Webster Financial (NYSE:WBS) Hits New 1-Year High – Time to Buy?
by Sarita Garza · The Markets DailyWebster Financial Corporation (NYSE:WBS – Get Free Report)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $76.20 and last traded at $76.1050, with a volume of 399831 shares trading hands. The stock had previously closed at $76.02.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on WBS shares. UBS Group assumed coverage on shares of Webster Financial in a report on Tuesday, April 7th. They set a “neutral” rating and a $69.00 price target for the company. Keefe, Bruyette & Woods lowered their price target on Webster Financial from $79.00 to $77.50 and set an “outperform” rating for the company in a report on Friday, May 1st. Wells Fargo & Company raised Webster Financial from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Webster Financial in a report on Friday, June 12th. Four investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Webster Financial has a consensus rating of “Hold” and an average target price of $73.96.
Read Our Latest Report on Webster Financial
Webster Financial Trading Up 0.7%
The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.60. The business has a 50-day simple moving average of $73.18 and a 200-day simple moving average of $69.95. The company has a market cap of $12.50 billion, a PE ratio of 12.63 and a beta of 1.00.
Webster Financial (NYSE:WBS – Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $1.57 EPS for the quarter, topping the consensus estimate of $1.53 by $0.04. The business had revenue of $764.05 million during the quarter, compared to analyst estimates of $735.26 million. Webster Financial had a return on equity of 11.31% and a net margin of 22.95%.The company’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period last year, the business posted $1.30 earnings per share. On average, analysts predict that Webster Financial Corporation will post 6.59 EPS for the current fiscal year.
Webster Financial Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Monday, May 11th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Monday, May 11th. Webster Financial’s payout ratio is currently 26.19%.
Institutional Trading of Webster Financial
Several hedge funds have recently made changes to their positions in WBS. Grove Bank & Trust increased its stake in Webster Financial by 18.7% during the 4th quarter. Grove Bank & Trust now owns 1,005 shares of the financial services provider’s stock worth $63,000 after buying an additional 158 shares during the period. Farther Finance Advisors LLC boosted its position in Webster Financial by 39.7% in the 4th quarter. Farther Finance Advisors LLC now owns 560 shares of the financial services provider’s stock valued at $35,000 after buying an additional 159 shares during the period. Curi Capital LLC boosted its position in Webster Financial by 0.3% in the 2nd quarter. Curi Capital LLC now owns 68,500 shares of the financial services provider’s stock valued at $3,740,000 after buying an additional 182 shares during the period. Brown Brothers Harriman & Co. grew its stake in shares of Webster Financial by 27.9% in the third quarter. Brown Brothers Harriman & Co. now owns 839 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 183 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Webster Financial by 37.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 674 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 185 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.
Webster Financial Company Profile
Webster Financial Corporation is a bank holding company headquartered in Waterbury, Connecticut. Through its principal subsidiary, Webster Bank, N.A., the company offers a broad range of banking products and financial services to individuals, small businesses, and middle-market commercial clients. Key offerings include deposit accounts, residential and commercial real estate lending, equipment finance, treasury management, and payment processing solutions.
In addition to traditional banking services, Webster Financial provides wealth management and insurance products designed to help clients plan for retirement, preserve assets, and manage risk.