NorthRock Partners LLC Makes New Investment in Webster Financial Co. (NYSE:WBS)

NorthRock Partners LLC purchased a new stake in Webster Financial Co. (NYSE:WBS - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 9,605 shares of the financial services provider's stock, valued at approximately $530,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Webster Financial during the 4th quarter worth $120,497,000. Balyasny Asset Management L.P. increased its holdings in shares of Webster Financial by 1,253.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,120,914 shares of the financial services provider's stock valued at $61,897,000 after acquiring an additional 1,038,085 shares during the last quarter. Millennium Management LLC raised its position in shares of Webster Financial by 43.0% during the 4th quarter. Millennium Management LLC now owns 2,547,225 shares of the financial services provider's stock worth $140,658,000 after acquiring an additional 766,019 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in shares of Webster Financial by 759.8% during the 4th quarter. TimesSquare Capital Management LLC now owns 823,280 shares of the financial services provider's stock worth $45,462,000 after buying an additional 727,530 shares during the last quarter. Finally, FJ Capital Management LLC purchased a new position in shares of Webster Financial in the 4th quarter valued at $29,177,000. Institutional investors and hedge funds own 85.58% of the company's stock.

Webster Financial Trading Up 1.1%

WBS stock traded up $0.56 during trading on Thursday, reaching $51.35. 314,059 shares of the stock traded hands, compared to its average volume of 1,261,365. The firm has a market capitalization of $8.64 billion, a PE ratio of 11.75, a P/E/G ratio of 1.02 and a beta of 0.98. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.84 and a quick ratio of 0.84. The business's 50 day moving average price is $48.48 and its 200-day moving average price is $54.32. Webster Financial Co. has a 52-week low of $39.34 and a 52-week high of $63.99.

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

Webster Financial declared that its board has authorized a share buyback program on Thursday, May 1st that authorizes the company to repurchase $700.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Webster Financial Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Monday, May 12th. Webster Financial's payout ratio is currently 36.04%.

Insider Activity

In related news, insider Daniel Bley sold 1,800 shares of the firm's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $47.84, for a total transaction of $86,112.00. Following the sale, the insider now directly owns 21,517 shares in the company, valued at approximately $1,029,373.28. This trade represents a 7.72% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.54% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Barclays lowered their target price on shares of Webster Financial from $80.00 to $72.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Truist Financial began coverage on shares of Webster Financial in a research note on Tuesday, May 13th. They issued a "buy" rating and a $61.00 price objective on the stock. Jefferies Financial Group initiated coverage on shares of Webster Financial in a research note on Wednesday. They set a "buy" rating and a $65.00 target price for the company. Royal Bank of Canada set a $60.00 price target on Webster Financial and gave the stock an "outperform" rating in a report on Friday, April 25th. Finally, Keefe, Bruyette & Woods reduced their price objective on Webster Financial from $70.00 to $65.00 and set an "outperform" rating for the company in a research note on Friday, April 25th. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $63.75.

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.