Webster Financial Corporation (NYSE:WBS) Shares Sold by Pzena Investment Management LLC

Pzena Investment Management LLC lessened its stake in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 0.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,589,153 shares of the financial services provider's stock after selling 11,775 shares during the quarter. Pzena Investment Management LLC owned approximately 0.94% of Webster Financial worth $81,921,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of WBS. Skandinaviska Enskilda Banken AB publ bought a new stake in Webster Financial during the 4th quarter valued at $26,000. Headlands Technologies LLC acquired a new stake in shares of Webster Financial in the 4th quarter worth $32,000. Allworth Financial LP boosted its position in shares of Webster Financial by 43.7% in the 1st quarter. Allworth Financial LP now owns 941 shares of the financial services provider's stock worth $45,000 after purchasing an additional 286 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Webster Financial by 171.2% in the 1st quarter. Versant Capital Management Inc now owns 1,025 shares of the financial services provider's stock worth $53,000 after purchasing an additional 647 shares in the last quarter. Finally, Bessemer Group Inc. lifted its position in Webster Financial by 166.1% during the 1st quarter. Bessemer Group Inc. now owns 1,027 shares of the financial services provider's stock worth $53,000 after acquiring an additional 641 shares during the period. Institutional investors own 85.58% of the company's stock.

Insider Buying and Selling

In other news, insider Javier L. Evans sold 7,800 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $52.58, for a total value of $410,124.00. Following the completion of the sale, the insider directly owned 19,820 shares in the company, valued at $1,042,135.60. This represents a 28.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lauren States sold 2,200 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $50.80, for a total value of $111,760.00. Following the completion of the transaction, the director owned 14,620 shares of the company's stock, valued at $742,696. The trade was a 13.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,000 shares of company stock valued at $934,210 over the last ninety days. 0.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on WBS. Barclays lifted their price target on Webster Financial from $72.00 to $77.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Jefferies Financial Group assumed coverage on Webster Financial in a research note on Wednesday, May 21st. They issued a "buy" rating and a $65.00 target price on the stock. Citigroup upped their target price on Webster Financial from $65.00 to $71.00 and gave the stock a "buy" rating in a research note on Friday. Truist Financial restated a "buy" rating and issued a $67.00 target price (up previously from $61.00) on shares of Webster Financial in a research note on Friday, July 11th. Finally, Raymond James Financial upped their target price on Webster Financial from $65.00 to $68.00 and gave the stock an "outperform" rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $66.77.

Webster Financial Price Performance

Shares of Webster Financial stock traded up $0.84 during mid-day trading on Friday, reaching $60.89. 2,025,907 shares of the stock traded hands, compared to its average volume of 1,288,943. The business has a 50-day moving average of $54.11 and a 200 day moving average of $53.19. Webster Financial Corporation has a fifty-two week low of $39.43 and a fifty-two week high of $63.99. The stock has a market capitalization of $10.24 billion, a PE ratio of 13.71, a PEG ratio of 0.76 and a beta of 1.00. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.43.

Webster Financial (NYSE:WBS - Get Free Report) last announced its earnings results on Thursday, July 17th. The financial services provider reported $1.52 EPS for the quarter, beating analysts' consensus estimates of $1.43 by $0.09. Webster Financial had a return on equity of 10.57% and a net margin of 18.58%. The business had revenue of $715.80 million during the quarter, compared to analysts' expectations of $716.59 million. During the same quarter in the prior year, the firm earned $1.26 earnings per share. The business's revenue was up 16.5% compared to the same quarter last year. On average, analysts predict that Webster Financial Corporation will post 5.88 EPS for the current year.

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

Webster Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were given a $0.40 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.63%. Webster Financial's dividend payout ratio (DPR) is presently 36.04%.

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.