Royal Bank of Canada Trims Webster Financial (NYSE:WBS) Target Price to $57.00

Webster Financial (NYSE:WBS) had its price objective decreased by Royal Bank of Canada from $59.00 to $57.00 in a research report released on Tuesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the financial services provider’s stock.

WBS has been the subject of a number of other reports. Bank of America started coverage on Webster Financial in a report on Thursday, January 11th. They set a buy rating and a $60.00 price objective for the company. Keefe, Bruyette & Woods restated an outperform rating and issued a $64.00 price objective on shares of Webster Financial in a report on Tuesday, March 26th. Piper Sandler boosted their target price on Webster Financial from $53.00 to $60.00 and gave the stock an overweight rating in a report on Friday, December 15th. Jefferies Financial Group cut their price target on shares of Webster Financial from $65.00 to $56.00 and set a buy rating on the stock in a report on Monday. Finally, Morgan Stanley boosted their price objective on shares of Webster Financial from $51.00 to $61.00 and gave the stock an overweight rating in a research note on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $57.85.

Webster Financial Stock Performance

NYSE WBS opened at $48.61 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $8.35 billion, a PE ratio of 9.94, a price-to-earnings-growth ratio of 0.33 and a beta of 1.33. The business’s 50-day moving average price is $48.14 and its 200 day moving average price is $46.04. Webster Financial has a twelve month low of $31.03 and a twelve month high of $53.39.

Webster Financial (NYSE:WBS) last released its earnings results on Tuesday, January 23rd. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.02). The company had revenue of $996.96 million during the quarter, compared to analysts’ expectations of $674.82 million. Webster Financial had a net margin of 22.01% and a return on equity of 13.05%. During the same quarter in the previous year, the firm posted $1.60 earnings per share. On average, research analysts predict that Webster Financial will post 5.85 earnings per share for the current year.

Webster Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Monday, February 5th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, February 2nd. This represents a $1.60 dividend on an annualized basis and a yield of 3.29%. Webster Financial’s payout ratio is currently 32.72%.

Insider Transactions at Webster Financial

In other Webster Financial news, insider Charles L. Wilkins sold 3,966 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $51.56, for a total value of $204,486.96. Following the transaction, the insider now directly owns 49,528 shares of the company’s stock, valued at approximately $2,553,663.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, COO Luis Massiani sold 13,500 shares of Webster Financial stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $51.63, for a total value of $697,005.00. Following the completion of the transaction, 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 can be accessed through the SEC website. Also, insider Charles L. Wilkins sold 3,966 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $51.56, for a total value of $204,486.96. Following the sale, the insider now owns 49,528 shares in the company, valued at approximately $2,553,663.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,941 shares of company stock valued at $1,545,582. 0.72% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Webster Financial

A number of institutional investors have recently made changes to their positions in WBS. Rise Advisors LLC bought a new stake in Webster Financial in the first quarter valued at $29,000. Quadrature Capital Ltd acquired a new stake in shares of Webster Financial in the fourth quarter valued at $1,080,000. Hennessy Advisors Inc. acquired a new stake in Webster Financial during the fourth quarter valued at approximately $1,624,000. ICA Group Wealth Management LLC purchased a new stake in shares of Webster Financial during the fourth quarter valued at $84,000. Finally, Covenant Partners LLC purchased a new stake in shares of Webster Financial during the fourth quarter valued at $210,000. 85.58% of the stock is currently owned by institutional investors.

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.