Webster Financial (NYSE:WBS) Coverage Initiated by Analysts at Truist Financial

Equities researchers at Truist Financial began coverage on shares of Webster Financial (NYSE:WBS - Get Free Report) in a research report issued on Tuesday. The brokerage set a "buy" rating and a $61.00 price target on the financial services provider's stock. Truist Financial's price objective points to a potential upside of 15.33% from the company's current price.

Several other research firms have also weighed in on WBS. Royal Bank of Canada set a $60.00 price objective on shares of Webster Financial and gave the stock an "outperform" rating in a research note on Friday, April 25th. Wells Fargo & Company decreased their price target on shares of Webster Financial from $75.00 to $60.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Barclays dropped their price objective on Webster Financial from $80.00 to $72.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods lowered their price target on Webster Financial from $70.00 to $65.00 and set an "outperform" rating for the company in a report on Friday, April 25th. Finally, Raymond James decreased their price objective on Webster Financial from $65.00 to $58.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, Webster Financial presently has an average rating of "Moderate Buy" and a consensus price target of $62.58.

Webster Financial Price Performance

Shares of NYSE WBS traded down $0.01 during midday trading on Tuesday, reaching $52.89. The company's stock had a trading volume of 124,251 shares, compared to its average volume of 1,249,268. Webster Financial has a one year low of $39.34 and a one year high of $63.99. The company has a 50 day moving average price of $48.08 and a 200 day moving average price of $54.32. The company has a market cap of $8.90 billion, a price-to-earnings ratio of 12.10, a price-to-earnings-growth ratio of 1.02 and a beta of 0.98. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.34.

Webster Financial (NYSE:WBS - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.30 earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $708.46 million. During the same quarter in the prior year, the business posted $1.35 EPS. The firm's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities research analysts expect that Webster Financial will post 5.88 EPS for the current year.

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

Insider Activity

In other news, insider Daniel Bley sold 1,200 shares of Webster Financial stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $49.97, for a total value of $59,964.00. Following the transaction, the insider now directly owns 20,317 shares of the company's stock, valued at $1,015,240.49. The trade was a 5.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Laurence C. Morse sold 13,217 shares of the firm's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $59.07, for a total transaction of $780,728.19. Following the completion of the transaction, the director now owns 18,808 shares in the company, valued at approximately $1,110,988.56. The trade was a 41.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,217 shares of company stock worth $1,386,244. 0.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Webster Financial

Hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in Webster Financial in the fourth quarter worth approximately $120,497,000. Balyasny Asset Management L.P. increased its position in shares of Webster Financial by 1,253.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,120,914 shares of the financial services provider's stock worth $61,897,000 after acquiring an additional 1,038,085 shares in the last quarter. Millennium Management LLC grew its position in shares of Webster Financial by 43.0% in the 4th quarter. Millennium Management LLC now owns 2,547,225 shares of the financial services provider's stock valued at $140,658,000 after acquiring an additional 766,019 shares during the period. TimesSquare Capital Management LLC boosted its holdings 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 period. Finally, FJ Capital Management LLC acquired a new stake in Webster Financial in the 4th quarter worth about $29,177,000. 85.58% of the stock is owned by hedge funds and other institutional investors.

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.

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