Deroy & Devereaux Private Investment Counsel Inc. Sells 4,253 Shares of Webster Financial Corporation $WBS

Key Points

• Deroy & Devereaux Private Investment Counsel Inc. decreased its stake in Webster Financial Corporation by 0.8%, selling 4,253 shares and retaining a total of 510,852 shares in its portfolio.
• Webster Financial posted a quarterly earnings per share of $1.52, surpassing analysts' expectations and showing a 16.5% year-over-year revenue growth despite a slight miss in revenue estimates.
• Institutional investors hold about 85.58% of Webster Financial's stock, with Barclays and Truist Financial recently reaffirming buy ratings and setting price targets of $78.00 and $67.00 respectively.

Deroy & Devereaux Private Investment Counsel Inc. decreased its position in Webster Financial Corporation (NYSE:WBS - Free Report) by 0.8% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 510,852 shares of the financial services provider's stock after selling 4,253 shares during the period. Webster Financial comprises 1.5% of Deroy & Devereaux Private Investment Counsel Inc.'s portfolio, making the stock its 24th biggest position. Deroy & Devereaux Private Investment Counsel Inc. owned about 0.30% of Webster Financial worth $27,893,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of WBS. GAMMA Investing LLC lifted its stake in Webster Financial by 48.3% in the 1st quarter. GAMMA Investing LLC now owns 3,032 shares of the financial services provider's stock valued at $156,000 after acquiring an additional 987 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Webster Financial by 42.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,517 shares of the financial services provider's stock worth $800,000 after purchasing an additional 4,653 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Webster Financial by 13.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 41,994 shares of the financial services provider's stock worth $2,165,000 after purchasing an additional 5,078 shares in the last quarter. Cardinal Capital Management raised its stake in shares of Webster Financial by 3.4% during the 1st quarter. Cardinal Capital Management now owns 51,673 shares of the financial services provider's stock worth $2,664,000 after purchasing an additional 1,690 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Webster Financial by 2.8% during the 1st quarter. State of Alaska Department of Revenue now owns 20,084 shares of the financial services provider's stock worth $1,035,000 after purchasing an additional 545 shares in the last quarter. Institutional investors own 85.58% of the company's stock.

Webster Financial Price Performance

Shares of WBS stock opened at $59.46 on Wednesday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.47. Webster Financial Corporation has a twelve month low of $39.43 and a twelve month high of $63.99. The company has a market cap of $9.88 billion, a P/E ratio of 12.06, a P/E/G ratio of 0.51 and a beta of 1.05. The business has a fifty day simple moving average of $59.84 and a 200 day simple moving average of $54.87.

Webster Financial (NYSE:WBS - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.52 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $716.59 million. During the same period in the prior year, the company earned $1.26 EPS. Webster Financial's revenue for the quarter was up 16.5% on a year-over-year basis. On average, sell-side analysts forecast that Webster Financial Corporation will post 5.88 EPS for the current fiscal year.

Webster Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Monday, August 11th. Webster Financial's dividend payout ratio is currently 32.45%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Barclays reiterated an "overweight" rating and set a $78.00 price objective on shares of Webster Financial in a research note on Wednesday, October 8th. Truist Financial reiterated a "buy" rating and set a $67.00 price objective (up previously from $61.00) on shares of Webster Financial in a research note on Friday, July 11th. JPMorgan Chase & Co. dropped their price objective on Webster Financial from $70.00 to $68.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 1st. Weiss Ratings reiterated a "buy (b-)" rating on shares of Webster Financial in a research note on Wednesday, October 8th. Finally, TD Cowen initiated coverage on Webster Financial in a research note on Thursday, September 25th. They issued a "buy" rating and a $78.00 price target on the stock. Fourteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Webster Financial presently has an average rating of "Moderate Buy" and an average target price of $68.73.

Insider Buying and Selling at Webster Financial

In related news, insider James Mi Griffin sold 807 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $62.14, for a total transaction of $50,146.98. Following the completion of the sale, the insider directly owned 12,556 shares in the company, valued at $780,229.84. This represents a 6.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 sale, the director owned 30,915 shares of the company's stock, valued at approximately $1,830,168. This represents a 35.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,445 shares of company stock worth $2,168,537 over the last quarter. 0.54% of the stock is currently owned by company insiders.

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.

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