Gamco Investors INC. ET AL Cuts Stake in Webster Financial Corporation $WBS

Key Points

• Gamco Investors cut its stake in Webster Financial by 33.3%, selling 27,392 shares and leaving it with 54,799 shares valued at about $3.26 million per its latest 13F filing.
• Other institutional activity was notable: Assenagon increased its holdings ~959% to 358,294 shares (~$21.3M) and Norges Bank initiated a large ~ $131.8M position, leaving institutional ownership at 85.58%.
• Company fundamentals: Webster beat quarterly EPS and revenue ($1.59 EPS vs. $1.52 est.; $760.48M revenue), pays a $0.40 quarterly dividend (annual $1.60, yield 2.3%), and carries a MarketBeat consensus rating of Hold with a $74.50 target.

Gamco Investors INC. ET AL lessened its stake in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 33.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 54,799 shares of the financial services provider's stock after selling 27,392 shares during the period. Gamco Investors INC. ET AL's holdings in Webster Financial were worth $3,257,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of WBS. Y Intercept Hong Kong Ltd purchased a new position in Webster Financial in the third quarter valued at approximately $578,000. Assenagon Asset Management S.A. increased its position in Webster Financial by 959.3% in the third quarter. Assenagon Asset Management S.A. now owns 358,294 shares of the financial services provider's stock worth $21,297,000 after buying an additional 324,471 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in Webster Financial in the third quarter worth $1,991,000. Norges Bank bought a new stake in shares of Webster Financial in the second quarter valued at $131,780,000. Finally, Allianz Asset Management GmbH bought a new stake in shares of Webster Financial in the third quarter valued at $3,615,000. 85.58% of the stock is owned by institutional investors.

Webster Financial Stock Performance

Webster Financial stock opened at $68.66 on Tuesday. Webster Financial Corporation has a 1-year low of $39.43 and a 1-year high of $74.00. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $11.07 billion, a PE ratio of 11.62 and a beta of 1.03. The firm's 50 day simple moving average is $68.11 and its 200 day simple moving average is $62.80.

Webster Financial (NYSE:WBS - Get Free Report) last announced its quarterly earnings results on Friday, January 23rd. The financial services provider reported $1.59 EPS for the quarter, beating the consensus estimate of $1.52 by $0.07. The firm had revenue of $760.48 million during the quarter, compared to the consensus estimate of $731.95 million. Webster Financial had a net margin of 22.67% and a return on equity of 11.10%. During the same period last year, the firm earned $1.43 EPS. As a group, analysts expect that Webster Financial Corporation will post 5.88 earnings per share for the current fiscal year.

Webster Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 19th. Shareholders of record on Monday, February 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Monday, February 9th. Webster Financial's dividend payout ratio is currently 27.07%.

Analysts Set New Price Targets

WBS has been the topic of a number of research reports. Stephens restated an "equal weight" rating and issued a $73.00 price objective on shares of Webster Financial in a research note on Wednesday, February 4th. Keefe, Bruyette & Woods increased their target price on shares of Webster Financial from $77.00 to $79.00 and gave the stock an "outperform" rating in a research report on Monday, March 2nd. Truist Financial downgraded shares of Webster Financial from a "buy" rating to a "hold" rating and set a $74.00 target price for the company. in a research note on Wednesday, February 4th. Weiss Ratings restated a "buy (b-)" rating on shares of Webster Financial in a research note on Monday, December 29th. Finally, Raymond James Financial lowered shares of Webster Financial from a "moderate buy" rating to a "hold" rating in a research note on Wednesday, February 11th. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Webster Financial presently has a consensus rating of "Hold" and a consensus target price of $74.50.

Webster Financial 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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