Diamond Hill Capital Management Inc. Sells 190,005 Shares of Webster Financial Corporation (NYSE:WBS)

Diamond Hill Capital Management Inc. reduced its position in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 16.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 985,218 shares of the financial services provider's stock after selling 190,005 shares during the period. Diamond Hill Capital Management Inc. owned approximately 0.59% of Webster Financial worth $50,788,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Webster Financial in the 4th quarter worth approximately $120,497,000. Balyasny Asset Management L.P. lifted its holdings in shares of Webster Financial by 1,253.3% during 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 position in Webster Financial by 43.0% in the fourth quarter. Millennium Management LLC now owns 2,547,225 shares of the financial services provider's stock worth $140,658,000 after acquiring an additional 766,019 shares in the last quarter. FJ Capital Management LLC bought a new position in Webster Financial in the fourth quarter valued at $29,177,000. Finally, ExodusPoint Capital Management LP purchased a new stake in Webster Financial during the fourth quarter valued at about $25,464,000. Institutional investors own 85.58% of the company's stock.

Insiders Place Their Bets

In related news, insider Javier L. Evans sold 7,800 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $52.58, for a total value of $410,124.00. Following the transaction, the insider directly owned 19,820 shares of the company's stock, valued at approximately $1,042,135.60. This represents a 28.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Charles L. Wilkins sold 5,000 shares of Webster Financial stock in a transaction on Friday, June 6th. The stock was sold at an average price of $53.25, for a total value of $266,250.00. Following the completion of the sale, the insider directly owned 31,534 shares of the company's stock, valued at approximately $1,679,185.50. The trade was a 13.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,815 shares of company stock worth $1,408,299 in the last three months. Corporate insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

WBS has been the subject of a number of research reports. Wells Fargo & Company upped their price objective on Webster Financial from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. Royal Bank Of Canada set a $60.00 price objective on Webster Financial and gave the company an "outperform" rating in a research report on Friday, April 25th. Citigroup upped their price objective on shares of 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 reaffirmed a "buy" rating and issued a $69.00 price target on shares of Webster Financial in a research note on Wednesday, July 9th. Finally, JPMorgan Chase & Co. lifted their price objective on Webster Financial from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $66.77.

Webster Financial Stock Down 2.6%

Shares of NYSE:WBS traded down $1.59 on Thursday, hitting $60.25. 1,297,715 shares of the company traded hands, compared to its average volume of 1,513,215. The stock has a 50 day simple moving average of $54.82 and a 200-day simple moving average of $53.35. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.47. The company has a market cap of $10.14 billion, a PE ratio of 12.22, a PEG ratio of 0.58 and a beta of 1.00. Webster Financial Corporation has a 52 week low of $39.43 and a 52 week high of $63.99.

Webster Financial (NYSE:WBS - Get Free Report) last released its quarterly earnings data 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 business had revenue of $715.80 million during 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%. Webster Financial's revenue was up 16.5% compared to the same quarter last year. During the same period last year, the business earned $1.26 EPS. As a group, research analysts expect that Webster Financial Corporation will post 5.88 earnings per share for the current year.

Webster Financial announced that its Board of Directors has initiated a share 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 reacquire up to 8.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Webster Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.60 dividend on an annualized basis and a yield of 2.66%. Webster Financial's payout ratio is currently 32.45%.

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.