Fisher Asset Management LLC Cuts Holdings in Webster Financial Corporation $WBS

Key Points

• Fisher Asset Management trimmed its Webster Financial stake by 3.3% in the fourth quarter, selling 24,160 shares and leaving it with 717,424 shares valued at about $45.2 million.
• Webster Financial reported better-than-expected quarterly results, posting EPS of $1.57 versus the $1.53 estimate and revenue of $764.05 million, while revenue rose 4.4% year over year.
• The company paid a quarterly dividend of $0.40, implying a 2.2% annual yield, and analysts currently rate the stock a consensus Hold with a target price of about $73.96.

Fisher Asset Management LLC decreased its position in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 3.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 717,424 shares of the financial services provider's stock after selling 24,160 shares during the period. Fisher Asset Management LLC owned approximately 0.44% of Webster Financial worth $45,155,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in WBS. Royal Bank of Canada grew its position in shares of Webster Financial by 2.2% during the first quarter. Royal Bank of Canada now owns 94,385 shares of the financial services provider's stock valued at $4,866,000 after purchasing an additional 2,049 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in Webster Financial in the first quarter worth about $114,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Webster Financial by 15.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,127 shares of the financial services provider's stock worth $2,069,000 after acquiring an additional 5,299 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Webster Financial by 37.0% in the first quarter. Goldman Sachs Group Inc. now owns 652,921 shares of the financial services provider's stock worth $33,658,000 after acquiring an additional 176,258 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Webster Financial by 4.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 476,095 shares of the financial services provider's stock worth $24,543,000 after acquiring an additional 20,090 shares in the last quarter. Hedge funds and other institutional investors own 85.58% of the company's stock.

Webster Financial Stock Up 1.4%

Shares of NYSE WBS opened at $72.78 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $11.79 billion, a P/E ratio of 11.91 and a beta of 1.02. Webster Financial Corporation has a 1 year low of $50.24 and a 1 year high of $74.00. The firm has a 50-day simple moving average of $71.11 and a two-hundred day simple moving average of $67.19.

Webster Financial (NYSE:WBS - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.53 by $0.04. The business had revenue of $764.05 million during the quarter, compared to the consensus estimate of $735.26 million. Webster Financial had a net margin of 22.95% and a return on equity of 11.31%. The firm's quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm earned $1.30 earnings per share. Research analysts anticipate that Webster Financial Corporation will post 6.59 earnings per share for the current year.

Webster Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.60 annualized dividend and a yield of 2.2%. Webster Financial's dividend payout ratio (DPR) is presently 26.19%.

Analyst Upgrades and Downgrades

Several research firms recently commented on WBS. Stephens reiterated an "equal weight" rating and issued a $73.00 price target on shares of Webster Financial in a research report on Wednesday, February 4th. Jefferies Financial Group set a $75.00 price target on Webster Financial in a research report on Wednesday, February 4th. Keefe, Bruyette & Woods dropped their price target on Webster Financial from $79.00 to $77.50 and set an "outperform" rating for the company in a research report on Friday, May 1st. Wells Fargo & Company upgraded Webster Financial from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. Finally, UBS Group began coverage on Webster Financial in a research report on Tuesday, April 7th. They issued a "neutral" rating and a $69.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently 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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