TimesSquare Capital Management LLC Sells 752,630 Shares of Webster Financial Corporation (NYSE:WBS)

TimesSquare Capital Management LLC cut its holdings in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 91.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,650 shares of the financial services provider's stock after selling 752,630 shares during the quarter. TimesSquare Capital Management LLC's holdings in Webster Financial were worth $3,642,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Bessemer Group Inc. increased its stake in Webster Financial by 166.1% in the first quarter. Bessemer Group Inc. now owns 1,027 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 641 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Webster Financial by 48.3% during the first quarter. GAMMA Investing LLC now owns 3,032 shares of the financial services provider's stock worth $156,000 after purchasing an additional 987 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Webster Financial during the fourth quarter worth $3,549,000. Lazard Asset Management LLC raised its stake in Webster Financial by 34.2% during the fourth quarter. Lazard Asset Management LLC now owns 18,647 shares of the financial services provider's stock worth $1,028,000 after buying an additional 4,755 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in Webster Financial by 13.8% during the first quarter. Janney Montgomery Scott LLC now owns 41,994 shares of the financial services provider's stock worth $2,165,000 after buying an additional 5,078 shares during the last quarter. 85.58% of the stock is owned by institutional investors.

Insider Buying and Selling at Webster Financial

In other Webster Financial news, Director Lauren States sold 2,200 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $50.80, for a total value of $111,760.00. Following the sale, the director owned 14,620 shares of the company's stock, valued at $742,696. This trade represents a 13.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Javier L. Evans sold 7,800 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $52.58, for a total transaction of $410,124.00. Following the completion of the transaction, the insider owned 19,820 shares in the company, valued at $1,042,135.60. The trade was a 28.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,000 shares of company stock worth $934,210 in the last 90 days. 0.54% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on WBS. Wells Fargo & Company upped their target price on shares of Webster Financial from $60.00 to $70.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Royal Bank Of Canada set a $60.00 price objective on shares of Webster Financial and gave the stock an "outperform" rating in a report on Friday, April 25th. JPMorgan Chase & Co. increased their target price on shares of Webster Financial from $55.00 to $65.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Truist Financial reiterated a "buy" rating and issued a $67.00 target price (up from $61.00) on shares of Webster Financial in a research note on Friday. Finally, Keefe, Bruyette & Woods lowered their target price on shares of Webster Financial from $70.00 to $65.00 and set an "outperform" rating on the stock in a research note on Friday, April 25th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Webster Financial currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.50.

Webster Financial Price Performance

Shares of NYSE:WBS opened at $59.70 on Tuesday. The stock has a market cap of $10.04 billion, a PE ratio of 13.44, a PEG ratio of 0.77 and a beta of 1.00. The company's fifty day moving average is $53.33 and its 200 day moving average is $53.05. Webster Financial Corporation has a 52 week low of $39.43 and a 52 week high of $63.99. 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 issued its earnings results 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 business had revenue of $704.80 million during the quarter, compared to analysts' expectations of $708.46 million. Webster Financial had a return on equity of 10.57% and a net margin of 18.58%. Webster Financial's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.35 EPS. Research analysts anticipate that Webster Financial Corporation will post 5.88 earnings per share for the current year.

Webster Financial declared that its board has initiated a share repurchase plan 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Webster Financial Dividend Announcement

The firm 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 yield of 2.68%. The ex-dividend date was Monday, May 12th. Webster Financial's payout ratio is presently 36.04%.

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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