Webster Financial Corp. (WBS) Downgraded by Deutsche Bank AG
Deutsche Bank AG downgraded shares of Webster Financial Corp. (NYSE:WBS) from a buy rating to a hold rating in a report issued on Tuesday. Deutsche Bank AG currently has $43.00 price objective on the financial services provider’s stock.
Other equities research analysts have also recently issued reports about the company. FBR & Co set a $36.00 price target on Webster Financial Corp. and gave the company a hold rating in a research note on Thursday, July 21st. Zacks Investment Research upgraded Webster Financial Corp. from a sell rating to a hold rating in a research note on Thursday, October 27th. Finally, Barclays PLC cut Webster Financial Corp. from an overweight rating to an equal weight rating and set a $38.00 target price for the company. in a research note on Friday, August 5th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $38.43.
Webster Financial Corp. (NYSE:WBS) opened at 45.19 on Tuesday. The company has a market capitalization of $4.14 billion, a price-to-earnings ratio of 21.42 and a beta of 1.17. The stock has a 50 day moving average price of $39.13 and a 200 day moving average price of $37.24. Webster Financial Corp. has a 52-week low of $30.09 and a 52-week high of $45.80.
Webster Financial Corp. (NYSE:WBS) last issued its quarterly earnings results on Friday, October 21st. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The business earned $246.60 million during the quarter, compared to analysts’ expectations of $178.53 million. Webster Financial Corp. had a return on equity of 8.75% and a net margin of 19.13%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 earnings per share. Analysts anticipate that Webster Financial Corp. will post $2.11 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Tuesday, November 8th will be issued a $0.245 dividend. The ex-dividend date is Friday, November 4th. This represents a $0.98 dividend on an annualized basis and a yield of 2.17%. Webster Financial Corp.’s payout ratio is 46.95%.
In other Webster Financial Corp. news, Director Karen R. Osar sold 12,500 shares of the stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $40.26, for a total transaction of $503,250.00. Following the completion of the sale, the director now directly owns 35,280 shares in the company, valued at approximately $1,420,372.80. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President John R. Ciulla sold 8,496 shares of the stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $40.58, for a total value of $344,767.68. Following the sale, the president now owns 53,182 shares of the company’s stock, valued at $2,158,125.56. The disclosure for this sale can be found here. 2.59% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. Lord Abbett & CO. LLC increased its stake in shares of Webster Financial Corp. by 6,585.6% in the second quarter. Lord Abbett & CO. LLC now owns 3,366,404 shares of the financial services provider’s stock worth $114,289,000 after buying an additional 3,316,051 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of Webster Financial Corp. during the second quarter worth $23,154,000. Mesirow Financial Investment Management Equity Management acquired a new stake in shares of Webster Financial Corp. during the second quarter worth $16,208,000. Wellington Management Group LLP increased its stake in shares of Webster Financial Corp. by 15.6% in the first quarter. Wellington Management Group LLP now owns 3,478,022 shares of the financial services provider’s stock worth $124,862,000 after buying an additional 469,319 shares during the last quarter. Finally, Nicholas Co. Inc. WI acquired a new stake in shares of Webster Financial Corp. during the second quarter worth $13,723,000. Hedge funds and other institutional investors own 94.30% of the company’s stock.
About Webster Financial Corp.
Webster Financial Corporation is a bank and financial holding company. The Company’s segments include Commercial Banking, Community Banking, HSA Bank, Private Banking, and Corporate and Reconciling. The Commercial Banking segment includes middle market, asset-based lending, commercial real estate, equipment finance, and treasury and payment solutions.
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