Fifth Third Bancorp Has $4.19 Million Stake in Webster Financial Corporation $WBS

Key Points

• Fifth Third Bancorp increased its stake in Webster Financial by 183.3% in the first quarter, buying 39,087 additional shares for a total holding of 60,406 shares worth about $4.19 million.
• Webster Financial reported better-than-expected Q1 earnings, posting $1.57 EPS versus estimates of $1.53 and revenue of $764.05 million versus $735.26 million expected.
• The bank also paid a quarterly dividend of $0.40 per share, equal to a 2.1% annualized yield, while analysts currently rate the stock a consensus Hold with a $73.96 target price.

Fifth Third Bancorp grew its stake in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 183.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,406 shares of the financial services provider's stock after buying an additional 39,087 shares during the period. Fifth Third Bancorp's holdings in Webster Financial were worth $4,193,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. BOKF NA bought a new stake in shares of Webster Financial in the 3rd quarter valued at about $26,000. New England Capital Financial Advisors LLC boosted its stake in Webster Financial by 246.8% during the 1st quarter. New England Capital Financial Advisors LLC now owns 437 shares of the financial services provider's stock worth $30,000 after acquiring an additional 311 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in Webster Financial during the 4th quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd acquired a new position in Webster Financial during the third quarter valued at approximately $29,000. Finally, Atlas Capital Advisors Inc. acquired a new position in Webster Financial during the fourth quarter valued at approximately $31,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Webster Financial Price Performance

WBS stock opened at $75.91 on Friday. The stock has a 50-day moving average price of $74.19 and a two-hundred day moving average price of $70.93. Webster Financial Corporation has a 1 year low of $52.69 and a 1 year high of $77.69. The stock has a market cap of $12.30 billion, a PE ratio of 12.42 and a beta of 1.00. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.60.

Webster Financial (NYSE:WBS - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.53 by $0.04. The company had revenue of $764.05 million for the quarter, compared to analyst estimates of $735.26 million. Webster Financial had a return on equity of 11.31% and a net margin of 22.95%.The company's quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.30 earnings per share. Equities analysts forecast that Webster Financial Corporation will post 6.57 EPS for the current fiscal year.

Webster Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Monday, May 11th. Webster Financial's dividend payout ratio (DPR) is currently 26.19%.

Analyst Ratings Changes

Several brokerages have commented on WBS. Keefe, Bruyette & Woods lowered their target price on shares of Webster Financial from $79.00 to $77.50 and set an "outperform" rating for the company in a research note on Friday, May 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Webster Financial in a research report on Friday, June 12th. Finally, UBS Group started coverage on shares of Webster Financial in a report on Tuesday, April 7th. They issued a "neutral" rating and a $69.00 price target for the company. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Webster Financial currently has an average rating of "Hold" and a consensus target price of $73.96.

Webster Financial Company Profile

Webster Financial Corporation is a bank holding company headquartered in Waterbury, Connecticut. Through its principal subsidiary, Webster Bank, N.A., the company offers a broad range of banking products and financial services to individuals, small businesses, and middle-market commercial clients. Key offerings include deposit accounts, residential and commercial real estate lending, equipment finance, treasury management, and payment processing solutions.

In addition to traditional banking services, Webster Financial provides wealth management and insurance products designed to help clients plan for retirement, preserve assets, and manage risk.

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