Webster Financial (NYSE:WBS) Price Target Raised to $71.00 at Citigroup

Webster Financial (NYSE:WBS - Get Free Report) had its price objective upped by research analysts at Citigroup from $65.00 to $71.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Citigroup's price objective suggests a potential upside of 16.60% from the company's current price.

Several other research firms have also recently commented on WBS. Jefferies Financial Group initiated coverage on shares of Webster Financial in a research note on Wednesday, May 21st. They set a "buy" rating and a $65.00 target price for the company. Keefe, Bruyette & Woods upped their target price on shares of Webster Financial from $65.00 to $68.00 and gave the company an "outperform" rating in a research note on Friday. Royal Bank Of Canada set a $60.00 target price on shares of Webster Financial and gave the company an "outperform" rating in a research note on Friday, April 25th. Wells Fargo & Company increased their price objective on shares of Webster Financial from $60.00 to $70.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Barclays upped their target price on shares of Webster Financial from $72.00 to $77.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $66.77.

Webster Financial Trading Up 1.4%

Shares of Webster Financial stock traded up $0.84 during trading on Friday, hitting $60.89. The stock had a trading volume of 2,025,907 shares, compared to its average volume of 1,281,767. The stock has a 50 day simple moving average of $54.33 and a 200 day simple moving average of $53.21. The company has a market capitalization of $10.24 billion, a PE ratio of 12.35, a P/E/G ratio of 0.79 and a beta of 1.00. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.47. Webster Financial has a 1 year low of $39.43 and a 1 year high of $63.99.

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, 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 company had revenue of $715.80 million during the quarter, compared to the consensus estimate of $716.59 million. During the same quarter in the prior year, the company posted $1.26 EPS. The firm's revenue was up 16.5% on a year-over-year basis. On average, research analysts expect that Webster Financial will post 5.88 EPS for the current fiscal year.

Webster Financial announced that its Board of Directors has initiated a share buyback plan on Thursday, May 1st that allows the company to repurchase $700.00 million in shares. This repurchase authorization allows the financial services provider to reacquire up to 8.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Webster Financial

In related news, insider Charles L. Wilkins sold 5,000 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $53.25, for a total transaction of $266,250.00. Following the completion of the sale, the insider owned 31,534 shares of the company's stock, valued at $1,679,185.50. This represents a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lauren States sold 2,200 shares of the company's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $50.80, for a total transaction of $111,760.00. Following the sale, the director directly owned 14,620 shares of the company's stock, valued at $742,696. This represents a 13.08% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,000 shares of company stock worth $934,210. Insiders own 0.54% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. HighTower Advisors LLC increased its stake in shares of Webster Financial by 0.6% in the fourth quarter. HighTower Advisors LLC now owns 32,155 shares of the financial services provider's stock valued at $1,776,000 after buying an additional 177 shares during the period. Kovitz Investment Group Partners LLC increased its stake in shares of Webster Financial by 3.2% in 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 buying an additional 186 shares during the period. Perigon Wealth Management LLC increased its stake in shares of Webster Financial by 4.5% in the second quarter. Perigon Wealth Management LLC now owns 4,348 shares of the financial services provider's stock valued at $237,000 after buying an additional 189 shares during the period. PenderFund Capital Management Ltd. increased 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 valued at $288,000 after buying an additional 215 shares during the period. Finally, Penbrook Management LLC increased its stake in shares of Webster Financial by 5.2% in the first quarter. Penbrook Management LLC now owns 5,080 shares of the financial services provider's stock valued at $262,000 after buying an additional 250 shares during the period. Institutional investors and hedge funds 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.