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.

Stock analysts at Cantor Fitzgerald started coverage on shares of Webster Financial (NYSE:WBS - Get Free Report) in a report issued on Tuesday, September 9th, MarketBeat reports. The brokerage set an "overweight" rating and a $70.00 price target on the financial services provider's stock. Cantor Fitzgerald's target price indicates a potential upside of 17.87% from the stock's previous close.

A number of other analysts also recently issued reports on the stock. 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. Raymond James Financial 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, July 18th. 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 report on Friday, July 11th. UBS Group reissued a "buy" rating and issued a $69.00 price objective on shares of Webster Financial in a report on Wednesday, July 9th. Finally, Wells Fargo & Company boosted their price objective on shares of Webster Financial from $70.00 to $75.00 and gave the company an "overweight" rating in a report on Friday, July 18th. Eleven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Webster Financial has a consensus rating of "Moderate Buy" and a consensus target price of $67.00.

Webster Financial Stock Performance

Shares of WBS stock traded down $1.23 during midday trading on Tuesday, hitting $59.39. 1,062,222 shares of the company were exchanged, compared to its average volume of 1,295,534. The firm has a market capitalization of $9.87 billion, a P/E ratio of 12.05, a PEG ratio of 0.56 and a beta of 1.07. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.85 and a current ratio of 0.86. The firm's 50 day moving average price is $59.59 and its two-hundred day moving average price is $53.66. Webster Financial has a 52 week low of $39.43 and a 52 week 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 EPS for the quarter, topping the consensus estimate of $1.43 by $0.09. The business had revenue of $715.80 million during the quarter, compared to the consensus estimate of $716.59 million. Webster Financial had a net margin of 20.06% and a return on equity of 10.84%. Webster Financial's revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.26 EPS. As a group, equities research analysts anticipate that Webster Financial will post 5.88 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO John R. Ciulla sold 8,000 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $57.95, for a total value of $463,600.00. Following the sale, the chief executive officer directly owned 239,872 shares of the company's stock, valued at approximately $13,900,582.40. This represents a 3.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William L. Atwell sold 16,823 shares of the company's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $59.20, for a total transaction of $995,921.60. Following the completion of the sale, the director directly owned 30,915 shares in the company, valued at approximately $1,830,168. This represents a 35.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,445 shares of company stock worth $2,168,537. Corporate insiders own 0.54% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Picton Mahoney Asset Management bought a new position in Webster Financial during the first quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Webster Financial by 327.2% during the first 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 in the last quarter. TCTC Holdings LLC boosted its stake in Webster Financial by 118.4% during the first quarter. TCTC Holdings LLC now owns 832 shares of the financial services provider's stock worth $43,000 after acquiring an additional 451 shares in the last quarter. IFP Advisors Inc boosted its stake in Webster Financial by 3,628.6% during the second quarter. IFP Advisors Inc now owns 783 shares of the financial services provider's stock worth $43,000 after acquiring an additional 762 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in Webster Financial by 43.7% during the first quarter. Allworth Financial LP now owns 941 shares of the financial services provider's stock worth $45,000 after acquiring an additional 286 shares in the last quarter. 85.58% of the stock is owned by institutional investors.

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.