Webster Financial (NYSE:WBS - Get Free Report) had its price objective increased by equities researchers at Truist Financial from $61.00 to $67.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Truist Financial's price target indicates a potential upside of 13.77% from the stock's previous close.
WBS has been the subject of a number of other reports. Jefferies Financial Group initiated coverage on Webster Financial in a research report on Wednesday, May 21st. They issued a "buy" rating and a $65.00 price objective for the company. UBS Group reaffirmed a "buy" rating and issued a $69.00 price objective on shares of Webster Financial in a research report on Wednesday. JPMorgan Chase & Co. lifted their price target on Webster Financial from $55.00 to $65.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Raymond James Financial reissued an "outperform" rating and set a $65.00 price target (up from $58.00) on shares of Webster Financial in a report on Tuesday. Finally, Keefe, Bruyette & Woods dropped 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. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, Webster Financial presently has a consensus rating of "Moderate Buy" and an average target price of $65.50.
Check Out Our Latest Research Report on Webster Financial
Webster Financial Stock Down 1.0%
Shares of WBS stock traded down $0.62 on Friday, hitting $58.89. 921,352 shares of the stock were exchanged, compared to its average volume of 1,281,974. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $9.91 billion, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 0.78 and a beta of 1.00. The business has a 50-day moving average of $53.33 and a 200 day moving average of $53.09. 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 released its earnings results on Thursday, April 24th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.08). The company had revenue of $704.80 million for the quarter, compared to the consensus estimate of $708.46 million. Webster Financial had a return on equity of 10.57% and a net margin of 18.58%. The business's revenue was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.35 EPS. Equities analysts anticipate that Webster Financial will post 5.88 EPS for the current year.
Webster Financial declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 1st that allows the company to repurchase $700.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are often an indication 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 Webster Financial 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 transaction, the insider owned 19,820 shares in the company, valued at approximately $1,042,135.60. This trade represents a 28.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Daniel Bley sold 1,800 shares of Webster Financial stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $47.84, for a total value of $86,112.00. Following the completion of the transaction, the insider owned 21,517 shares in the company, valued at approximately $1,029,373.28. The trade was a 7.72% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,000 shares of company stock worth $934,210. 0.54% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Webster Financial
A number of hedge funds and other institutional investors have recently bought and sold shares of WBS. Picton Mahoney Asset Management bought a new stake in Webster Financial during the 1st quarter worth $25,000. Skandinaviska Enskilda Banken AB publ bought a new stake in Webster Financial during the 4th quarter worth $26,000. Headlands Technologies LLC bought a new stake in Webster Financial during the 4th quarter worth $32,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Webster Financial by 327.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 739 shares of the financial services provider's stock worth $38,000 after acquiring an additional 566 shares during the last quarter. Finally, TCTC Holdings LLC grew its position in Webster Financial by 118.4% during the 1st quarter. TCTC Holdings LLC now owns 832 shares of the financial services provider's stock worth $43,000 after acquiring an additional 451 shares during the last quarter. Institutional investors own 85.58% of the company's stock.
Webster Financial Company Profile
(
Get Free Report)
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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