Merit Financial Group LLC Takes $344,000 Position in Webster Financial Co. (NYSE:WBS)

Merit Financial Group LLC purchased a new stake in shares of Webster Financial Co. (NYSE:WBS - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 6,680 shares of the financial services provider's stock, valued at approximately $344,000.

A number of other hedge funds have also recently made changes to their positions in the company. FMR LLC grew its position in shares of Webster Financial by 1.2% during the 4th quarter. FMR LLC now owns 8,493,426 shares of the financial services provider's stock valued at $469,007,000 after purchasing an additional 99,908 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Webster Financial by 0.7% in 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 acquiring an additional 45,310 shares in the last quarter. Capital International Investors grew its position in Webster Financial by 0.9% in the fourth quarter. Capital International Investors now owns 4,130,379 shares of the financial services provider's stock worth $228,000,000 after acquiring an additional 35,039 shares in the last quarter. Earnest Partners LLC grew its position in Webster Financial by 3.8% in the fourth quarter. Earnest Partners LLC now owns 3,154,160 shares of the financial services provider's stock worth $174,173,000 after acquiring an additional 116,508 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its position in Webster Financial by 4.0% in 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 acquiring an additional 114,375 shares in the last quarter. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Webster Financial news, insider Javier L. Evans sold 7,800 shares of the firm'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 completion of the transaction, the insider now owns 19,820 shares of the company's stock, valued at approximately $1,042,135.60. This trade represents a 28.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charles L. Wilkins sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $53.25, for a total transaction of $266,250.00. Following the transaction, the insider now directly owns 31,534 shares of the company's stock, valued at $1,679,185.50. This represents a 13.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,000 shares of company stock valued at $934,210 over the last three months. Corporate insiders own 0.54% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Royal Bank of Canada set a $60.00 target price on shares of Webster Financial and gave the stock an "outperform" rating in a research report on Friday, April 25th. Wells Fargo & Company cut their target price on shares of Webster Financial from $75.00 to $60.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Morgan Stanley cut their target price on shares of Webster Financial from $75.00 to $66.00 and set an "equal weight" rating for the company in a research report on Thursday, March 13th. Raymond James cut their target price on shares of Webster Financial from $65.00 to $58.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods cut their target price on shares of Webster Financial from $70.00 to $65.00 and set an "outperform" rating for the company in a research report on Friday, April 25th. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.75.

Webster Financial Trading Down 2.7%

Shares of NYSE:WBS traded down $1.44 during midday trading on Friday, hitting $51.86. 1,646,831 shares of the stock traded hands, compared to its average volume of 1,279,220. The stock has a market capitalization of $8.72 billion, a PE ratio of 11.87, a P/E/G ratio of 1.02 and a beta of 1.00. The business's 50 day moving average is $49.47 and its two-hundred day moving average is $53.54. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.34. Webster Financial Co. has a one year low of $39.34 and a one year high of $63.99.

Webster Financial (NYSE:WBS - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.30 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.08). Webster Financial had a net margin of 18.39% and a return on equity of 10.82%. The firm had revenue of $704.80 million for the quarter, compared to the consensus estimate of $708.46 million. During the same period last year, the company posted $1.35 earnings per share. The business's revenue was up 5.7% on a year-over-year basis. As a group, research analysts forecast that Webster Financial Co. will post 5.88 earnings per share for the current year.

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

Webster Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date was Monday, May 12th. Webster Financial's payout ratio is currently 36.04%.

Webster Financial 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.