Teacher Retirement System of Texas boosted its stake in Webster Financial Corporation (NYSE:WBS - Free Report) by 33.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,155 shares of the financial services provider's stock after purchasing an additional 14,416 shares during the period. Teacher Retirement System of Texas' holdings in Webster Financial were worth $2,998,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of WBS. Norges Bank purchased a new position in shares of Webster Financial during the 4th quarter valued at $120,497,000. Balyasny Asset Management L.P. raised its position in shares of Webster Financial by 1,253.3% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,120,914 shares of the financial services provider's stock valued at $61,897,000 after buying an additional 1,038,085 shares in the last quarter. Millennium Management LLC grew its holdings in Webster Financial by 43.0% during the 4th quarter. Millennium Management LLC now owns 2,547,225 shares of the financial services provider's stock valued at $140,658,000 after purchasing an additional 766,019 shares during the last quarter. FJ Capital Management LLC bought a new position in Webster Financial during the 4th quarter valued at about $29,177,000. Finally, Wealthfront Advisers LLC bought a new position in Webster Financial in the 4th quarter worth about $27,163,000. Institutional investors own 85.58% of the company's stock.
Webster Financial Stock Down 0.2%
Shares of NYSE:WBS traded down $0.13 during trading hours on Wednesday, reaching $58.91. The stock had a trading volume of 1,560,595 shares, compared to its average volume of 1,284,414. Webster Financial Corporation has a 1 year low of $39.43 and a 1 year high of $63.99. The firm's 50 day moving average is $52.68 and its 200-day moving average is $52.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a market capitalization of $9.91 billion, a price-to-earnings ratio of 13.27, a P/E/G ratio of 0.76 and a beta of 1.00.
Webster Financial (NYSE:WBS - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $704.80 million during the quarter, compared to analysts' expectations of $708.46 million. Webster Financial had a net margin of 18.58% and a return on equity of 10.57%. The company's revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.35 earnings per share. Research analysts predict that Webster Financial Corporation will post 5.88 earnings per share for the current fiscal year.
Webster Financial Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend was Monday, May 12th. Webster Financial's dividend payout ratio (DPR) is 36.04%.
Webster Financial declared that its Board of Directors has initiated 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 buy up to 8.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.
Wall Street Analysts Forecast Growth
WBS has been the subject of a number of analyst reports. Royal Bank Of Canada set a $60.00 target price on shares of Webster Financial and gave the company an "outperform" rating in a research report on Friday, April 25th. Jefferies Financial Group initiated coverage on shares of Webster Financial in a research note on Wednesday, May 21st. They set a "buy" rating and a $65.00 price objective for the company. Truist Financial initiated coverage on shares of Webster Financial in a report on Tuesday, May 13th. They set a "buy" rating and a $61.00 target price for the company. Barclays raised their target price on shares of Webster Financial from $72.00 to $77.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Morgan Stanley reduced their target price 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. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $64.17.
View Our Latest Analysis on WBS
Insider Activity at Webster Financial
In other news, insider Charles L. Wilkins sold 5,000 shares of the firm's stock in a transaction 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 sale, the insider owned 31,534 shares in the company, valued at approximately $1,679,185.50. This trade represents a 13.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel Bley sold 1,800 shares of the firm's stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $47.84, for a total transaction of $86,112.00. Following the completion of the sale, the insider owned 21,517 shares of the company's stock, valued at $1,029,373.28. This trade represents a 7.72% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,000 shares of company stock valued at $934,210. Corporate insiders own 0.54% of the company's stock.
Webster Financial Profile
(
Free Report)
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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