Great Lakes Advisors LLC Buys 122,032 Shares of Webster Financial Corporation $WBS

Key Points

• Great Lakes Advisors LLC significantly increased its holdings in Webster Financial Corporation by 3,066.1% during the first quarter, acquiring an additional 122,032 shares for a total of 126,012 shares valued at approximately $6.5 million.
• Analysts have generally maintained a positive outlook on Webster Financial, with a consensus rating of "Moderate Buy" and an average target price of $66.77, supported by numerous upgrades from firms like Barclays and Truist Financial.
• The company declared a $0.40 quarterly dividend for shareholders, representing an annualized yield of 2.6% and a dividend payout ratio of 32.45%.

Great Lakes Advisors LLC increased its stake in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 3,066.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 126,012 shares of the financial services provider's stock after buying an additional 122,032 shares during the quarter. Great Lakes Advisors LLC owned 0.07% of Webster Financial worth $6,496,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. PenderFund Capital Management Ltd. grew its holdings in Webster Financial by 4.0% during the first quarter. PenderFund Capital Management Ltd. now owns 5,578 shares of the financial services provider's stock worth $288,000 after buying an additional 215 shares in the last quarter. Penbrook Management LLC grew its stake in Webster Financial by 5.2% in the 1st quarter. Penbrook Management LLC now owns 5,080 shares of the financial services provider's stock valued at $262,000 after purchasing an additional 250 shares during the period. Cetera Investment Advisers grew its stake in Webster Financial by 1.2% in the 4th quarter. Cetera Investment Advisers now owns 21,299 shares of the financial services provider's stock valued at $1,176,000 after purchasing an additional 259 shares during the period. Beverly Hills Private Wealth LLC grew its stake in Webster Financial by 4.5% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 6,058 shares of the financial services provider's stock valued at $312,000 after purchasing an additional 262 shares during the period. Finally, Allworth Financial LP grew its stake in Webster Financial by 43.7% in the 1st quarter. Allworth Financial LP now owns 941 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 286 shares during the period. Institutional investors own 85.58% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on WBS. Keefe, Bruyette & Woods upped their price objective on Webster Financial from $65.00 to $68.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Truist Financial restated a "buy" rating and issued a $67.00 price objective (up previously from $61.00) on shares of Webster Financial in a research note on Friday, July 11th. Citigroup upped their price objective on Webster Financial from $65.00 to $71.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Raymond James Financial upped their price objective on Webster Financial from $65.00 to $68.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Finally, Wells Fargo & Company upped their price objective on Webster Financial from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Eleven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $67.00.

Insider Buying and Selling

In related news, insider Jason A. Soto sold 2,500 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $61.21, for a total value of $153,025.00. Following the completion of the sale, the insider owned 18,889 shares in the company, valued at $1,156,195.69. The trade was a 11.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William L. Atwell sold 16,823 shares of the business's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $59.20, for a total value of $995,921.60. Following the completion of the sale, the director owned 30,915 shares of the company's stock, valued at $1,830,168. The trade was a 35.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,445 shares of company stock worth $1,983,757 over the last ninety days. Corporate insiders own 0.54% of the company's stock.

Webster Financial Price Performance

NYSE WBS traded down $0.65 during trading on Monday, reaching $60.85. The company's stock had a trading volume of 349,848 shares, compared to its average volume of 1,289,503. The stock has a market capitalization of $10.11 billion, a PE ratio of 12.36, a P/E/G ratio of 0.56 and a beta of 1.07. 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 firm has a fifty day moving average of $59.54 and a 200 day moving average of $53.63. Webster Financial Corporation has a one year low of $39.43 and a one year high of $63.99.

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

Webster Financial Announces Dividend

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

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.