Charles Schwab Investment Management Inc. Sells 60,364 Shares of Webster Financial Corporation (NYSE:WBS)

Charles Schwab Investment Management Inc. cut its stake in Webster Financial Corporation (NYSE:WBS - Free Report) by 4.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,447,291 shares of the financial services provider's stock after selling 60,364 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.86% of Webster Financial worth $74,608,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of WBS. Balyasny Asset Management L.P. increased its stake in shares of Webster Financial by 1,253.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,120,914 shares of the financial services provider's stock worth $61,897,000 after acquiring an additional 1,038,085 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Webster Financial by 43.0% during the 4th quarter. Millennium Management LLC now owns 2,547,225 shares of the financial services provider's stock worth $140,658,000 after purchasing an additional 766,019 shares during the period. FJ Capital Management LLC purchased a new position in shares of Webster Financial during the 4th quarter worth $29,177,000. Azora Capital LP grew its holdings in shares of Webster Financial by 23.9% during the 4th quarter. Azora Capital LP now owns 2,334,116 shares of the financial services provider's stock worth $128,890,000 after purchasing an additional 449,583 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Webster Financial by 27.5% during the 4th quarter. Northern Trust Corp now owns 1,528,459 shares of the financial services provider's stock worth $84,402,000 after purchasing an additional 329,267 shares during the period. 85.58% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Webster Financial

In related news, insider Javier L. Evans sold 7,800 shares of Webster Financial stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $52.58, for a total transaction of $410,124.00. Following the sale, the insider directly owned 19,820 shares of the company's stock, valued at $1,042,135.60. This trade represents a 28.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William L. Atwell sold 16,823 shares of Webster Financial stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $59.20, for a total value of $995,921.60. Following the sale, the director directly owned 30,915 shares in the company, valued at $1,830,168. The trade was a 35.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,638 shares of company stock valued at $2,721,745. Insiders own 0.54% of the company's stock.

Webster Financial Stock Performance

Shares of Webster Financial stock traded down $0.84 on Friday, reaching $57.59. 1,227,626 shares of the company were exchanged, compared to its average volume of 1,366,866. 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 company's 50-day moving average is $56.69 and its two-hundred day moving average is $53.31. The firm has a market cap of $9.57 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 0.53 and a beta of 1.04. Webster Financial Corporation has a 1-year low of $39.43 and a 1-year high of $63.99.

Webster Financial (NYSE:WBS - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.09. The firm had revenue of $715.80 million during the quarter, compared to analyst estimates of $716.59 million. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%. The firm's quarterly revenue was up 16.5% on a year-over-year basis. During the same period last year, the company posted $1.26 EPS. As a group, research analysts expect that Webster Financial Corporation will post 5.88 earnings per share for the current fiscal year.

Webster Financial declared that its board has initiated a share repurchase plan on Thursday, May 1st that permits the company to repurchase $700.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Webster Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Monday, August 11th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, August 11th. Webster Financial's dividend payout ratio (DPR) is 32.45%.

Wall Street Analyst Weigh In

WBS has been the subject of a number of research analyst reports. Jefferies Financial Group began coverage on Webster Financial in a report on Wednesday, May 21st. They set a "buy" rating and a $65.00 target price for the company. Seaport Res Ptn downgraded Webster Financial from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Citigroup lifted their price target on Webster Financial from $65.00 to $71.00 and gave the company a "buy" rating in a research note on Friday, July 18th. UBS Group restated a "buy" rating and issued a $69.00 price objective on shares of Webster Financial in a research report on Wednesday, July 9th. Finally, Royal Bank Of Canada set a $60.00 target price on Webster Financial and gave the company an "outperform" rating in a research note on Friday, April 25th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $66.77.

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.