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 Webster Financial Corporation (NYSE:WBS - Free Report) by 3,066.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 126,012 shares of the financial services provider's stock after acquiring an additional 122,032 shares during the period. Great Lakes Advisors LLC owned about 0.07% of Webster Financial worth $6,496,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. PenderFund Capital Management Ltd. lifted its stake in shares of Webster Financial by 4.0% in the 1st quarter. PenderFund Capital Management Ltd. now owns 5,578 shares of the financial services provider's stock valued at $288,000 after acquiring an additional 215 shares during the last quarter. Penbrook Management LLC raised its position in Webster Financial by 5.2% during 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 last quarter. Cetera Investment Advisers raised its position in Webster Financial by 1.2% during 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 last quarter. Beverly Hills Private Wealth LLC raised its position in Webster Financial by 4.5% during 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 last quarter. Finally, Allworth Financial LP grew its holdings in shares of Webster Financial by 43.7% during the 1st quarter. Allworth Financial LP now owns 941 shares of the financial services provider's stock worth $45,000 after acquiring an additional 286 shares during the period. Institutional investors own 85.58% of the company's stock.

Insider Activity

In related news, CAO Albert Jen-Wen Wang sold 3,250 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $60.31, for a total value of $196,007.50. Following the transaction, the chief accounting officer directly owned 15,755 shares of the company's stock, valued at approximately $950,184.05. This trade represents a 17.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason A. Soto sold 2,500 shares of the firm's stock in a transaction 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 transaction, the insider directly owned 18,889 shares in the company, valued at approximately $1,156,195.69. This represents a 11.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,445 shares of company stock worth $1,983,757. Insiders own 0.54% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on WBS shares. Wells Fargo & Company upped their target price on Webster Financial from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. Barclays upped their target price on Webster Financial from $72.00 to $77.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Jefferies Financial Group started coverage on Webster Financial in a report on Wednesday, May 21st. They set a "buy" rating and a $65.00 target price on the stock. Raymond James Financial upped their target price on Webster Financial from $65.00 to $68.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Finally, Keefe, Bruyette & Woods upped their target price on Webster Financial from $65.00 to $68.00 and gave the stock an "outperform" rating in a report 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.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $67.00.

Webster Financial Stock Performance

Shares of NYSE WBS traded down $0.51 during midday trading on Friday, hitting $61.44. 1,363,622 shares of the stock traded hands, compared to its average volume of 1,075,292. The firm has a 50-day moving average of $59.54 and a two-hundred day moving average of $53.66. The firm has a market capitalization of $10.21 billion, a P/E ratio of 12.46, a PEG ratio of 0.57 and a beta of 1.07. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.85 and a current ratio of 0.86. 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 released its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.09. The firm had revenue of $715.80 million for the quarter, compared to analysts' expectations of $716.59 million. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%.The company's revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.26 EPS. On average, equities analysts forecast that Webster Financial Corporation will post 5.88 EPS for the current fiscal year.

Webster Financial Announces Dividend

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

Webster Financial Company 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.