DnB Asset Management AS lifted its holdings in Webster Financial Co. (NYSE:WBS – Get Rating) by 1.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 28,234 shares of the financial services provider’s stock after purchasing an additional 400 shares during the quarter. DnB Asset Management AS’s holdings in Webster Financial were worth $1,190,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Covestor Ltd purchased a new position in Webster Financial during the fourth quarter worth $28,000. Whittier Trust Co. purchased a new position in Webster Financial during the first quarter worth $32,000. Front Row Advisors LLC purchased a new position in Webster Financial during the first quarter worth $32,000. Harvest Fund Management Co. Ltd boosted its stake in Webster Financial by 55.5% during the first quarter. Harvest Fund Management Co. Ltd now owns 675 shares of the financial services provider’s stock worth $37,000 after buying an additional 241 shares during the period. Finally, Glassman Wealth Services boosted its stake in Webster Financial by 2,043.8% during the fourth quarter. Glassman Wealth Services now owns 686 shares of the financial services provider’s stock worth $38,000 after buying an additional 654 shares during the period. 85.98% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have commented on the stock. Compass Point dropped their price objective on shares of Webster Financial to $77.00 in a research note on Friday, July 22nd. Jefferies Financial Group dropped their price objective on shares of Webster Financial from $62.00 to $55.00 in a research note on Monday, July 11th. Wedbush downgraded Webster Financial from an “outperform” rating to a “neutral” rating and set a $50.00 target price for the company. in a research report on Thursday, June 30th. StockNews.com upgraded Webster Financial from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. decreased their target price on Webster Financial from $61.00 to $51.00 and set a “neutral” rating for the company in a research report on Friday, July 1st. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.25.
Webster Financial Stock Performance
Webster Financial (NYSE:WBS – Get Rating) last released its quarterly earnings data on Thursday, July 21st. The financial services provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.04. The firm had revenue of $607.60 million during the quarter, compared to the consensus estimate of $602.36 million. Webster Financial had a return on equity of 11.53% and a net margin of 20.70%. The firm’s quarterly revenue was up 106.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.21 earnings per share. As a group, equities research analysts forecast that Webster Financial Co. will post 5.48 EPS for the current fiscal year.
Webster Financial Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 17th. Investors of record on Tuesday, August 2nd were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, August 1st. This represents a $1.60 annualized dividend and a dividend yield of 3.42%. Webster Financial’s payout ratio is currently 51.78%.
Insider Activity at Webster Financial
In related news, COO Luis Massiani sold 20,000 shares of Webster Financial stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $47.35, for a total value of $947,000.00. Following the completion of the sale, the chief operating officer now directly owns 132,910 shares in the company, valued at $6,293,288.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.85% of the stock is currently owned by corporate insiders.
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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