EPS. As a group, equities analysts expect that Webster Financial Co. will post 5.69 earnings per share for the current year.
Webster Financial Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Friday, November 4th were issued a $0.40 dividend. The ex-dividend date was Thursday, November 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 3.48%. Webster Financial’s dividend payout ratio is currently 47.48%.
About Webster Financial
Webster Financial Corporation operates as the bank holding company for Webster Bank, National Association that provides a range of banking, investment, and financial services to individuals, families, and businesses in the United States. It operates through three segments: Commercial Banking, HSA Bank, and Retail Banking.