Webster Financial (NYSE:WBS) Releases Earnings Results, Beats Expectations By $0.14 EPS

Webster Financial (NYSE:WBSGet Rating) released its quarterly earnings results on Thursday. The financial services provider reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.14, MarketWatch Earnings reports. Webster Financial had a net margin of 32.29% and a return on equity of 13.94%. The business had revenue of $498.30 million for the quarter, compared to analysts’ expectations of $479.64 million. During the same period last year, the business earned $1.25 EPS. The company’s revenue was up 65.8% compared to the same quarter last year.

Shares of WBS opened at $51.24 on Friday. The firm has a market cap of $9.20 billion, a P/E ratio of 11.62 and a beta of 1.29. Webster Financial has a 12-month low of $45.60 and a 12-month high of $65.00. The company’s 50-day moving average price is $54.96 and its 200 day moving average price is $56.96. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.17.

In other news, insider Daniel Bley sold 4,000 shares of the business’s stock in a transaction dated Monday, February 28th. The stock was sold at an average price of $60.18, for a total transaction of $240,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William L. Atwell acquired 2,500 shares of the stock in a transaction dated Monday, March 7th. The shares were bought at an average cost of $53.43 per share, with a total value of $133,575.00. The disclosure for this purchase can be found here. 1.85% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in WBS. BlackRock Inc. boosted its holdings in Webster Financial by 2.7% in the fourth quarter. BlackRock Inc. now owns 8,123,209 shares of the financial services provider’s stock valued at $453,599,000 after purchasing an additional 213,872 shares in the last quarter. Millennium Management LLC acquired a new position in Webster Financial in the fourth quarter valued at approximately $4,699,000. Allianz Asset Management GmbH boosted its holdings in Webster Financial by 15.4% in the fourth quarter. Allianz Asset Management GmbH now owns 263,112 shares of the financial services provider’s stock valued at $14,692,000 after purchasing an additional 35,112 shares in the last quarter. Morgan Stanley boosted its holdings in Webster Financial by 10.9% in the second quarter. Morgan Stanley now owns 158,614 shares of the financial services provider’s stock valued at $8,460,000 after purchasing an additional 15,527 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in Webster Financial by 8.6% in the fourth quarter. Sei Investments Co. now owns 160,181 shares of the financial services provider’s stock valued at $8,944,000 after purchasing an additional 12,733 shares in the last quarter. 95.94% of the stock is owned by hedge funds and other institutional investors.

A number of analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Webster Financial from $62.00 to $60.00 and set an “equal weight” rating on the stock in a report on Monday, March 21st. Raymond James upgraded shares of Webster Financial from an “outperform” rating to a “strong-buy” rating and raised their price target for the company from $65.00 to $73.00 in a report on Friday, January 21st. Zacks Investment Research lowered shares of Webster Financial from a “buy” rating to a “hold” rating and set a $53.00 price objective for the company. in a research report on Tuesday, April 12th. Piper Sandler raised shares of Webster Financial from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $58.00 to $72.00 in a research report on Wednesday, February 2nd. Finally, JPMorgan Chase & Co. assumed coverage on shares of Webster Financial in a research report on Friday, February 18th. They issued a “neutral” rating for the company. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Webster Financial presently has a consensus rating of “Buy” and an average price target of $64.33.

About Webster Financial (Get Rating)

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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Earnings History for Webster Financial (NYSE:WBS)

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