The Manufacturers Life Insurance Company Reduces Holdings in Webster Financial Corporation $WBS

Key Points

• The Manufacturers Life Insurance Company reduced its Webster Financial stake by 30.4% in the first quarter, selling 35,949 shares and retaining 82,398 shares worth approximately $5.72 million. Institutional investors collectively own 85.58% of the company.
• Webster Financial reported quarterly revenue of $769.23 million, up 3.4% year over year and above analyst expectations, while EPS of $1.60 narrowly missed the $1.61 consensus estimate.
• The company declared a quarterly dividend of $0.40 per share, equivalent to $1.60 annually and a 2.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $74.25, below the stock’s reported $79.09 price.

The Manufacturers Life Insurance Company trimmed its stake in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 30.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 82,398 shares of the financial services provider's stock after selling 35,949 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Webster Financial worth $5,720,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. BOKF NA purchased a new stake in shares of Webster Financial during the third quarter valued at approximately $26,000. Flagship Harbor Advisors LLC purchased a new position in shares of Webster Financial in the fourth quarter worth $28,000. Caitong International Asset Management Co. Ltd bought a new stake in Webster Financial during the 3rd quarter valued at $29,000. New England Capital Financial Advisors LLC raised its holdings in Webster Financial by 246.8% during the 1st quarter. New England Capital Financial Advisors LLC now owns 437 shares of the financial services provider's stock valued at $30,000 after buying an additional 311 shares during the last quarter. Finally, Atlas Capital Advisors Inc. purchased a new stake in Webster Financial during the 4th quarter valued at $31,000. 85.58% of the stock is owned by hedge funds and other institutional investors.

Webster Financial Stock Performance

NYSE:WBS opened at $79.09 on Thursday. The stock has a market cap of $12.82 billion, a P/E ratio of 12.86 and a beta of 1.01. The firm's fifty day simple moving average is $75.42 and its 200 day simple moving average is $72.15. Webster Financial Corporation has a twelve month low of $52.69 and a twelve month high of $79.23. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.46.

Webster Financial (NYSE:WBS - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.60 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.01). Webster Financial had a return on equity of 11.23% and a net margin of 22.78%.The company had revenue of $769.23 million during the quarter, compared to the consensus estimate of $755.80 million. During the same quarter last year, the company posted $1.52 earnings per share. The firm's revenue for the quarter was up 3.4% compared to the same quarter last year. As a group, research analysts predict that Webster Financial Corporation will post 6.55 EPS for the current year.

Webster Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Monday, August 10th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, August 10th. This represents a $1.60 annualized dividend and a dividend yield of 2.0%. Webster Financial's payout ratio is currently 26.02%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on WBS. Keefe, Bruyette & Woods cut their price target on shares of Webster Financial from $79.00 to $77.50 and set an "outperform" rating on the stock in a report on Friday, May 1st. Barclays upped their price objective on shares of Webster Financial from $75.00 to $78.00 and gave the company an "equal weight" rating in a research note on Monday. Weiss Ratings reissued a "buy (b)" rating on shares of Webster Financial in a research note on Friday, June 12th. Finally, Royal Bank Of Canada boosted their price target on Webster Financial from $75.00 to $76.00 and gave the company a "sector perform" rating in a report on Wednesday, July 22nd. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Webster Financial currently has an average rating of "Hold" and an average price target of $74.25.

About Webster Financial

Webster Financial Corporation is a bank holding company headquartered in Waterbury, Connecticut. Through its principal subsidiary, Webster Bank, N.A., the company offers a broad range of banking products and financial services to individuals, small businesses, and middle-market commercial clients. Key offerings include deposit accounts, residential and commercial real estate lending, equipment finance, treasury management, and payment processing solutions.

In addition to traditional banking services, Webster Financial provides wealth management and insurance products designed to help clients plan for retirement, preserve assets, and manage risk.

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