Deutsche Bank AG Lowers Position in Webster Financial Corporation $WBS

Key Points

• Deutsche Bank AG reduced its stake in Webster Financial Corporation by 87.6% in Q1, holding 34,379 shares valued at approximately $1.77 million after selling 243,749 shares.
• Several institutional investors increased their holdings, with Bessemer Group boosting its stake by 166.1% during the same period.
• Analysts have set new price targets for Webster Financial, with recommendations predominantly classified as "buy", and the average target set at $66.77.

Deutsche Bank AG cut its stake in Webster Financial Corporation (NYSE:WBS - Free Report) by 87.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,379 shares of the financial services provider's stock after selling 243,749 shares during the period. Deutsche Bank AG's holdings in Webster Financial were worth $1,772,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Kovitz Investment Group Partners LLC lifted its holdings in Webster Financial by 3.2% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 5,912 shares of the financial services provider's stock worth $326,000 after buying an additional 186 shares during the period. Penbrook Management LLC lifted its holdings in shares of Webster Financial by 5.2% during the first quarter. Penbrook Management LLC now owns 5,080 shares of the financial services provider's stock valued at $262,000 after purchasing an additional 250 shares during the last quarter. Cetera Investment Advisers lifted its holdings in shares of Webster Financial by 1.2% during the fourth quarter. Cetera Investment Advisers now owns 21,299 shares of the financial services provider's stock valued at $1,176,000 after purchasing an additional 259 shares during the last quarter. Beverly Hills Private Wealth LLC lifted its holdings in shares of Webster Financial by 4.5% during the first quarter. Beverly Hills Private Wealth LLC now owns 6,058 shares of the financial services provider's stock valued at $312,000 after purchasing an additional 262 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Webster Financial by 43.7% during the first quarter. Allworth Financial LP now owns 941 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 286 shares during the last quarter. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO John R. Ciulla sold 8,000 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $57.95, for a total value of $463,600.00. Following the transaction, the chief executive officer directly owned 239,872 shares in the company, valued at $13,900,582.40. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Mi Griffin sold 2,065 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $60.56, for a total value of $125,056.40. Following the sale, the insider owned 13,363 shares of the company's stock, valued at $809,263.28. This represents a 13.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,438 shares of company stock worth $2,609,985 in the last three months. 0.54% of the stock is owned by company insiders.

Webster Financial Stock Performance

Shares of Webster Financial stock traded up $3.2360 on Friday, hitting $61.4160. 1,512,648 shares of the company's stock were exchanged, compared to its average volume of 1,156,469. The company has a 50-day simple moving average of $57.22 and a 200-day simple moving average of $53.27. Webster Financial Corporation has a 1 year low of $39.43 and a 1 year high of $63.99. 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 stock has a market capitalization of $10.21 billion, a PE ratio of 12.46, a PEG ratio of 0.56 and a beta of 1.04.

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

Webster Financial announced that its board has initiated a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

Webster Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.60 annualized dividend and a yield of 2.6%. Webster Financial's dividend payout ratio is currently 32.45%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on WBS. Seaport Res Ptn lowered shares of Webster Financial from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Truist Financial reissued a "buy" rating and set a $67.00 price target (up previously from $61.00) on shares of Webster Financial in a research report on Friday, July 11th. Raymond James Financial raised their price target on shares of Webster Financial from $65.00 to $68.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. UBS Group reissued a "buy" rating and set a $69.00 price target on shares of Webster Financial in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. raised their price target on shares of Webster Financial from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Ten analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average 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.