Cinctive Capital Management LP Sells 80,514 Shares of Webster Financial Corporation $WBS

Key Points

• Cinctive Capital Management LP sold 80,514 shares of Webster Financial Corporation, reducing its stake by 78.2% to 22,474 shares, valued at $1,159,000.
• Webster Financial reported $1.52 earnings per share for the recent quarter, surpassing analysts' expectations of $1.43, and also declared a quarterly dividend of $0.40 per share.
• Brokerages have varied ratings on Webster Financial, with price targets ranging from $55 to $75 and a consensus average target of $66.77.

Cinctive Capital Management LP decreased its position in Webster Financial Corporation (NYSE:WBS - Free Report) by 78.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,474 shares of the financial services provider's stock after selling 80,514 shares during the quarter. Cinctive Capital Management LP's holdings in Webster Financial were worth $1,159,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of WBS. Millennium Management LLC lifted its position in Webster Financial by 43.0% in the 4th quarter. Millennium Management LLC now owns 2,547,225 shares of the financial services provider's stock worth $140,658,000 after buying an additional 766,019 shares during the last quarter. FJ Capital Management LLC bought a new stake in Webster Financial in the 4th quarter worth approximately $29,177,000. Dimensional Fund Advisors LP increased its stake in Webster Financial by 7.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,108,082 shares of the financial services provider's stock worth $366,408,000 after purchasing an additional 487,264 shares during the period. Nuveen LLC purchased a new position in Webster Financial in the 1st quarter worth approximately $23,603,000. Finally, AQR Capital Management LLC increased its stake in Webster Financial by 229.9% in the 1st quarter. AQR Capital Management LLC now owns 487,804 shares of the financial services provider's stock worth $24,732,000 after purchasing an additional 339,950 shares during the period. Institutional investors own 85.58% of the company's stock.

Webster Financial Trading Up 1.8%

Shares of WBS opened at $62.88 on Friday. The firm's 50-day moving average price is $58.97 and its 200-day moving average price is $53.47. The firm has a market capitalization of $10.45 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 0.57 and a beta of 1.07. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.47. 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 announced its earnings results on Thursday, July 17th. The financial services provider reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.09. The firm had revenue of $715.80 million for the quarter, compared to analyst estimates of $716.59 million. Webster Financial had a net margin of 20.06% and a return on equity of 10.84%. The company's revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.26 EPS. Sell-side analysts anticipate that Webster Financial Corporation will post 5.88 EPS for the current year.

Webster Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Monday, August 11th. Webster Financial's dividend payout ratio is presently 32.45%.

Insider Buying and Selling

In related news, insider Jason A. Soto sold 2,500 shares of the company's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $61.21, for a total value of $153,025.00. Following the sale, the insider directly owned 18,889 shares of the company's stock, valued at $1,156,195.69. This represents a 11.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William L. Atwell sold 16,823 shares of the company's stock in a transaction on Monday, July 28th. The stock was sold at an average price of $59.20, for a total value of $995,921.60. Following the completion of the sale, the director directly owned 30,915 shares in the company, valued at approximately $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. Insiders sold 33,445 shares of company stock valued at $1,983,757 over the last 90 days. 0.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on WBS. Raymond James Financial lifted their price target on Webster Financial from $65.00 to $68.00 and gave the stock an "outperform" rating in a research note on Friday, July 18th. Wells Fargo & Company lifted their price target on Webster Financial from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. Seaport Res Ptn cut Webster Financial from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. lifted their price target on Webster Financial from $55.00 to $65.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, UBS Group reaffirmed a "buy" rating and issued a $69.00 price target on shares of Webster Financial in a research note on Wednesday, July 9th. Ten analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $66.77.

Webster Financial 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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