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

Webster Financial (NYSE:WBS - Get Free Report) had its target price hoisted by equities researchers at Keefe, Bruyette & Woods from $65.00 to $68.00 in a report released on Friday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price suggests a potential upside of 12.57% from the company's previous close.

A number of other analysts have also commented on the company. Barclays increased their price objective on Webster Financial from $72.00 to $77.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Jefferies Financial Group assumed coverage on Webster Financial in a research report on Wednesday, May 21st. They set a "buy" rating and a $65.00 target price on the stock. UBS Group reiterated a "buy" rating and set a $69.00 target price on shares of Webster Financial in a research report on Wednesday, July 9th. JPMorgan Chase & Co. increased their target price on Webster Financial from $55.00 to $65.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Finally, Raymond James Financial reiterated an "outperform" rating and set a $65.00 target price (up from $58.00) on shares of Webster Financial in a research report on Tuesday, July 8th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $66.77.

Webster Financial Stock Down 0.7%

WBS traded down $0.44 on Friday, reaching $60.41. The company's stock had a trading volume of 1,306,514 shares, compared to its average volume of 1,281,866. The stock has a 50 day moving average of $54.33 and a two-hundred day moving average of $53.20. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $10.16 billion, a price-to-earnings ratio of 10.89, a P/E/G ratio of 0.78 and a beta of 1.00. Webster Financial has a fifty-two week low of $39.43 and a fifty-two week high of $63.99.

Webster Financial (NYSE:WBS - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.09. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%. The firm had revenue of $715.80 million during the quarter, compared to the consensus estimate of $716.59 million. During the same period last year, the company earned $1.26 earnings per share. The company's revenue for the quarter was up 16.5% on a year-over-year basis. As a group, analysts forecast that Webster Financial will post 5.88 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other news, insider Javier L. Evans sold 7,800 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $52.58, for a total value of $410,124.00. Following the completion of the sale, the insider owned 19,820 shares in the company, valued at $1,042,135.60. This represents a 28.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Charles L. Wilkins sold 5,000 shares of the company's stock in a transaction on Friday, June 6th. The shares were 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 trade represents a 13.69% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,000 shares of company stock worth $934,210. Insiders own 0.54% of the company's stock.

Institutional Investors Weigh In On Webster Financial

Several hedge funds have recently modified their holdings of the stock. HighTower Advisors LLC lifted its holdings in shares of Webster Financial by 0.6% during the fourth quarter. HighTower Advisors LLC now owns 32,155 shares of the financial services provider's stock valued at $1,776,000 after purchasing an additional 177 shares during the last quarter. Kovitz Investment Group Partners LLC lifted its holdings in shares of Webster Financial by 3.2% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 5,912 shares of the financial services provider's stock valued at $326,000 after purchasing an additional 186 shares during the last quarter. Perigon Wealth Management LLC lifted its holdings in shares of Webster Financial by 4.5% during the second quarter. Perigon Wealth Management LLC now owns 4,348 shares of the financial services provider's stock valued at $237,000 after purchasing an additional 189 shares during the last quarter. PenderFund Capital Management Ltd. lifted its holdings in shares of Webster Financial by 4.0% during the first quarter. PenderFund Capital Management Ltd. now owns 5,578 shares of the financial services provider's stock valued at $288,000 after purchasing an additional 215 shares during the last quarter. Finally, Penbrook Management LLC lifted its stake in Webster Financial by 5.2% in the 1st quarter. Penbrook Management LLC now owns 5,080 shares of the financial services provider's stock worth $262,000 after acquiring an additional 250 shares in the last quarter. 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.