Webster Financial's (WBS) "Outperform" Rating Reaffirmed at Raymond James Financial

Raymond James Financial reaffirmed their outperform rating on shares of Webster Financial (NYSE:WBS - Free Report) in a report issued on Tuesday,Benzinga reports. The firm currently has a $65.00 price objective on the financial services provider's stock, up from their previous price objective of $58.00.

A number of other research firms have also issued reports on WBS. Keefe, Bruyette & Woods reduced their target price on Webster Financial from $70.00 to $65.00 and set an "outperform" rating on the stock 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 on the stock in a research report on Wednesday, April 9th. Morgan Stanley lowered their price target on shares of Webster Financial from $75.00 to $66.00 and set an "equal weight" rating on the stock in a report on Thursday, March 13th. Truist Financial initiated coverage on shares of Webster Financial in a research report on Tuesday, May 13th. They set a "buy" rating and a $61.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their price target on shares of Webster Financial from $55.00 to $65.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $64.17.

Webster Financial Trading Down 0.5%

WBS traded down $0.30 on Tuesday, hitting $58.74. 940,468 shares of the company were exchanged, compared to its average volume of 1,282,293. The stock has a market capitalization of $9.88 billion, a PE ratio of 13.23, a price-to-earnings-growth ratio of 0.76 and a beta of 1.00. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a fifty day simple moving average of $52.68 and a two-hundred day simple moving average of $52.99. Webster Financial has a 12 month low of $39.43 and a 12 month high of $63.99.

Webster Financial (NYSE:WBS - Get Free Report) last released its earnings results on Thursday, April 24th. The financial services provider reported $1.30 EPS for the quarter, missing analysts' consensus estimates of $1.38 by ($0.08). Webster Financial had a net margin of 18.58% and a return on equity of 10.57%. The business had revenue of $704.80 million for the quarter, compared to the consensus estimate of $708.46 million. During the same period in the prior year, the company posted $1.35 EPS. The company's quarterly revenue was up 5.7% compared to the same quarter last year. Sell-side analysts expect that Webster Financial will post 5.88 earnings per share for the current year.

Webster Financial Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Monday, May 12th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.72%. The ex-dividend date was Monday, May 12th. Webster Financial's dividend payout ratio (DPR) is presently 36.04%.

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

Insider Buying and Selling

In other news, insider Charles L. Wilkins sold 5,000 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $53.25, for a total value of $266,250.00. Following the completion of the sale, the insider owned 31,534 shares of the company's stock, valued at approximately $1,679,185.50. This represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lauren States sold 2,200 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $50.80, for a total value of $111,760.00. Following the completion of the transaction, the director owned 14,620 shares in the company, valued at $742,696. This represents a 13.08% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,000 shares of company stock valued at $934,210 in the last ninety days. 0.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Webster Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in Webster Financial during the 4th quarter worth $120,497,000. Balyasny Asset Management L.P. grew its stake 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 buying an additional 1,038,085 shares during the period. Millennium Management LLC lifted its holdings 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 worth $140,658,000 after acquiring an additional 766,019 shares during the last quarter. FJ Capital Management LLC acquired a new stake in shares of Webster Financial in the 4th quarter valued at $29,177,000. Finally, Wealthfront Advisers LLC purchased a new position in Webster Financial during the 4th quarter worth $27,163,000. 85.58% of the stock is owned by 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.