Artemis Investment Management LLP Takes Position in Webster Financial Corporation $WBS

Key Points

• Artemis Investment Management LLP opened a new position in Webster Financial, buying 893,751 shares worth about $56.25 million, leaving Artemis with roughly 0.55% of the company as institutional ownership stands at ~85.6%.
• Webster beat quarterly expectations, reporting $1.57 EPS vs. $1.53 expected and $764.05M revenue (up 4.4% YoY), with analysts forecasting ~6.58 EPS for the fiscal year.
• The firm declared a quarterly dividend of $0.40 (annualized $1.60, ~2.2% yield), while the stock carries a consensus "Hold" rating and a target price near $73.96.

Artemis Investment Management LLP purchased a new stake in Webster Financial Corporation (NYSE:WBS - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 893,751 shares of the financial services provider's stock, valued at approximately $56,253,000. Artemis Investment Management LLP owned about 0.55% of Webster Financial at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in shares of Webster Financial by 2.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 7,812,965 shares of the financial services provider's stock valued at $464,402,000 after acquiring an additional 189,399 shares during the last quarter. Invesco Ltd. grew its position in shares of Webster Financial by 1.2% in the 3rd quarter. Invesco Ltd. now owns 5,359,474 shares of the financial services provider's stock valued at $318,567,000 after purchasing an additional 63,403 shares during the period. Capital International Investors grew its position in shares of Webster Financial by 2.2% in the 3rd quarter. Capital International Investors now owns 4,160,605 shares of the financial services provider's stock valued at $247,340,000 after purchasing an additional 89,723 shares during the period. Earnest Partners LLC grew its position in shares of Webster Financial by 0.6% in the 3rd quarter. Earnest Partners LLC now owns 3,163,124 shares of the financial services provider's stock valued at $188,016,000 after purchasing an additional 18,860 shares during the period. Finally, Bank of Montreal Can grew its position in shares of Webster Financial by 65.2% in the 3rd quarter. Bank of Montreal Can now owns 2,070,013 shares of the financial services provider's stock valued at $123,042,000 after purchasing an additional 817,218 shares during the period. 85.58% of the stock is owned by institutional investors.

Webster Financial Trading Down 0.2%

Shares of Webster Financial stock opened at $72.23 on Friday. Webster Financial Corporation has a 12-month low of $48.37 and a 12-month high of $74.00. The business's 50 day moving average is $70.54 and its 200-day moving average is $65.30. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.60. The stock has a market cap of $11.70 billion, a P/E ratio of 11.82 and a beta of 1.02.

Webster Financial (NYSE:WBS - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.04. Webster Financial had a return on equity of 11.31% and a net margin of 22.95%.The business had revenue of $764.05 million during the quarter, compared to the consensus estimate of $735.26 million. During the same quarter last year, the firm posted $1.30 EPS. The company's quarterly revenue was up 4.4% on a year-over-year basis. Equities research analysts predict that Webster Financial Corporation will post 6.58 earnings per share for the current fiscal year.

Webster Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Shareholders of record on Monday, May 11th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, May 11th. This represents a $1.60 annualized dividend and a yield of 2.2%. Webster Financial's dividend payout ratio (DPR) is currently 27.07%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on WBS. Morgan Stanley decreased their price objective on Webster Financial from $77.00 to $75.00 and set an "equal weight" rating for the company in a research report on Thursday, February 5th. Keefe, Bruyette & Woods decreased their price objective on Webster Financial from $79.00 to $77.50 and set an "outperform" rating for the company in a research report on Friday. Raymond James Financial lowered Webster Financial from a "moderate buy" rating to a "hold" rating in a research report on Wednesday, February 11th. Barclays set a $75.00 price target on Webster Financial in a research report on Wednesday, February 4th. Finally, Santander downgraded Webster Financial from a "neutral" rating to an "underweight" rating in a research report on Tuesday, March 3rd. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $73.96.

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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