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

Webster Financial Co. (NYSE:WBS) – Wedbush lowered their Q2 2024 EPS estimates for shares of Webster Financial in a research note issued on Tuesday, April 23rd. Wedbush analyst D. Chiaverini now forecasts 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.

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

WBS has been the subject of several other reports. Citigroup reduced their price objective on Webster Financial from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday. Bank of America assumed coverage on shares of Webster Financial in a research report on Thursday, January 11th. They issued a “buy” rating and a $60.00 price objective on the stock. StockNews.com raised shares of Webster Financial from a “sell” rating to a “hold” rating in a research report on Friday. Barclays reduced their target price on shares of Webster Financial from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Jefferies Financial Group reduced their target price on shares of Webster Financial from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $56.23.

Webster Financial Trading Down 1.0 %

NYSE:WBS opened at $45.03 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.86 and a quick ratio of 0.85. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of 9.23, a price-to-earnings-growth ratio of 0.38 and a beta of 1.33. Webster Financial has a one year low of $31.03 and a one year high of $53.39. The business has a fifty day moving average price of $47.84 and a 200-day moving average price of $46.57.

Webster Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 6th will be paid 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 payout ratio is currently 32.79%.

Insider Transactions at Webster Financial

In other news, COO Luis Massiani sold 13,500 shares of Webster Financial stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $51.63, for a total transaction of $697,005.00. Following the completion of the sale, the chief operating officer now directly owns 89,621 shares in the company, valued at $4,627,132.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, COO Luis Massiani sold 13,500 shares of the firm’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $51.63, for a total transaction of $697,005.00. Following the completion of the transaction, the chief operating officer now owns 89,621 shares of the company’s stock, valued at $4,627,132.23. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christopher J. Motl sold 10,475 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $52.40, for a total transaction of $548,890.00. Following the transaction, the insider now directly owns 63,306 shares of the company’s stock, valued at approximately $3,317,234.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,975 shares of company stock worth $1,341,095. Company insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WBS. Rise Advisors LLC acquired a new position in shares of Webster Financial during the 1st quarter worth about $29,000. Spire Wealth Management boosted its position in shares of Webster Financial by 79.1% during the 4th quarter. Spire Wealth Management now owns 607 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 268 shares during the period. NBC Securities Inc. purchased a new position in shares of Webster Financial during the 3rd quarter worth approximately $32,000. Bruce G. Allen Investments LLC acquired a new stake in Webster Financial during the 4th quarter worth approximately $42,000. Finally, Principal Securities Inc. acquired a new stake in Webster Financial during the 4th quarter worth approximately $45,000. Hedge funds and other institutional investors own 85.58% of the company’s stock.

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.