Tompkins Financial Corp Reduces Position in Webster Financial Corporation $WBS

Key Points

• Tompkins Financial Corp reduced its stake in Webster Financial Corporation by 9.0% during the second quarter, selling 9,436 shares and leaving it with approximately 95,539 shares valued at around $5.2 million.
• Webster Financial recently reported earnings of $1.52 per share for the last quarter, exceeding estimates and marking a 16.5% increase in revenue year-over-year.
• Analysts generally have a positive outlook on Webster Financial, with a consensus price target of $67.00 and most ratings being either "Buy" or "Outperform".

Tompkins Financial Corp lowered its position in Webster Financial Corporation (NYSE:WBS - Free Report) by 9.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 95,539 shares of the financial services provider's stock after selling 9,436 shares during the quarter. Tompkins Financial Corp owned approximately 0.06% of Webster Financial worth $5,216,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Picton Mahoney Asset Management purchased a new stake in Webster Financial in the 1st quarter valued at $25,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Webster Financial by 327.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 739 shares of the financial services provider's stock valued at $38,000 after buying an additional 566 shares during the last quarter. TCTC Holdings LLC raised its holdings in shares of Webster Financial by 118.4% in the first quarter. TCTC Holdings LLC now owns 832 shares of the financial services provider's stock valued at $43,000 after buying an additional 451 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Webster Financial by 43.7% during the first quarter. Allworth Financial LP now owns 941 shares of the financial services provider's stock worth $45,000 after buying an additional 286 shares during the last quarter. Finally, Versant Capital Management Inc grew its holdings in shares of Webster Financial by 171.2% during the first quarter. Versant Capital Management Inc now owns 1,025 shares of the financial services provider's stock worth $53,000 after buying an additional 647 shares during the last quarter. 85.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on WBS. Cantor Fitzgerald began coverage on Webster Financial in a research note on Wednesday, September 10th. They set an "overweight" rating and a $70.00 price objective for the company. Raymond James Financial increased their price target on Webster Financial from $65.00 to $68.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Keefe, Bruyette & Woods lifted their price objective on shares of Webster Financial from $65.00 to $68.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Jefferies Financial Group assumed coverage on shares of Webster Financial in a research report on Wednesday, May 21st. They set a "buy" rating and a $65.00 price objective for the company. Finally, Seaport Res Ptn cut shares of Webster Financial from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Eleven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $67.00.

Insider Transactions at Webster Financial

In other Webster Financial news, Director William L. Atwell sold 16,823 shares of Webster Financial stock in a transaction on Monday, July 28th. The shares were sold at an average price of $59.20, for a total value of $995,921.60. Following the transaction, the director owned 30,915 shares in the company, valued at $1,830,168. This trade represents a 35.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Albert Jen-Wen Wang sold 3,250 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $60.31, for a total value of $196,007.50. Following the completion of the transaction, the chief accounting officer owned 15,755 shares in the company, valued at approximately $950,184.05. This trade represents a 17.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,445 shares of company stock worth $2,168,537 in the last ninety days. Company insiders own 0.54% of the company's stock.

Webster Financial Trading Up 1.8%

Shares of Webster Financial stock opened at $60.58 on Thursday. Webster Financial Corporation has a 1 year low of $39.43 and a 1 year high of $63.99. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.86 and a quick ratio of 0.85. The business has a 50 day moving average price of $59.63 and a 200 day moving average price of $53.75. The company has a market capitalization of $10.07 billion, a P/E ratio of 12.29, a P/E/G ratio of 0.54 and a beta of 1.07.

Webster Financial (NYSE:WBS - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.09. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%.The company had revenue of $715.80 million during the quarter, compared to the consensus estimate of $716.59 million. During the same quarter last year, the business posted $1.26 earnings per share. Webster Financial's revenue was up 16.5% compared to the same quarter last year. Sell-side analysts anticipate that Webster Financial Corporation will post 5.88 EPS for the current fiscal year.

Webster Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Monday, August 11th. Webster Financial's dividend payout ratio (DPR) is currently 32.45%.

About Webster Financial

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.