Allspring Global Investments Holdings LLC Sells 459,754 Shares of Webster Financial Corporation $WBS

Key Points

• Allspring Global Investments Holdings LLC has decreased its holdings in Webster Financial Corporation by 25.9%, selling 459,754 shares during the second quarter, now owning about 1.32 million shares valued at approximately $74.9 million.
• Insiders at Webster Financial, including its CAO and CEO, have sold shares recently, with CEO John R. Ciulla selling 8,000 shares for about $463,600, representing a 3.23% decrease in his holdings.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Webster Financial, with an average price target of $68.73, reflecting positive sentiment and projected growth potential for the company.

Allspring Global Investments Holdings LLC reduced its holdings in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 25.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,318,502 shares of the financial services provider's stock after selling 459,754 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.78% of Webster Financial worth $74,917,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of WBS. Picton Mahoney Asset Management purchased a new stake in shares of Webster Financial during the first quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of 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 purchasing an additional 566 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Webster Financial by 3,628.6% during the 2nd quarter. IFP Advisors Inc now owns 783 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 762 shares during the period. TCTC Holdings LLC lifted its holdings in Webster Financial by 118.4% during the 1st quarter. TCTC Holdings LLC now owns 832 shares of the financial services provider's stock worth $43,000 after purchasing an additional 451 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in Webster Financial by 43.7% in the 1st quarter. Allworth Financial LP now owns 941 shares of the financial services provider's stock worth $45,000 after purchasing an additional 286 shares during the period. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CAO Albert Jen-Wen Wang sold 3,250 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $60.31, for a total value of $196,007.50. Following the completion of the sale, the chief accounting officer directly owned 15,755 shares in the company, valued at approximately $950,184.05. The trade was a 17.10% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO John R. Ciulla sold 8,000 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $57.95, for a total transaction of $463,600.00. Following the transaction, the chief executive officer directly owned 239,872 shares in the company, valued at approximately $13,900,582.40. This represents a 3.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,445 shares of company stock worth $2,168,537 over the last ninety days. Corporate insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on WBS shares. Citigroup upped their price target on Webster Financial from $65.00 to $71.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Cowen assumed coverage on shares of Webster Financial in a report on Wednesday, September 24th. They set a "buy" rating on the stock. TD Cowen started coverage on shares of Webster Financial in a research note on Thursday, September 25th. They issued a "buy" rating and a $78.00 target price on the stock. Truist Financial restated a "buy" rating and set a $67.00 price target (up from $61.00) on shares of Webster Financial in a research report on Friday, July 11th. Finally, Wells Fargo & Company upped their price target on shares of Webster Financial from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. Fourteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $68.73.

Webster Financial Stock Performance

Webster Financial stock opened at $57.14 on Tuesday. Webster Financial Corporation has a fifty-two week low of $39.43 and a fifty-two week high of $63.99. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.85 and a current ratio of 0.86. The stock has a market cap of $9.50 billion, a P/E ratio of 11.59, a price-to-earnings-growth ratio of 0.50 and a beta of 1.05. The firm's fifty day moving average price is $59.78 and its 200-day moving average price is $54.84.

Webster Financial (NYSE:WBS - Get Free Report) last released its earnings results on Thursday, July 17th. The financial services provider reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.09. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%.The business had revenue of $715.80 million for the quarter, compared to analysts' expectations of $716.59 million. During the same quarter in the prior year, the firm earned $1.26 earnings per share. The firm's revenue was up 16.5% on a year-over-year basis. On average, equities research analysts expect that Webster Financial Corporation 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 was paid on Thursday, August 21st. Investors of record on Monday, August 11th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, August 11th. Webster Financial's dividend payout ratio (DPR) is currently 32.45%.

Webster Financial Company Profile

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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