Mackenzie Financial Corp Purchases Shares of 43,304 Webster Financial Corporation (NYSE:WBS)

Mackenzie Financial Corp purchased a new stake in Webster Financial Corporation (NYSE:WBS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 43,304 shares of the financial services provider's stock, valued at approximately $2,232,000.

Several other large investors have also recently bought and sold shares of WBS. FMR LLC increased its holdings in shares of Webster Financial by 1.2% during the fourth quarter. FMR LLC now owns 8,493,426 shares of the financial services provider's stock worth $469,007,000 after purchasing an additional 99,908 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Webster Financial by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,620,818 shares of the financial services provider's stock worth $365,601,000 after purchasing an additional 45,310 shares during the period. Capital International Investors increased its holdings in shares of Webster Financial by 0.9% during the fourth quarter. Capital International Investors now owns 4,130,379 shares of the financial services provider's stock worth $228,000,000 after purchasing an additional 35,039 shares during the period. Earnest Partners LLC increased its holdings in shares of Webster Financial by 3.8% during the fourth quarter. Earnest Partners LLC now owns 3,154,160 shares of the financial services provider's stock worth $174,173,000 after purchasing an additional 116,508 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its holdings in shares of Webster Financial by 4.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,948,701 shares of the financial services provider's stock worth $162,828,000 after purchasing an additional 114,375 shares during the period. 85.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

WBS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Webster Financial from $55.00 to $65.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Royal Bank Of Canada set a $60.00 price objective on shares of Webster Financial and gave the company an "outperform" rating in a research note on Friday, April 25th. UBS Group reissued a "buy" rating and issued a $69.00 price objective on shares of Webster Financial in a research note on Wednesday, July 9th. Raymond James Financial lifted their price objective on shares of Webster Financial from $65.00 to $68.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Finally, Barclays lifted their price objective on shares of Webster Financial from $72.00 to $77.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $66.77.

Webster Financial Stock Down 2.9%

WBS opened at $55.96 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.47. The stock has a market cap of $9.41 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 0.51 and a beta of 1.04. Webster Financial Corporation has a twelve month low of $39.43 and a twelve month high of $63.99. The company's 50-day moving average price is $55.75 and its two-hundred day moving average price is $53.45.

Webster Financial (NYSE:WBS - Get Free Report) last released its earnings results on Thursday, July 17th. The financial services provider reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.09. The firm had revenue of $715.80 million for the quarter, compared to analysts' expectations 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 previous year, the company earned $1.26 earnings per share. As a group, equities analysts expect that Webster Financial Corporation will post 5.88 earnings per share for the current year.

Webster Financial Announces Dividend

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

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

Insider Transactions at Webster Financial

In related news, insider Jason A. Soto sold 2,500 shares of the company's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $61.21, for a total transaction of $153,025.00. Following the sale, the insider directly owned 18,889 shares in the company, valued at approximately $1,156,195.69. This represents a 11.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Javier L. Evans sold 7,800 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $52.58, for a total transaction of $410,124.00. Following the sale, the insider owned 19,820 shares in the company, valued at $1,042,135.60. The trade was a 28.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,638 shares of company stock valued at $2,258,145. Corporate insiders own 0.54% of the company's stock.

About Webster Financial

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.

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