Webster Financial Corporation $WBS Shares Acquired by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia sharply increased its stake in Webster Financial, boosting its holdings by 840.9% to 670,212 shares worth about $46.5 million.
• Webster Financial shares were up 0.8% and recently traded near their 52-week high, with the stock opening at $76.06 and a market cap of $12.32 billion.
• The bank reported mixed quarterly results, posting EPS of $1.60 versus $1.61 expected and revenue of $739.99 million versus $755.80 million expected, while continuing to pay a $0.40 quarterly dividend that yields about 2.1%.

Bank of Nova Scotia boosted its position in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 840.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 670,212 shares of the financial services provider's stock after acquiring an additional 598,978 shares during the quarter. Bank of Nova Scotia owned about 0.41% of Webster Financial worth $46,526,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. BOKF NA purchased a new stake in Webster Financial during the third quarter worth $26,000. New England Capital Financial Advisors LLC increased its position in shares of Webster Financial by 246.8% during the first quarter. New England Capital Financial Advisors LLC now owns 437 shares of the financial services provider's stock worth $30,000 after purchasing an additional 311 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of Webster Financial in the fourth quarter worth about $28,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Webster Financial during the 3rd quarter worth approximately $29,000. Finally, Atlas Capital Advisors Inc. purchased a new stake in Webster Financial in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 85.58% of the company's stock.

Webster Financial Trading Up 0.8%

Shares of Webster Financial stock opened at $76.06 on Friday. Webster Financial Corporation has a fifty-two week low of $52.69 and a fifty-two week high of $77.69. The business's fifty day moving average is $74.60 and its two-hundred day moving average is $71.37. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.46. The firm has a market cap of $12.32 billion, a PE ratio of 12.37 and a beta of 1.00.

Webster Financial (NYSE:WBS - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.61 by ($0.01). The company had revenue of $739.99 million for the quarter, compared to analysts' expectations of $755.80 million. Webster Financial had a return on equity of 11.23% and a net margin of 22.78%.The company's revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.52 earnings per share. Analysts anticipate that Webster Financial Corporation will post 6.55 earnings per share for the current year.

Webster Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were given a $0.40 dividend. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.60 annualized dividend and a dividend yield of 2.1%. Webster Financial's dividend payout ratio is presently 26.02%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on WBS. Royal Bank Of Canada upped their price objective on Webster Financial from $75.00 to $76.00 and gave the company a "sector perform" rating in a report on Wednesday. Keefe, Bruyette & Woods cut their price objective on Webster Financial from $79.00 to $77.50 and set an "outperform" rating on the stock in a research report on Friday, May 1st. Weiss Ratings reiterated a "buy (b)" rating on shares of Webster Financial in a research note on Friday, June 12th. Finally, UBS Group initiated coverage on Webster Financial in a research report on Tuesday, April 7th. They set a "neutral" rating and a $69.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Webster Financial has an average rating of "Hold" and a consensus target price of $74.04.

Webster Financial Company Profile

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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