Webster Financial (NYSE:WBS) Now Covered by Cantor Fitzgerald

Key Points

• Cantor Fitzgerald has initiated coverage on Webster Financial (NYSE:WBS) with an "overweight" rating and a price target of $70.00, indicating a potential upside of 13.22% from its previous close.
• Webster Financial reported $1.52 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $1.43, with revenue growth of 16.5% year-over-year.
• Webster Financial has received a consensus rating of "Moderate Buy" from analysts, with eleven ratings categorized as Buy and three as Hold.

Cantor Fitzgerald began coverage on shares of Webster Financial (NYSE:WBS - Free Report) in a research report sent to investors on Wednesday, MarketBeat reports. The brokerage issued an overweight rating and a $70.00 price objective on the financial services provider's stock.

Other equities analysts have also recently issued reports about the stock. Truist Financial reaffirmed a "buy" rating and set a $67.00 price target (up from $61.00) on shares of Webster Financial in a research note on Friday, July 11th. Barclays raised their target price on shares of Webster Financial from $72.00 to $77.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Raymond James Financial lifted their price target on shares of Webster Financial from $65.00 to $68.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Citigroup increased their price objective on shares of Webster Financial from $65.00 to $71.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Finally, UBS Group reaffirmed a "buy" rating and issued a $69.00 target price on shares of Webster Financial in a research report on Wednesday, July 9th. Eleven equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $67.00.

Webster Financial Stock Down 1.3%

NYSE WBS traded down $0.80 on Wednesday, reaching $60.71. The company had a trading volume of 581,879 shares, compared to its average volume of 1,290,940. The firm has a market capitalization of $10.09 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 0.56 and a beta of 1.07. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.85 and a current ratio of 0.86. Webster Financial has a 1-year low of $39.43 and a 1-year high of $63.99. The company's fifty day moving average is $59.54 and its 200-day moving average is $53.63.

Webster Financial (NYSE:WBS - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.09. The firm had revenue of $715.80 million for 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 for the quarter was up 16.5% on a year-over-year basis. During the same quarter last year, the business posted $1.26 EPS. On average, research analysts forecast that Webster Financial will post 5.88 earnings per share for the current fiscal year.

Webster Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Monday, August 11th were given a dividend of $0.40 per share. The ex-dividend date was Monday, August 11th. This represents a $1.60 dividend on an annualized basis and a yield of 2.6%. Webster Financial's payout ratio is currently 32.45%.

Insider Transactions at Webster Financial

In related news, Director William L. Atwell sold 16,823 shares of Webster Financial stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $59.20, for a total transaction of $995,921.60. Following the sale, the director directly owned 30,915 shares in the company, valued at $1,830,168. This trade represents a 35.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John R. Ciulla sold 8,000 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $57.95, for a total transaction of $463,600.00. Following the sale, the chief executive officer directly owned 239,872 shares in the company, valued at $13,900,582.40. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,445 shares of company stock valued at $1,983,757. 0.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Webster Financial

A number of hedge funds have recently modified their holdings of WBS. Curi Capital LLC increased its holdings in Webster Financial by 0.3% in the second quarter. Curi Capital LLC now owns 68,500 shares of the financial services provider's stock valued at $3,740,000 after purchasing an additional 182 shares during the period. BCGM Wealth Management LLC increased its stake in shares of Webster Financial by 1.2% in the second quarter. BCGM Wealth Management LLC now owns 16,161 shares of the financial services provider's stock valued at $882,000 after buying an additional 186 shares during the period. Perigon Wealth Management LLC raised its position 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 worth $237,000 after acquiring an additional 189 shares during the last quarter. Journey Strategic Wealth LLC raised its position in shares of Webster Financial by 3.2% during the second quarter. Journey Strategic Wealth LLC now owns 6,747 shares of the financial services provider's stock worth $368,000 after acquiring an additional 210 shares during the last quarter. Finally, PenderFund Capital Management Ltd. lifted its stake in shares of Webster Financial by 4.0% in the first quarter. PenderFund Capital Management Ltd. now owns 5,578 shares of the financial services provider's stock worth $288,000 after acquiring an additional 215 shares during the period. 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.