BNP Paribas Financial Markets Cuts Stock Holdings in Webster Financial Co. (NYSE:WBS)

BNP Paribas Financial Markets lowered its position in Webster Financial Co. (NYSE:WBS - Free Report) by 45.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,270 shares of the financial services provider's stock after selling 40,932 shares during the quarter. BNP Paribas Financial Markets' holdings in Webster Financial were worth $2,665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank purchased a new position in Webster Financial during the 4th quarter valued at $120,497,000. TimesSquare Capital Management LLC increased its stake in shares of Webster Financial by 759.8% in the 4th quarter. TimesSquare Capital Management LLC now owns 823,280 shares of the financial services provider's stock worth $45,462,000 after purchasing an additional 727,530 shares in the last quarter. Wealthfront Advisers LLC bought a new position in shares of Webster Financial during the 4th quarter valued at approximately $27,163,000. ExodusPoint Capital Management LP purchased a new stake in shares of Webster Financial during the fourth quarter worth about $25,464,000. Finally, Boston Partners lifted its holdings in shares of Webster Financial by 1,491.7% in the fourth quarter. Boston Partners now owns 485,776 shares of the financial services provider's stock worth $26,838,000 after buying an additional 455,257 shares in the last quarter. 85.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on WBS shares. Truist Financial started coverage on Webster Financial in a research report on Tuesday, May 13th. They set a "buy" rating and a $61.00 price objective for the company. Barclays reduced their price objective on Webster Financial from $80.00 to $72.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Morgan Stanley reduced 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. Jefferies Financial Group started coverage on shares of Webster Financial in a report on Wednesday. They issued a "buy" rating and a $65.00 price target for the company. Finally, Raymond James dropped their price objective on shares of Webster Financial from $65.00 to $58.00 and set an "outperform" rating for the company in a research note on Wednesday, April 2nd. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Webster Financial has a consensus rating of "Moderate Buy" and a consensus price target of $63.75.

Insider Activity

In related news, insider Daniel Bley sold 1,800 shares of Webster Financial stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $47.84, for a total transaction of $86,112.00. Following the transaction, the insider now directly owns 21,517 shares of the company's stock, valued at $1,029,373.28. This trade represents a 7.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO John R. Ciulla sold 8,000 shares of the company's stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $57.43, for a total value of $459,440.00. Following the sale, the chief executive officer now owns 210,051 shares of the company's stock, valued at approximately $12,063,228.93. This represents a 3.67% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,000 shares of company stock worth $605,516. Company insiders own 0.54% of the company's stock.

Webster Financial Trading Down 0.8%

WBS traded down $0.44 on Wednesday, reaching $52.21. 175,670 shares of the company traded hands, compared to its average volume of 1,254,114. The company has a market cap of $8.78 billion, a P/E ratio of 11.97, a price-to-earnings-growth ratio of 1.02 and a beta of 0.98. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.34. Webster Financial Co. has a one year low of $39.34 and a one year high of $63.99. The firm has a fifty day simple moving average of $48.47 and a two-hundred day simple moving average of $54.35.

Webster Financial (NYSE:WBS - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.30 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.08). Webster Financial had a net margin of 18.39% and a return on equity of 10.82%. The company had revenue of $704.80 million for the quarter, compared to the consensus estimate of $708.46 million. During the same period in the prior year, the firm posted $1.35 EPS. The business's revenue was up 5.7% on a year-over-year basis. As a group, equities research analysts expect that Webster Financial Co. will post 5.88 earnings per share for the current year.

Webster Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Monday, May 12th. Webster Financial's dividend payout ratio is 36.04%.

Webster Financial announced that its board has approved a stock repurchase plan on Thursday, May 1st that allows the company to repurchase $700.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

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.