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, indicating strong expectations for the stock’s performance.
• Several other analysts have also updated their ratings, with Citigroup raising its price target from $65.00 to $71.00, and Wells Fargo increasing it from $70.00 to $75.00.
• Webster Financial reported quarterly earnings of $1.52 per share, exceeding estimates and marking a 16.5% increase in revenue year-over-year, with analysts predicting an EPS of 5.88 for the current year.

Equities researchers at Cantor Fitzgerald assumed coverage on shares of Webster Financial (NYSE:WBS - Get Free Report) in a report issued on Tuesday, MarketBeat reports. The firm set an "overweight" rating on the financial services provider's stock.

WBS has been the topic of a number of other reports. Citigroup raised their price objective on Webster Financial from $65.00 to $71.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Jefferies Financial Group started coverage on Webster Financial in a research note on Wednesday, May 21st. They issued a "buy" rating and a $65.00 price objective on the stock. 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 research report on Tuesday, July 1st. Wells Fargo & Company lifted their price target on Webster Financial from $70.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Finally, Truist Financial reaffirmed a "buy" rating and issued a $67.00 price target (up from $61.00) on shares of Webster Financial in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $67.00.

Webster Financial Stock Up 0.6%

Shares of WBS stock opened at $61.59 on Tuesday. The stock's 50 day simple moving average is $59.43 and its 200 day simple moving average is $53.58. 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 twelve month low of $39.43 and a twelve month high of $63.99. The company has a market capitalization of $10.24 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 0.56 and a beta of 1.07.

Webster Financial (NYSE:WBS - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.52 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $716.59 million. During the same period last year, the business earned $1.26 EPS. The firm's revenue was up 16.5% compared to the same quarter last year. As a group, research analysts predict that Webster Financial will post 5.88 EPS for the current year.

Insider Activity at Webster Financial

In other news, insider James Mi Griffin sold 807 shares of Webster Financial stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $62.14, for a total transaction of $50,146.98. Following the sale, the insider owned 12,556 shares of the company's stock, valued at approximately $780,229.84. This trade represents a 6.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Albert Jen-Wen Wang sold 3,250 shares of Webster Financial stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $60.31, for a total value of $196,007.50. Following the sale, the chief accounting officer directly owned 15,755 shares in the company, valued at $950,184.05. The trade was a 17.10% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,445 shares of company stock worth $1,983,757 in the last three months. Company insiders own 0.54% of the company's stock.

Institutional Trading of Webster Financial

Several institutional investors have recently bought and sold shares of WBS. Norges Bank acquired a new stake in Webster Financial in the 2nd quarter valued at $131,780,000. AQR Capital Management LLC boosted its stake in Webster Financial by 221.0% in the 2nd quarter. AQR Capital Management LLC now owns 1,565,623 shares of the financial services provider's stock valued at $85,483,000 after buying an additional 1,077,819 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Webster Financial by 7.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,108,082 shares of the financial services provider's stock valued at $366,408,000 after buying an additional 487,264 shares in the last quarter. Nuveen LLC acquired a new stake in Webster Financial in the 1st quarter valued at $23,603,000. Finally, Azora Capital LP boosted its stake in Webster Financial by 30.5% in the 2nd quarter. Azora Capital LP now owns 1,886,385 shares of the financial services provider's stock valued at $102,997,000 after buying an additional 440,347 shares in the last quarter. 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.