Weiss Ratings Reaffirms Buy (B-) Rating for Webster Financial (NYSE:WBS)

Webster Financial (NYSE:WBS)‘s stock had its “buy (b-)” rating restated by equities researchers at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

A number of other analysts also recently commented on the stock. Seaport Res Ptn downgraded shares of Webster Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Truist Financial reiterated a “buy” rating and issued a $67.00 target price (up from $61.00) on shares of Webster Financial in a report on Friday, July 11th. JPMorgan Chase & Co. dropped their target price on shares of Webster Financial from $70.00 to $68.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Wells Fargo & Company boosted their target price on shares of Webster Financial from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, July 18th. Finally, TD Cowen assumed coverage on shares of Webster Financial in a report on Thursday, September 25th. They issued a “buy” rating and a $78.00 target price on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $68.73.

Webster Financial Trading Up 0.5%

Shares of NYSE:WBS opened at $59.18 on Wednesday. The company has a 50 day moving average of $59.78 and a 200-day moving average of $54.74. The firm has a market cap of $9.84 billion, a P/E ratio of 12.00, a P/E/G ratio of 0.54 and a beta of 1.05. Webster Financial has a twelve month low of $39.43 and a twelve month high of $63.99. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.47.

Webster Financial (NYSE:WBS) last released its earnings results on Thursday, July 17th. The financial services provider reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. Webster Financial had a net margin of 20.06% and a return on equity of 10.84%. The business had revenue of $715.80 million for the quarter, compared to the consensus estimate of $716.59 million. During the same period in the previous year, the firm earned $1.26 EPS. The business’s revenue for the quarter was up 16.5% on a year-over-year basis. As a group, analysts anticipate that Webster Financial will post 5.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Webster Financial

In related news, insider James Mi Griffin sold 807 shares of the company’s stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $62.14, for a total transaction of $50,146.98. Following the completion of the transaction, the insider directly owned 12,556 shares in the company, valued at $780,229.84. This represents a 6.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William L. Atwell sold 16,823 shares of the company’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $59.20, for a total transaction of $995,921.60. Following the transaction, the director owned 30,915 shares of the company’s stock, valued at approximately $1,830,168. The trade was a 35.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,445 shares of company stock worth $2,168,537 in the last quarter. 0.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Webster Financial

Hedge funds have recently made changes to their positions in the business. Picton Mahoney Asset Management acquired a new position in shares of Webster Financial in the 1st quarter valued at $25,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Webster Financial by 327.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 739 shares of the financial services provider’s stock valued at $38,000 after buying an additional 566 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Webster Financial by 3,628.6% in the 2nd quarter. IFP Advisors Inc now owns 783 shares of the financial services provider’s stock valued at $43,000 after buying an additional 762 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in shares of Webster Financial by 56.1% in the 2nd quarter. Parkside Financial Bank & Trust now owns 829 shares of the financial services provider’s stock valued at $45,000 after buying an additional 298 shares in the last quarter. Finally, TCTC Holdings LLC increased its position in shares of Webster Financial by 118.4% during the 1st quarter. TCTC Holdings LLC now owns 832 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 451 shares in the last quarter. Institutional investors and hedge funds 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.