Webster Financial Co. (NYSE:WBS – Get Rating) announced a quarterly dividend on Friday, April 29th, Wall Street Journal reports. Shareholders of record on Thursday, May 12th will be given a dividend of 0.40 per share by the financial services provider on Friday, May 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date is Wednesday, May 11th.
Webster Financial has increased its dividend payment by an average of 8.6% per year over the last three years. Webster Financial has a dividend payout ratio of 25.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Webster Financial to earn $6.19 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 25.8%.
NYSE WBS opened at $49.99 on Friday. The business’s 50-day moving average price is $54.76 and its two-hundred day moving average price is $56.91. Webster Financial has a 12 month low of $45.60 and a 12 month high of $65.00. The firm has a market capitalization of $8.98 billion, a PE ratio of 16.13 and a beta of 1.29. 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 related news, Director William L. Atwell acquired 2,500 shares of the stock in a transaction dated Monday, March 7th. The stock was purchased at an average cost of $53.43 per share, with a total value of $133,575.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel Bley sold 4,000 shares of the stock in a transaction that occurred on Monday, February 28th. The stock was sold at an average price of $60.18, for a total value of $240,720.00. The disclosure for this sale can be found here. 1.85% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Webster Financial by 2.7% in the fourth quarter. BlackRock Inc. now owns 8,123,209 shares of the financial services provider’s stock worth $453,599,000 after purchasing an additional 213,872 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Webster Financial by 2.1% during the fourth quarter. Parametric Portfolio Associates LLC now owns 329,901 shares of the financial services provider’s stock valued at $18,422,000 after acquiring an additional 6,931 shares during the last quarter. Allianz Asset Management GmbH increased its position in shares of Webster Financial by 15.4% during 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 acquiring an additional 35,112 shares during the last quarter. Sei Investments Co. increased its position in shares of Webster Financial by 8.6% during the fourth quarter. Sei Investments Co. now owns 160,181 shares of the financial services provider’s stock valued at $8,944,000 after acquiring an additional 12,733 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of Webster Financial by 10.9% during the second quarter. Morgan Stanley now owns 158,614 shares of the financial services provider’s stock valued at $8,460,000 after acquiring an additional 15,527 shares during the last quarter. 95.94% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently commented on WBS shares. Zacks Investment Research lowered Webster Financial from a “buy” rating to a “hold” rating and set a $53.00 target price on the stock. in a research report on Tuesday, April 12th. TheStreet lowered Webster Financial from a “b” rating to a “c+” rating in a research report on Thursday. Raymond James upgraded Webster Financial from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $65.00 to $73.00 in a research report on Friday, January 21st. StockNews.com started coverage on Webster Financial in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, JPMorgan Chase & Co. initiated coverage on Webster Financial in a research report on Friday, February 18th. They set a “neutral” rating on the stock. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Webster Financial currently has an average rating of “Buy” and a consensus 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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