Crossmark Global Holdings Inc. Acquires 28,623 Shares of Webster Financial Corporation (NYSE:WBS)

Crossmark Global Holdings Inc. raised its position in Webster Financial Corporation (NYSE:WBS - Free Report) by 292.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 38,426 shares of the financial services provider's stock after purchasing an additional 28,623 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in Webster Financial were worth $1,981,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of WBS. Envestnet Asset Management Inc. raised its holdings in Webster Financial by 1.8% during the first quarter. Envestnet Asset Management Inc. now owns 267,787 shares of the financial services provider's stock worth $13,804,000 after acquiring an additional 4,684 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Webster Financial by 33.0% during the first quarter. Teacher Retirement System of Texas now owns 58,155 shares of the financial services provider's stock worth $2,998,000 after acquiring an additional 14,416 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in Webster Financial by 26.1% during the first quarter. First Horizon Advisors Inc. now owns 1,486 shares of the financial services provider's stock worth $77,000 after acquiring an additional 308 shares in the last quarter. New York State Teachers Retirement System raised its holdings in Webster Financial by 5.5% during the first quarter. New York State Teachers Retirement System now owns 268,580 shares of the financial services provider's stock worth $13,845,000 after acquiring an additional 13,951 shares in the last quarter. Finally, Hunter Perkins Capital Management LLC raised its holdings in Webster Financial by 38.3% during the first quarter. Hunter Perkins Capital Management LLC now owns 102,045 shares of the financial services provider's stock worth $5,260,000 after acquiring an additional 28,235 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on WBS. Truist Financial upped their target price on Webster Financial from $61.00 to $67.00 and gave the stock a "buy" rating in a report on Friday. 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 report on Tuesday, July 1st. Wells Fargo & Company lifted their price target on Webster Financial from $60.00 to $70.00 and gave the stock an "overweight" rating in a report on Thursday. UBS Group reiterated a "buy" rating and set a $69.00 price target on shares of Webster Financial in a report on Wednesday. Finally, Barclays boosted their price objective on Webster Financial from $72.00 to $77.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $65.50.

Insider Activity

In other Webster Financial news, insider Javier L. Evans sold 7,800 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $52.58, for a total transaction of $410,124.00. Following the sale, the insider owned 19,820 shares of the company's stock, valued at approximately $1,042,135.60. The trade was a 28.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel Bley sold 1,800 shares of the business's stock in a transaction on Tuesday, April 29th. The stock was sold at an average price of $47.84, for a total transaction of $86,112.00. Following the sale, the insider directly owned 21,517 shares in the company, valued at approximately $1,029,373.28. The trade was a 7.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,000 shares of company stock valued at $934,210 in the last three months. Company insiders own 0.54% of the company's stock.

Webster Financial Price Performance

Shares of NYSE WBS traded down $0.62 during midday trading on Friday, reaching $58.89. The company's stock had a trading volume of 921,352 shares, compared to its average volume of 1,281,846. 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 market cap of $9.91 billion, a P/E ratio of 13.26, a P/E/G ratio of 0.77 and a beta of 1.00. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.85 and a current ratio of 0.85. The business's 50 day moving average price is $53.33 and its two-hundred day moving average price is $53.05.

Webster Financial (NYSE:WBS - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.30 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.08). Webster Financial had a net margin of 18.58% and a return on equity of 10.57%. The firm had revenue of $704.80 million for the quarter, compared to analyst estimates of $708.46 million. During the same quarter in the prior year, the firm earned $1.35 earnings per share. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. On average, analysts forecast that Webster Financial Corporation will post 5.88 EPS for the current fiscal year.

Webster Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.60 annualized dividend and a yield of 2.72%. Webster Financial's dividend payout ratio is currently 36.04%.

Webster Financial announced that its board has authorized a share repurchase program on Thursday, May 1st that authorizes the company to buyback $700.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 8.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is 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.