Nuveen Asset Management LLC Grows Stake in Webster Financial Co. (NYSE:WBS)

Nuveen Asset Management LLC increased its stake in Webster Financial Co. (NYSE:WBS - Free Report) by 9.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 457,454 shares of the financial services provider's stock after buying an additional 39,891 shares during the period. Nuveen Asset Management LLC owned 0.27% of Webster Financial worth $25,261,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Park Avenue Securities LLC bought a new position in Webster Financial in the 4th quarter valued at approximately $246,000. Proficio Capital Partners LLC bought a new position in Webster Financial in the 4th quarter valued at approximately $3,549,000. Charles Schwab Investment Management Inc. lifted its position in Webster Financial by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,507,655 shares of the financial services provider's stock valued at $83,253,000 after acquiring an additional 38,713 shares in the last quarter. Barclays PLC lifted its position in Webster Financial by 36.4% in the 3rd quarter. Barclays PLC now owns 297,834 shares of the financial services provider's stock valued at $13,883,000 after acquiring an additional 79,556 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in shares of Webster Financial by 34.2% during the 4th quarter. Lazard Asset Management LLC now owns 18,647 shares of the financial services provider's stock valued at $1,028,000 after buying an additional 4,755 shares during the period. Hedge funds and other institutional investors own 85.58% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wells Fargo & Company lowered their price target on Webster Financial from $75.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Truist Financial assumed coverage on Webster Financial in a report on Tuesday, May 13th. They set a "buy" rating and a $61.00 price target on the stock. Raymond James lowered their price target on Webster Financial from $65.00 to $58.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods lowered their price target on Webster Financial from $70.00 to $65.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Finally, Jefferies Financial Group assumed coverage on Webster Financial in a report on Wednesday, May 21st. They set a "buy" rating and a $65.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $63.75.

Insider Activity

In other news, insider Daniel Bley sold 1,800 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $47.84, for a total transaction of $86,112.00. Following the completion of the transaction, the insider now owns 21,517 shares in the company, valued at $1,029,373.28. This trade represents a 7.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lauren States sold 2,200 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $50.80, for a total value of $111,760.00. Following the transaction, the director now owns 14,620 shares of the company's stock, valued at approximately $742,696. The trade was a 13.08% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,200 shares of company stock worth $257,836 over the last 90 days. Corporate insiders own 0.54% of the company's stock.

Webster Financial Price Performance

NYSE:WBS traded up $1.03 on Tuesday, reaching $52.27. 597,414 shares of the company's stock traded hands, compared to its average volume of 1,269,106. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.34. The stock has a 50-day simple moving average of $48.48 and a 200-day simple moving average of $54.22. The firm has a market cap of $8.79 billion, a PE ratio of 11.95, a P/E/G ratio of 1.02 and a beta of 0.98. Webster Financial Co. has a 12 month low of $39.34 and a 12 month high of $63.99.

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

Webster Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.06%. Webster Financial's payout ratio is 36.04%.

Webster Financial declared that its board has approved a stock buyback program on Thursday, May 1st that authorizes the company to repurchase $700.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

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.