Pinnbrook Capital Management LP Acquires 16,456 Shares of Webster Financial Corporation $WBS

Pinnbrook Capital Management LP raised its holdings in Webster Financial Corporation (NYSE:WBS) by 43.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 54,380 shares of the financial services provider’s stock after purchasing an additional 16,456 shares during the period. Pinnbrook Capital Management LP’s holdings in Webster Financial were worth $3,423,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Y Intercept Hong Kong Ltd bought a new position in Webster Financial in the third quarter valued at about $578,000. Dynamic Technology Lab Private Ltd grew its position in Webster Financial by 115.3% in the third quarter. Dynamic Technology Lab Private Ltd now owns 32,940 shares of the financial services provider’s stock valued at $1,958,000 after acquiring an additional 17,640 shares during the last quarter. Polar Asset Management Partners Inc. grew its position in Webster Financial by 186.3% in the third quarter. Polar Asset Management Partners Inc. now owns 53,817 shares of the financial services provider’s stock valued at $3,199,000 after acquiring an additional 35,017 shares during the last quarter. Holocene Advisors LP bought a new position in Webster Financial in the third quarter valued at about $44,254,000. Finally, 140 Summer Partners LP bought a new position in Webster Financial in the third quarter valued at about $75,465,000. Institutional investors own 85.58% of the company’s stock.

Webster Financial Stock Performance

Shares of WBS stock opened at $72.45 on Friday. The business’s 50 day simple moving average is $70.86 and its 200 day simple moving average is $66.87. Webster Financial Corporation has a one year low of $49.81 and a one year high of $74.00. The stock has a market capitalization of $11.74 billion, a PE ratio of 11.86 and a beta of 1.02. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.87 and a quick ratio of 0.87.

Webster Financial (NYSE:WBS) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.04. Webster Financial had a return on equity of 11.31% and a net margin of 22.95%.The firm had revenue of $764.05 million for the quarter, compared to analyst estimates of $735.26 million. During the same period in the previous year, the firm earned $1.30 earnings per share. The company’s revenue was up 4.4% compared to the same quarter last year. As a group, research analysts forecast that Webster Financial Corporation will post 6.59 earnings per share for the current year.

Webster Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Monday, May 11th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend was Monday, May 11th. Webster Financial’s dividend payout ratio is presently 26.19%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Stephens reiterated an “equal weight” rating and issued a $73.00 target price on shares of Webster Financial in a research report on Wednesday, February 4th. TD Cowen cut Webster Financial from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 4th. Keefe, Bruyette & Woods reduced their price target on Webster Financial from $79.00 to $77.50 and set an “outperform” rating on the stock in a report on Friday, May 1st. Morgan Stanley reduced their price target on Webster Financial from $77.00 to $75.00 and set an “equal weight” rating on the stock in a report on Thursday, February 5th. Finally, Santander cut Webster Financial from a “neutral” rating to an “underweight” rating in a report on Tuesday, March 3rd. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $73.96.

Webster Financial Company Profile

Webster Financial Corporation is a bank holding company headquartered in Waterbury, Connecticut. Through its principal subsidiary, Webster Bank, N.A., the company offers a broad range of banking products and financial services to individuals, small businesses, and middle-market commercial clients. Key offerings include deposit accounts, residential and commercial real estate lending, equipment finance, treasury management, and payment processing solutions.

In addition to traditional banking services, Webster Financial provides wealth management and insurance products designed to help clients plan for retirement, preserve assets, and manage risk.