Principal Financial Group Inc. Sells 30,461 Shares of Webster Financial Corporation (NYSE:WBS)

Principal Financial Group Inc. reduced its holdings in Webster Financial Corporation (NYSE:WBS - Free Report) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 945,954 shares of the financial services provider's stock after selling 30,461 shares during the quarter. Principal Financial Group Inc. owned 0.56% of Webster Financial worth $48,764,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in WBS. FMR LLC increased its stake in Webster Financial by 1.2% in the 4th 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 in the last quarter. Dimensional Fund Advisors LP increased its position in shares of 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 increased its position in shares of 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 lifted its position in shares of Webster Financial by 3.8% in the 4th quarter. Earnest Partners LLC now owns 3,154,160 shares of the financial services provider's stock valued at $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% during the 4th 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 in the last quarter. 85.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on WBS. Truist Financial initiated coverage on Webster Financial in a report on Tuesday, May 13th. They issued a "buy" rating and a $61.00 target price for the company. Wells Fargo & Company cut their price objective on shares of Webster Financial from $75.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. 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. Morgan Stanley decreased their price objective on shares of Webster Financial from $75.00 to $66.00 and set an "equal weight" rating for the company in a report on Thursday, March 13th. Finally, Barclays cut their target price on Webster Financial from $80.00 to $72.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Three 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. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $63.75.

Webster Financial Stock Performance

NYSE:WBS traded down $0.52 during mid-day trading on Monday, hitting $58.16. 1,299,746 shares of the company's stock traded hands, compared to its average volume of 1,281,541. The firm has a market capitalization of $9.78 billion, a price-to-earnings ratio of 13.10, a price-to-earnings-growth ratio of 0.77 and a beta of 1.00. The firm has a 50 day moving average of $52.24 and a two-hundred day moving average of $52.93. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.43. Webster Financial Corporation has a 12 month low of $39.43 and a 12 month high of $63.99.

Webster Financial (NYSE:WBS - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.08). The company had revenue of $704.80 million during the quarter, compared to analyst estimates of $708.46 million. Webster Financial had a return on equity of 10.57% and a net margin of 18.58%. The company's revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.35 EPS. On average, equities analysts forecast that Webster Financial Corporation will post 5.88 earnings per share for the current fiscal year.

Webster Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.60 annualized dividend and a yield of 2.75%. Webster Financial's dividend payout ratio is 36.04%.

Webster Financial announced that its board has authorized a stock buyback program on Thursday, May 1st that permits the company to repurchase $700.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 8.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its shares are undervalued.

Insider Transactions at Webster Financial

In other news, insider Javier L. Evans sold 7,800 shares of the stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $52.58, for a total value of $410,124.00. Following the completion of the transaction, the insider owned 19,820 shares in the company, valued at approximately $1,042,135.60. This represents a 28.24% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lauren States sold 2,200 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $50.80, for a total transaction of $111,760.00. Following the completion of the sale, the director directly owned 14,620 shares in the company, 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 18,000 shares of company stock valued at $934,210 in the last ninety days. 0.54% of the stock is owned by company insiders.

Webster Financial Company 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.