Mackenzie Financial Corp Invests $2.23 Million in Webster Financial Corporation (NYSE:WBS)

Mackenzie Financial Corp acquired a new position in Webster Financial Corporation (NYSE:WBS - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 43,304 shares of the financial services provider's stock, valued at approximately $2,232,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Headlands Technologies LLC bought a new stake in Webster Financial in the fourth quarter valued at $32,000. Allworth Financial LP increased its position in shares of Webster Financial by 43.7% during the 1st quarter. Allworth Financial LP now owns 941 shares of the financial services provider's stock worth $45,000 after purchasing an additional 286 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Webster Financial by 171.2% during the 1st quarter. Versant Capital Management Inc now owns 1,025 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 647 shares during the last quarter. Bessemer Group Inc. boosted its position in Webster Financial by 166.1% in the first quarter. Bessemer Group Inc. now owns 1,027 shares of the financial services provider's stock valued at $53,000 after buying an additional 641 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in Webster Financial by 78.7% during the first quarter. Parallel Advisors LLC now owns 1,117 shares of the financial services provider's stock worth $58,000 after buying an additional 492 shares during the last quarter. Institutional investors own 85.58% of the company's stock.

Wall Street Analysts Forecast Growth

WBS has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods increased their price target on Webster Financial from $65.00 to $68.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th. Seaport Res Ptn cut Webster Financial from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Barclays increased their price objective on shares of Webster Financial from $72.00 to $77.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Jefferies Financial Group initiated coverage on shares of Webster Financial in a research report on Wednesday, May 21st. They set a "buy" rating and a $65.00 target price on the stock. Finally, Citigroup raised their price target on shares of Webster Financial from $65.00 to $71.00 and gave the company a "buy" rating in a report on Friday, July 18th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $66.77.

Webster Financial Stock Down 0.9%

NYSE WBS traded down $0.49 during trading on Thursday, hitting $55.70. The stock had a trading volume of 675,869 shares, compared to its average volume of 1,318,985. Webster Financial Corporation has a 12 month low of $39.43 and a 12 month high of $63.99. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.85 and a current ratio of 0.86. The company's 50-day moving average price is $56.03 and its two-hundred day moving average price is $53.47. The company has a market capitalization of $9.37 billion, a PE ratio of 11.32, a P/E/G ratio of 0.52 and a beta of 1.04.

Webster Financial (NYSE:WBS - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.09. The company had revenue of $715.80 million during the quarter, compared to the consensus estimate of $716.59 million. Webster Financial had a net margin of 20.06% and a return on equity of 10.84%. The company's quarterly revenue was up 16.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.26 EPS. As a group, sell-side analysts forecast that Webster Financial Corporation will post 5.88 EPS for the current year.

Webster Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Monday, August 11th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, August 11th. Webster Financial's dividend payout ratio (DPR) is 32.45%.

Webster Financial announced that its Board of Directors has authorized a share buyback plan on Thursday, May 1st that allows the company to repurchase $700.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 8.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Charles L. Wilkins sold 5,000 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $53.25, for a total transaction of $266,250.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William L. Atwell sold 16,823 shares of Webster Financial stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $59.20, for a total transaction of $995,921.60. Following the sale, the director directly owned 30,915 shares of the company's stock, valued at $1,830,168. The trade was a 35.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,638 shares of company stock worth $2,258,145 in the last three months. Insiders own 0.54% of the company's stock.

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.