Q2 2024 EPS Estimates for Webster Financial Co. (NYSE:WBS) Cut by Wedbush

Webster Financial Co. (NYSE:WBS) – Equities research analysts at Wedbush cut their Q2 2024 EPS estimates for Webster Financial in a note issued to investors on Tuesday, April 23rd. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $1.35 per share for the quarter, down from their prior estimate of $1.45. The consensus estimate for Webster Financial’s current full-year earnings is $5.68 per share. Wedbush also issued estimates for Webster Financial’s Q3 2024 earnings at $1.50 EPS and FY2024 earnings at $5.80 EPS.

WBS has been the subject of several other reports. Raymond James restated an “outperform” rating and issued a $60.00 target price on shares of Webster Financial in a research note on Tuesday, March 26th. StockNews.com raised shares of Webster Financial from a “sell” rating to a “hold” rating in a report on Friday. Bank of America started coverage on shares of Webster Financial in a report on Thursday, January 11th. They set a “buy” rating and a $60.00 target price on the stock. Keefe, Bruyette & Woods dropped their target price on shares of Webster Financial from $64.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Morgan Stanley increased their target price on shares of Webster Financial from $51.00 to $61.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.23.

Webster Financial Price Performance

WBS opened at $45.03 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.54. Webster Financial has a 52-week low of $31.03 and a 52-week high of $53.39. The company has a 50 day moving average of $47.84 and a two-hundred day moving average of $46.57. The company has a market cap of $7.73 billion, a P/E ratio of 9.23, a P/E/G ratio of 0.38 and a beta of 1.33.

Webster Financial (NYSE:WBS) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.02). Webster Financial had a return on equity of 12.55% and a net margin of 21.09%. The business had revenue of $667.10 million for the quarter, compared to analysts’ expectations of $680.72 million. During the same quarter in the prior year, the firm earned $1.49 earnings per share. Webster Financial’s quarterly revenue was up .2% compared to the same quarter last year.

Hedge Funds Weigh In On Webster Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in Webster Financial by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,278,976 shares of the financial services provider’s stock valued at $51,556,000 after acquiring an additional 21,026 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV grew its stake in shares of Webster Financial by 98.1% in the fourth quarter. Hudson Valley Investment Advisors Inc. ADV now owns 149,258 shares of the financial services provider’s stock worth $7,576,000 after acquiring an additional 73,924 shares during the last quarter. FDx Advisors Inc. grew its stake in shares of Webster Financial by 7.6% in the third quarter. FDx Advisors Inc. now owns 5,753 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 408 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Webster Financial by 58.2% in the third quarter. Envestnet Asset Management Inc. now owns 319,379 shares of the financial services provider’s stock worth $12,874,000 after acquiring an additional 117,437 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in shares of Webster Financial by 15.7% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 83,725 shares of the financial services provider’s stock worth $3,375,000 after acquiring an additional 11,387 shares during the last quarter. Institutional investors own 85.58% of the company’s stock.

Insider Activity

In other Webster Financial news, insider Christopher J. Motl sold 10,475 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $52.40, for a total transaction of $548,890.00. Following the completion of the sale, the insider now directly owns 63,306 shares of the company’s stock, valued at $3,317,234.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Christopher J. Motl sold 10,475 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $52.40, for a total value of $548,890.00. Following the completion of the sale, the insider now directly owns 63,306 shares of the company’s stock, valued at $3,317,234.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Bley sold 2,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $47.60, for a total transaction of $95,200.00. Following the completion of the sale, the insider now directly owns 27,955 shares of the company’s stock, valued at $1,330,658. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,975 shares of company stock worth $1,341,095. Corporate insiders own 0.88% of the company’s stock.

Webster Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 6th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.60 annualized dividend and a dividend yield of 3.55%. Webster Financial’s dividend payout ratio (DPR) is 32.79%.

About Webster Financial

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.