Webster Financial (NYSE:WBS) Price Target Raised to $68.00

Webster Financial (NYSE:WBS - Get Free Report) had its price target hoisted by analysts at Keefe, Bruyette & Woods from $65.00 to $68.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 11.68% from the stock's current price.

Several other brokerages have also recently weighed in on WBS. JPMorgan Chase & Co. lifted their price target on Webster Financial from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. UBS Group reissued a "buy" rating and set a $69.00 price target on shares of Webster Financial in a report on Wednesday, July 9th. Truist Financial reaffirmed a "buy" rating and issued a $67.00 price objective (up previously from $61.00) on shares of Webster Financial in a report on Friday, July 11th. Raymond James Financial reiterated an "outperform" rating and issued a $65.00 price objective (up previously from $58.00) on shares of Webster Financial in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada set a $60.00 target price on Webster Financial and gave the company an "outperform" rating in a research report on Friday, April 25th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $66.77.

Webster Financial Stock Performance

Shares of NYSE WBS traded up $0.84 during mid-day trading on Friday, hitting $60.89. The stock had a trading volume of 2,025,907 shares, compared to its average volume of 1,286,934. The company has a 50 day moving average of $54.33 and a two-hundred day moving average of $53.23. Webster Financial has a twelve month low of $39.43 and a twelve month high of $63.99. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a market cap of $10.24 billion, a PE ratio of 12.35, a PEG ratio of 0.78 and a beta of 1.00.

Webster Financial (NYSE:WBS - Get Free Report) last released its 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. The firm had revenue of $715.80 million during the quarter, compared to the consensus estimate of $716.59 million. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%. The company's revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.26 earnings per share. Research analysts predict that Webster Financial will post 5.88 EPS for the current fiscal year.

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

Insider Buying and Selling at Webster Financial

In related news, Director Lauren States sold 2,200 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $50.80, for a total transaction of $111,760.00. Following the transaction, the director owned 14,620 shares of the company's stock, valued at approximately $742,696. This represents a 13.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $266,250.00. Following the sale, the insider directly owned 31,534 shares in the company, valued at $1,679,185.50. This represents a 13.69% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,000 shares of company stock valued at $934,210. Company insiders own 0.54% of the company's stock.

Institutional Investors Weigh In On Webster Financial

A number of hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. boosted its holdings in shares of Webster Financial by 166.1% in the 1st quarter. Bessemer Group Inc. now owns 1,027 shares of the financial services provider's stock valued at $53,000 after buying an additional 641 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Webster Financial by 48.3% during the first quarter. GAMMA Investing LLC now owns 3,032 shares of the financial services provider's stock worth $156,000 after acquiring an additional 987 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Webster Financial by 34.2% in the 4th quarter. Lazard Asset Management LLC now owns 18,647 shares of the financial services provider's stock worth $1,028,000 after buying an additional 4,755 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Webster Financial by 13.8% in the first quarter. Janney Montgomery Scott LLC now owns 41,994 shares of the financial services provider's stock valued at $2,165,000 after purchasing an additional 5,078 shares during the period. Finally, LPL Financial LLC raised its position in Webster Financial by 28.7% in the fourth quarter. LPL Financial LLC now owns 70,155 shares of the financial services provider's stock worth $3,874,000 after acquiring an additional 15,627 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company's stock.

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.