Millennium Management LLC Buys 766,019 Shares of Webster Financial Co. (NYSE:WBS)

Millennium Management LLC boosted its holdings in Webster Financial Co. (NYSE:WBS - Free Report) by 43.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,547,225 shares of the financial services provider's stock after buying an additional 766,019 shares during the period. Millennium Management LLC owned approximately 1.49% of Webster Financial worth $140,658,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. FMR LLC lifted its holdings in Webster Financial by 1.2% in the fourth quarter. FMR LLC now owns 8,493,426 shares of the financial services provider's stock valued at $469,007,000 after buying an additional 99,908 shares during the period. Dimensional Fund Advisors LP raised its holdings in Webster Financial by 0.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,620,818 shares of the financial services provider's stock worth $365,601,000 after purchasing an additional 45,310 shares during the period. Capital International Investors raised its holdings in Webster Financial by 0.9% in the fourth quarter. Capital International Investors now owns 4,130,379 shares of the financial services provider's stock worth $228,000,000 after purchasing an additional 35,039 shares during the period. Earnest Partners LLC raised its holdings in Webster Financial by 3.8% in the fourth quarter. Earnest Partners LLC now owns 3,154,160 shares of the financial services provider's stock worth $174,173,000 after purchasing an additional 116,508 shares during the period. Finally, T. Rowe Price Investment Management Inc. raised its holdings in Webster Financial by 4.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,948,701 shares of the financial services provider's stock worth $162,828,000 after purchasing an additional 114,375 shares during the period. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WBS has been the topic of several analyst reports. Wells Fargo & Company cut their target price on shares of Webster Financial from $75.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Truist Financial initiated coverage on shares of Webster Financial in a report on Tuesday. They issued a "buy" rating and a $61.00 target price on the stock. Raymond James cut their target price on shares of Webster Financial from $65.00 to $58.00 and set an "outperform" rating on the stock in a report on Wednesday, April 2nd. Barclays cut their target price on shares of Webster Financial from $80.00 to $72.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods cut their target price on shares of Webster Financial from $70.00 to $65.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $62.58.

Webster Financial Stock Performance

Shares of WBS stock remained flat at $52.92 during trading hours on Friday. 717,232 shares of the stock traded hands, compared to its average volume of 1,255,233. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.34. Webster Financial Co. has a 52 week low of $39.34 and a 52 week high of $63.99. The company has a 50 day moving average of $48.33 and a 200 day moving average of $54.32. The stock has a market cap of $8.91 billion, a P/E ratio of 12.11, a PEG ratio of 1.02 and a beta of 0.98.

Webster Financial (NYSE:WBS - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.08). Webster Financial had a net margin of 18.39% and a return on equity of 10.82%. The business had revenue of $704.80 million during the quarter, compared to analyst estimates of $708.46 million. During the same quarter in the previous year, the firm posted $1.35 earnings per share. The firm's quarterly revenue was up 5.7% on a year-over-year basis. On average, research analysts forecast that Webster Financial Co. will post 5.88 EPS for the current year.

Webster Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date is Monday, May 12th. Webster Financial's dividend payout ratio (DPR) is presently 36.04%.

Webster Financial announced that its Board of Directors has approved a stock repurchase program on Thursday, May 1st that authorizes the company to buyback $700.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 8.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its stock is undervalued.

Insider Activity

In other news, CEO John R. Ciulla sold 8,000 shares of Webster Financial stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $57.43, for a total value of $459,440.00. Following the completion of the transaction, the chief executive officer now owns 210,051 shares of the company's stock, valued at $12,063,228.93. This trade represents a 3.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Daniel Bley sold 1,200 shares of Webster Financial stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $49.97, for a total transaction of $59,964.00. Following the completion of the transaction, the insider now directly owns 20,317 shares of the company's stock, valued at approximately $1,015,240.49. This trade represents a 5.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,217 shares of company stock valued at $1,386,244 in the last quarter. Company insiders own 0.54% of the company's stock.

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.