Nuveen LLC Purchases Shares of 457,865 Webster Financial Corporation $WBS

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Nuveen LLC purchased a new stake in shares of Webster Financial Corporation (NYSE:WBS - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 457,865 shares of the financial services provider's stock, valued at approximately $23,603,000. Nuveen LLC owned 0.27% of Webster Financial at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Invesco Ltd. grew its position in Webster Financial by 3.1% during the first quarter. Invesco Ltd. now owns 5,049,297 shares of the financial services provider's stock worth $260,291,000 after buying an additional 153,236 shares in the last quarter. Townsquare Capital LLC acquired a new stake in Webster Financial during the first quarter worth about $283,000. National Bank of Canada FI acquired a new stake in Webster Financial during the first quarter worth about $1,077,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Webster Financial by 327.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 739 shares of the financial services provider's stock worth $38,000 after buying an additional 566 shares in the last quarter. Finally, Bank of Nova Scotia acquired a new stake in Webster Financial during the first quarter worth about $1,169,000. 85.58% of the stock is currently owned by institutional investors.

Webster Financial Stock Performance

NYSE:WBS opened at $58.24 on Tuesday. Webster Financial Corporation has a 1 year low of $39.43 and a 1 year high of $63.99. The firm has a 50 day moving average of $56.78 and a 200-day moving average of $53.25. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $9.68 billion, a P/E ratio of 11.81, a price-to-earnings-growth ratio of 0.53 and a beta of 1.04.

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

Webster Financial announced that its board has approved a share repurchase program on Thursday, May 1st that allows the company to buyback $700.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 8.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Webster Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Monday, August 11th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.7%. The ex-dividend date is Monday, August 11th. Webster Financial's payout ratio is 32.45%.

Insider Transactions at Webster Financial

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 shares were sold at an average price of $53.25, for a total value of $266,250.00. Following the completion of the transaction, the insider owned 31,534 shares in the company, valued at $1,679,185.50. The trade was a 13.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Albert Jen-Wen Wang sold 3,250 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $60.31, for a total transaction of $196,007.50. Following the completion of the transaction, the chief accounting officer owned 15,755 shares of the company's stock, valued at $950,184.05. This trade represents a 17.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,638 shares of company stock worth $2,721,745 over the last ninety days. 0.54% of the stock is currently owned by insiders.

Analysts Set New Price Targets

WBS has been the topic of a number of recent research reports. Barclays lifted their target price on Webster Financial from $72.00 to $77.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. UBS Group restated a "buy" rating and set a $69.00 price target on shares of Webster Financial in a research note on Wednesday, July 9th. Royal Bank Of Canada set a $60.00 price target on shares of Webster Financial and gave the stock an "outperform" rating in a research note on Friday, April 25th. Seaport Res Ptn cut shares of Webster Financial from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Truist Financial restated a "buy" rating and set a $67.00 price target (up previously from $61.00) on shares of Webster Financial in a research note on Friday, July 11th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Webster Financial has an average rating of "Moderate Buy" and an average target price of $66.77.

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.

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