Parallel Advisors LLC boosted its holdings in shares of Webster Financial Co. (NYSE:WBS – Free Report) by 78.7% in the first quarter, HoldingsChannel reports. The firm owned 1,117 shares of the financial services provider’s stock after acquiring an additional 492 shares during the period. Parallel Advisors LLC’s holdings in Webster Financial were worth $58,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Proficio Capital Partners LLC acquired a new stake in shares of Webster Financial in the 4th quarter valued at $3,549,000. Charles Schwab Investment Management Inc. lifted its holdings in Webster Financial by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,507,655 shares of the financial services provider’s stock worth $83,253,000 after acquiring an additional 38,713 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Webster Financial by 34.2% during the fourth quarter. Lazard Asset Management LLC now owns 18,647 shares of the financial services provider’s stock worth $1,028,000 after acquiring an additional 4,755 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of Webster Financial by 28.7% in the fourth quarter. LPL Financial LLC now owns 70,155 shares of the financial services provider’s stock valued at $3,874,000 after purchasing an additional 15,627 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Webster Financial in the fourth quarter valued at about $14,735,000. 85.58% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have recently commented on the company. Barclays cut their price target on Webster Financial from $80.00 to $72.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their price objective on Webster Financial from $70.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, April 25th. Royal Bank of Canada set a $60.00 target price on Webster Financial and gave the company an “outperform” rating in a research report on Friday, April 25th. Raymond James decreased their target price on Webster Financial from $65.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 2nd. Finally, Truist Financial assumed coverage on Webster Financial in a research report on Tuesday, May 13th. They set a “buy” rating and a $61.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $63.75.
View Our Latest Analysis on WBS
Insider Buying and Selling at Webster Financial
In other news, Director Lauren States sold 2,200 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $50.80, for a total value of $111,760.00. Following the transaction, the director now directly owns 14,620 shares of the company’s stock, valued at $742,696. The trade was a 13.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Javier L. Evans sold 7,800 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $52.58, for a total value of $410,124.00. Following the transaction, the insider now directly owns 19,820 shares in the company, valued at approximately $1,042,135.60. This trade represents a 28.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,000 shares of company stock worth $667,960. Insiders own 0.54% of the company’s stock.
Webster Financial Trading Up 2.8%
Shares of WBS stock opened at $53.76 on Monday. The company has a market cap of $9.04 billion, a PE ratio of 12.30, a P/E/G ratio of 1.02 and a beta of 1.00. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.84 and a current ratio of 0.84. The stock’s fifty day moving average price is $48.54 and its two-hundred day moving average price is $53.73. Webster Financial Co. has a fifty-two week low of $39.34 and a fifty-two week high of $63.99.
Webster Financial (NYSE:WBS – Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.08). Webster Financial had a net margin of 18.39% and a return on equity of 10.82%. The company had revenue of $704.80 million during the quarter, compared to analyst estimates of $708.46 million. During the same quarter in the previous year, the company earned $1.35 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities analysts predict that Webster Financial Co. will post 5.88 EPS for the current fiscal year.
Webster Financial Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were given a $0.40 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.98%. Webster Financial’s dividend payout ratio (DPR) is presently 36.04%.
Webster Financial announced that its Board of Directors has approved a stock repurchase program on Thursday, May 1st that authorizes the company to repurchase $700.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase up to 8.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Webster Financial Company Profile
(Free Report)
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.
See Also
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