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

Webster Financial (NYSE:WBS - Get Free Report) had its price objective boosted by equities research analysts at Raymond James Financial from $65.00 to $68.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Raymond James Financial's price objective indicates a potential upside of 10.70% from the company's previous close.

WBS has been the subject of a number of other research reports. Truist Financial reissued a "buy" rating and issued a $67.00 price objective (up previously from $61.00) on shares of Webster Financial in a research note on Friday, July 11th. Royal Bank Of Canada set a $60.00 price objective on shares of Webster Financial and gave the company an "outperform" rating in a report on Friday, April 25th. Barclays boosted their price objective on shares of Webster Financial from $72.00 to $77.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Jefferies Financial Group started coverage on shares of Webster Financial in a report on Wednesday, May 21st. They set a "buy" rating and a $65.00 price objective on the stock. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Webster Financial from $65.00 to $68.00 and gave the company an "outperform" rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.77.

Webster Financial Price Performance

NYSE:WBS traded up $0.58 on Friday, reaching $61.43. 276,592 shares of the company's stock traded hands, compared to its average volume of 1,277,835. 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 stock has a 50-day simple moving average of $54.33 and a 200-day simple moving average of $53.20. The firm has a market cap of $10.33 billion, a PE ratio of 12.46, a P/E/G ratio of 0.78 and a beta of 1.00. 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 announced its 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. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%. The business had revenue of $715.80 million during the quarter, compared to analyst estimates of $716.59 million. During the same quarter in the previous year, the business earned $1.26 earnings per share. The company's revenue for the quarter was up 16.5% compared to the same quarter last year. Equities research analysts forecast that Webster Financial will post 5.88 earnings per share for the current year.

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

Insider Activity at Webster Financial

In related news, insider Charles L. Wilkins sold 5,000 shares of the firm's stock in a transaction that occurred 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 transaction, the insider owned 31,534 shares in the company, valued at approximately $1,679,185.50. This trade represents a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Daniel Bley sold 1,800 shares of the firm's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $47.84, for a total transaction of $86,112.00. Following the completion of the transaction, the insider directly owned 21,517 shares in the company, valued at approximately $1,029,373.28. This represents a 7.72% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,000 shares of company stock worth $934,210. Company insiders own 0.54% of the company's stock.

Hedge Funds Weigh In On Webster Financial

A number of hedge funds have recently made changes to their positions in the business. Picton Mahoney Asset Management acquired a new position in Webster Financial during the 1st quarter valued at about $25,000. Headlands Technologies LLC acquired a new position in Webster Financial during the 4th quarter valued at about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake 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 valued at $38,000 after purchasing an additional 566 shares during the period. TCTC Holdings LLC boosted its stake in Webster Financial by 118.4% during the 1st quarter. TCTC Holdings LLC now owns 832 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 451 shares during the period. Finally, Allworth Financial LP boosted its stake in Webster Financial by 43.7% during the 1st quarter. Allworth Financial LP now owns 941 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 286 shares during the period. Hedge funds and other institutional investors own 85.58% of the company's stock.

About Webster Financial

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.