Corebridge Financial Inc. Lowers Stock Holdings in Webster Financial Corporation $WBS

Key Points

• Corebridge Financial Inc. has decreased its holdings in Webster Financial Corporation by 2.4% during the first quarter, now owning approximately 189,304 shares valued at about $9.76 million.
• Several hedge funds have made significant adjustments to their positions in Webster Financial, with notable increases including Mitsubishi UFJ Asset Management, which raised its holdings by 327.2%.
• Analysts are bullish on Webster Financial, with multiple firms raising their target prices, setting a consensus price target of approximately $66.77 and ten analysts rating it as a "Buy."

Corebridge Financial Inc. trimmed its position in shares of Webster Financial Corporation (NYSE:WBS - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 189,304 shares of the financial services provider's stock after selling 4,646 shares during the period. Corebridge Financial Inc. owned about 0.11% of Webster Financial worth $9,759,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Comerica Bank increased its position in shares of Webster Financial by 0.7% during the first quarter. Comerica Bank now owns 67,302 shares of the financial services provider's stock valued at $3,469,000 after buying an additional 437 shares during the period. Systematic Financial Management LP grew its holdings in Webster Financial by 1.0% in the first quarter. Systematic Financial Management LP now owns 1,005,441 shares of the financial services provider's stock worth $51,830,000 after purchasing an additional 9,626 shares during the period. Smartleaf Asset Management LLC grew its holdings in Webster Financial by 20.6% in the first quarter. Smartleaf Asset Management LLC now owns 2,536 shares of the financial services provider's stock worth $129,000 after purchasing an additional 434 shares during the period. AlphaQuest LLC grew its holdings in Webster Financial by 175.2% in the first quarter. AlphaQuest LLC now owns 58,505 shares of the financial services provider's stock worth $3,016,000 after purchasing an additional 37,246 shares during the period. Finally, Compound Planning Inc. purchased a new stake in Webster Financial in the first quarter worth about $209,000. 85.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on WBS. Raymond James Financial upped their price objective on shares of Webster Financial from $65.00 to $68.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Jefferies Financial Group assumed coverage on shares of Webster Financial in a report on Wednesday, May 21st. They issued a "buy" rating and a $65.00 price objective on the stock. Wells Fargo & Company increased their price target on shares of Webster Financial from $70.00 to $75.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Barclays increased their price target on shares of Webster Financial from $72.00 to $77.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Citigroup increased their price target on shares of Webster Financial from $65.00 to $71.00 and gave the company a "buy" rating in a report on Friday, July 18th. Ten analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Webster Financial presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.77.

Webster Financial Price Performance

Shares of Webster Financial stock traded down $0.06 during trading hours on Friday, reaching $62.24. The company's stock had a trading volume of 928,210 shares, compared to its average volume of 1,140,845. The firm has a 50 day moving average price of $58.28 and a 200-day moving average price of $53.34. Webster Financial Corporation has a one year low of $39.43 and a one 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 stock has a market cap of $10.34 billion, a P/E ratio of 12.62, a P/E/G ratio of 0.57 and a beta of 1.04.

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

Webster Financial Dividend Announcement

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

Insider Activity

In related news, Director William L. Atwell sold 16,823 shares of Webster Financial stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $59.20, for a total transaction of $995,921.60. Following the completion of the transaction, the director directly owned 30,915 shares of the company's stock, valued at approximately $1,830,168. The trade was a 35.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Albert Jen-Wen Wang sold 3,250 shares of Webster Financial stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $60.31, for a total transaction 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 represents a 17.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,445 shares of company stock worth $2,250,007 in the last 90 days. Company insiders own 0.54% of the company's stock.

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.