Lazard Asset Management LLC Has $3.73 Million Position in Webster Financial Corporation $WBS

Key Points

• Lazard Asset Management more than doubled its Webster Financial position in the first quarter, owning 53,712 shares valued at approximately $3.73 million. Institutional investors and hedge funds collectively hold 85.58% of WBS shares.
• Webster Financial reported quarterly revenue of $769.23 million, up 3.4% year over year and above expectations, but its $1.60 EPS slightly missed the $1.61 consensus estimate. The stock opened at $77.30, near its 52-week high of $77.69.
• The company declared a quarterly dividend of $0.40 per share, equivalent to a 2.1% yield and $1.60 annualized payout. Analysts maintain a consensus “Hold” rating with a $74.04 price target.

Lazard Asset Management LLC raised its position in Webster Financial Corporation (NYSE:WBS - Free Report) by 107.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 53,712 shares of the financial services provider's stock after purchasing an additional 27,833 shares during the period. Lazard Asset Management LLC's holdings in Webster Financial were worth $3,729,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. BOKF NA acquired a new position in shares of Webster Financial in the 3rd quarter valued at $26,000. Flagship Harbor Advisors LLC bought a new stake in shares of Webster Financial in the 4th quarter valued at $28,000. Caitong International Asset Management Co. Ltd acquired a new stake in Webster Financial during the 3rd quarter worth $29,000. New England Capital Financial Advisors LLC lifted its holdings in Webster Financial by 246.8% during the first 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 in the last quarter. Finally, Atlas Capital Advisors Inc. bought a new position in Webster Financial during the fourth quarter worth about $31,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Webster Financial Stock Performance

WBS opened at $77.30 on Friday. The company has a market capitalization of $12.52 billion, a price-to-earnings ratio of 12.57 and a beta of 1.00. The business's 50-day moving average price is $75.07 and its two-hundred day moving average price is $71.78. Webster Financial Corporation has a 1 year low of $52.69 and a 1 year high of $77.69. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.87 and a quick ratio of 0.87.

Webster Financial (NYSE:WBS - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.61 by ($0.01). Webster Financial had a return on equity of 11.23% and a net margin of 22.78%.The firm had revenue of $769.23 million for the quarter, compared to the consensus estimate of $755.80 million. During the same quarter in the previous year, the business posted $1.52 earnings per share. The firm's quarterly revenue was up 3.4% compared to the same quarter last year. Equities analysts expect that Webster Financial Corporation will post 6.55 EPS for the current fiscal year.

Webster Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Monday, August 10th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, August 10th. Webster Financial's dividend payout ratio (DPR) is currently 26.02%.

Analyst Upgrades and Downgrades

WBS has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods decreased their target price on 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 reaffirmed a "buy (b)" rating on shares of Webster Financial in a research report on Friday, June 12th. Royal Bank Of Canada lifted their price objective on Webster Financial from $75.00 to $76.00 and gave the company a "sector perform" rating in a report on Wednesday, July 22nd. Finally, UBS Group started coverage on Webster Financial in a research report on Tuesday, April 7th. They issued a "neutral" rating and a $69.00 price objective for the company. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Webster Financial presently has a consensus rating of "Hold" and a consensus price target of $74.04.

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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