Wells Fargo & Company Issues Positive Forecast for Webster Financial (NYSE:WBS) Stock Price

Webster Financial (NYSE:WBS - Get Free Report) had its price target lifted by stock analysts at Wells Fargo & Company from $70.00 to $75.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Wells Fargo & Company's price target would indicate a potential upside of 23.59% from the company's current price.

Other equities analysts have also issued reports about the stock. 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. Citigroup upped their price objective on Webster Financial from $65.00 to $71.00 and gave the stock a "buy" rating in a research note on Friday. Barclays lifted their target price on Webster Financial from $72.00 to $77.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Truist Financial reissued a "buy" rating and set a $67.00 price target (up from $61.00) on shares of Webster Financial in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Webster Financial from $55.00 to $65.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $66.77.

Webster Financial Trading Up 1.1%

WBS stock traded up $0.63 during midday trading on Friday, reaching $60.68. The company's stock had a trading volume of 1,153,869 shares, compared to its average volume of 1,305,404. The firm has a market capitalization of $10.21 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 0.76 and a beta of 1.00. Webster Financial has a 1 year low of $39.43 and a 1 year high of $63.99. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a fifty day simple moving average of $54.11 and a two-hundred day simple moving average of $53.19.

Webster Financial (NYSE:WBS - Get Free Report) last announced 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. The company had revenue of $715.80 million during the quarter, compared to analyst estimates of $716.59 million. Webster Financial had a net margin of 18.58% and a return on equity of 10.57%. The firm's revenue for the quarter was up 16.5% on a year-over-year basis. During the same quarter last year, the business posted $1.26 EPS. 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 authorized a share repurchase 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 buy up to 8.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling at Webster Financial

In other Webster Financial 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 completion of the transaction, the insider owned 31,534 shares of the company's stock, valued at $1,679,185.50. This trade represents a 13.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Lauren States sold 2,200 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $50.80, for a total value of $111,760.00. Following the completion of the sale, the director owned 14,620 shares in the company, valued at approximately $742,696. The trade was a 13.08% 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 90 days. Corporate insiders own 0.54% of the company's stock.

Institutional Investors Weigh In On Webster Financial

Several institutional investors have recently modified their holdings of the company. Norges Bank purchased a new position in Webster Financial in the fourth quarter valued at approximately $120,497,000. Balyasny Asset Management L.P. boosted its holdings in shares of Webster Financial by 1,253.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,120,914 shares of the financial services provider's stock valued at $61,897,000 after buying an additional 1,038,085 shares in the last quarter. Millennium Management LLC grew its position in shares of Webster Financial by 43.0% in the 4th quarter. Millennium Management LLC now owns 2,547,225 shares of the financial services provider's stock valued at $140,658,000 after buying an additional 766,019 shares during the last quarter. FJ Capital Management LLC purchased a new position in shares of Webster Financial in the 4th quarter valued at $29,177,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Webster Financial by 7.4% during the first quarter. Dimensional Fund Advisors LP now owns 7,108,082 shares of the financial services provider's stock worth $366,408,000 after purchasing an additional 487,264 shares in the last quarter. 85.58% of the stock is owned by hedge funds and other 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.

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