Arizona State Retirement System raised its stake in shares of Webster Financial Co. (NYSE:WBS – Get Rating) by 105.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,050 shares of the financial services provider’s stock after purchasing an additional 25,667 shares during the period. Arizona State Retirement System’s holdings in Webster Financial were worth $2,809,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brooks Moore & Associates Inc. boosted its position in shares of Webster Financial by 56.3% in the first quarter. Brooks Moore & Associates Inc. now owns 24,425 shares of the financial services provider’s stock valued at $1,371,000 after acquiring an additional 8,800 shares during the period. Harvest Investment Services LLC bought a new stake in shares of Webster Financial in the first quarter valued at approximately $279,000. International Assets Investment Management LLC bought a new stake in shares of Webster Financial in the first quarter valued at approximately $230,000. FinTrust Capital Advisors LLC bought a new stake in shares of Webster Financial in the first quarter valued at approximately $87,000. Finally, State of New Jersey Common Pension Fund D boosted its position in shares of Webster Financial by 100.6% in the first quarter. State of New Jersey Common Pension Fund D now owns 98,795 shares of the financial services provider’s stock valued at $5,544,000 after acquiring an additional 49,538 shares during the period. Institutional investors and hedge funds own 45.99% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the company. Jefferies Financial Group reduced their price objective on Webster Financial from $62.00 to $55.00 in a research report on Monday, July 11th. Raymond James reduced their target price on Webster Financial from $73.00 to $57.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 7th. TheStreet cut Webster Financial from a “b” rating to a “c+” rating in a research report on Thursday, April 28th. Compass Point cut their price objective on Webster Financial to $77.00 in a report on Friday, July 22nd. Finally, StockNews.com cut Webster Financial from a “hold” rating to a “sell” rating in a report on Monday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $61.25.
Webster Financial Price Performance
Webster Financial stock opened at $46.45 on Friday. The firm has a market capitalization of $8.34 billion, a P/E ratio of 15.03 and a beta of 1.31. Webster Financial Co. has a 1 year low of $40.72 and a 1 year high of $65.00. The business has a 50-day moving average of $45.35 and a 200-day moving average of $52.00. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.47.
Webster Financial (NYSE:WBS – Get Rating) last posted its earnings results on Thursday, July 21st. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.04. The company had revenue of $607.60 million during the quarter, compared to analyst estimates of $602.36 million. Webster Financial had a return on equity of 11.53% and a net margin of 20.70%. The company’s revenue for the quarter was up 106.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.21 EPS. On average, equities analysts anticipate that Webster Financial Co. will post 5.36 EPS for the current year.
Webster Financial Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 17th. Stockholders of record on Tuesday, August 2nd will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, August 1st. This represents a $1.60 annualized dividend and a dividend yield of 3.44%. Webster Financial’s payout ratio is currently 51.78%.
Insider Transactions at Webster Financial
In other Webster Financial news, Director Maureen Mitchell acquired 520 shares of the business’s stock in a transaction dated Friday, May 6th. The shares were acquired at an average price of $48.51 per share, for a total transaction of $25,225.20. Following the acquisition, the director now directly owns 7,872 shares of the company’s stock, valued at approximately $381,870.72. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Javier L. Evans sold 1,005 shares of Webster Financial stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $47.91, for a total transaction of $48,149.55. Following the transaction, the insider now owns 36,904 shares in the company, valued at approximately $1,768,070.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Maureen Mitchell bought 520 shares of the business’s stock in a transaction on Friday, May 6th. The stock was purchased at an average price of $48.51 per share, for a total transaction of $25,225.20. Following the purchase, the director now directly owns 7,872 shares in the company, valued at approximately $381,870.72. The disclosure for this purchase can be found here. Corporate insiders own 1.85% of the company’s stock.
Webster Financial Profile
Webster Financial Corporation operates as the bank holding company for Webster Bank, National Association that provides a range of banking, investment, and financial services to individuals, families, and businesses in the United States. It operates through three segments: Commercial Banking, HSA Bank, and Retail Banking.
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