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

Webster Financial (NYSE:WBS - Get Free Report) had its target price lifted by research analysts at Raymond James Financial from $65.00 to $68.00 in a report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Raymond James Financial's price objective would suggest a potential upside of 12.79% from the company's current price.

Several other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Webster Financial from $55.00 to $65.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Keefe, Bruyette & Woods lifted their target price on shares of Webster Financial from $65.00 to $68.00 and gave the company an "outperform" rating in a research report on Friday. Barclays lifted 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. Wells Fargo & Company lifted their target price on shares of Webster Financial from $60.00 to $70.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, 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. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $66.00.

Webster Financial Price Performance

Shares of WBS stock traded up $0.24 during trading hours on Friday, reaching $60.29. The stock had a trading volume of 297,952 shares, compared to its average volume of 1,282,273. The stock's fifty day simple moving average is $54.11 and its 200 day simple moving average is $53.19. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.43. Webster Financial has a 12 month low of $39.43 and a 12 month high of $63.99. The firm has a market capitalization of $10.14 billion, a PE ratio of 13.56, a PEG ratio of 0.76 and a beta of 1.00.

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 net margin of 18.58% and a return on equity of 10.57%. The business had revenue of $715.80 million during the quarter, compared to analyst estimates of $716.59 million. During the same period in the previous year, the business posted $1.26 earnings per share. Webster Financial's revenue for the quarter was up 16.5% on a year-over-year basis. On average, equities research analysts predict that Webster Financial will post 5.88 EPS for the current year.

Webster Financial declared that its Board of Directors has approved a stock repurchase program on Thursday, May 1st that permits the company to repurchase $700.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 8.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, 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 transaction, the insider directly owned 21,517 shares of the company's stock, valued at $1,029,373.28. The trade was a 7.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Charles L. Wilkins sold 5,000 shares of Webster Financial stock in a transaction on Friday, June 6th. The stock was sold at an average price of $53.25, for a total transaction of $266,250.00. Following the completion of the transaction, the insider directly owned 31,534 shares in the company, valued at approximately $1,679,185.50. The trade was a 13.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,000 shares of company stock valued at $934,210 in the last three months. Corporate insiders own 0.54% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Picton Mahoney Asset Management purchased a new position in Webster Financial during the 1st quarter valued at $25,000. Headlands Technologies LLC purchased a new position in Webster Financial during the 4th quarter valued at $32,000. Mitsubishi UFJ Asset Management Co. Ltd. increased 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 valued at $38,000 after purchasing an additional 566 shares during the period. TCTC Holdings LLC increased 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 valued at $43,000 after purchasing an additional 451 shares during the period. Finally, Allworth Financial LP increased its position 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. 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.

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