Persistent Asset Partners Ltd Raises Holdings in Webster Financial Corporation (NYSE:WBS)

Key Points

• Persistent Asset Partners Ltd increased its holdings in Webster Financial Corporation by 234.5%, owning 20,773 shares valued at approximately $1,071,000.
• Analysts have revised their target prices for Webster Financial, with Barclays raising it from $72.00 to $77.00 and Keefe, Bruyette & Woods increasing it from $65.00 to $68.00, indicating positive sentiment towards the stock.
• Webster Financial recently declared a quarterly dividend of $0.40 per share, reflecting a 2.9% yield and an established share buyback plan of up to $700 million.

Persistent Asset Partners Ltd boosted its position in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 234.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,773 shares of the financial services provider's stock after acquiring an additional 14,562 shares during the period. Persistent Asset Partners Ltd's holdings in Webster Financial were worth $1,071,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of WBS. Renaissance Technologies LLC purchased a new stake in Webster Financial during the fourth quarter valued at approximately $1,587,000. Raymond James Financial Inc. purchased a new stake in Webster Financial during the fourth quarter valued at approximately $14,735,000. Treasurer of the State of North Carolina lifted its position in Webster Financial by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 75,049 shares of the financial services provider's stock valued at $4,144,000 after acquiring an additional 470 shares during the last quarter. Barclays PLC lifted its position in Webster Financial by 27.5% during the fourth quarter. Barclays PLC now owns 379,666 shares of the financial services provider's stock valued at $20,966,000 after acquiring an additional 81,832 shares during the last quarter. Finally, PEAK6 LLC purchased a new stake in Webster Financial during the fourth quarter valued at approximately $1,342,000. Hedge funds and other institutional investors own 85.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on WBS. Keefe, Bruyette & Woods increased their target price on shares of Webster Financial from $65.00 to $68.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Barclays boosted their target price on shares of Webster Financial from $72.00 to $77.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. 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. Truist Financial reissued a "buy" rating and set a $67.00 target price (up previously from $61.00) on shares of Webster Financial in a research report on Friday, July 11th. Finally, Wells Fargo & Company boosted their target price on shares of Webster Financial from $70.00 to $75.00 and gave the stock an "overweight" rating in a research 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 company. According to MarketBeat, Webster Financial presently has an average rating of "Moderate Buy" and a consensus price target of $66.77.

Insiders Place Their Bets

In other Webster Financial news, insider Charles L. Wilkins sold 5,000 shares of the company'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 value of $266,250.00. Following the sale, the insider owned 31,534 shares in the company, valued at approximately $1,679,185.50. This represents a 13.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 shares were sold at an average price of $60.31, for a total value of $196,007.50. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 39,638 shares of company stock worth $2,258,145. Corporate insiders own 0.54% of the company's stock.

Webster Financial Stock Performance

WBS opened at $55.19 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.47. Webster Financial Corporation has a 12-month low of $39.43 and a 12-month high of $63.99. The firm has a 50 day moving average of $56.26 and a two-hundred day moving average of $53.31. The firm has a market capitalization of $9.28 billion, a PE ratio of 11.19, a P/E/G ratio of 0.51 and a beta of 1.04.

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

Webster Financial Dividend Announcement

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

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

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