Webster Financial (NYSE:WBS) Given New $63.00 Price Target at JPMorgan Chase & Co.

Webster Financial (NYSE:WBS) had its target price cut by analysts at JPMorgan Chase & Co. from $65.00 to $63.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 38.52% from the stock’s previous close.

Other equities analysts have also issued reports about the company. Bank of America initiated coverage on Webster Financial in a research report on Thursday, January 11th. They set a “buy” rating and a $60.00 price objective on the stock. Barclays initiated coverage on Webster Financial in a research report on Friday, March 8th. They set an “overweight” rating and a $70.00 price target on the stock. Keefe, Bruyette & Woods restated an “outperform” rating and set a $64.00 price target on shares of Webster Financial in a research report on Tuesday, March 26th. Jefferies Financial Group reduced their price target on Webster Financial from $65.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. Finally, Raymond James reiterated an “outperform” rating and issued a $60.00 price objective on shares of Webster Financial in a research report on Tuesday, March 26th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $56.23.

Webster Financial Stock Performance

NYSE:WBS opened at $45.48 on Wednesday. The business’s 50-day moving average price is $47.94 and its two-hundred day moving average price is $46.49. Webster Financial has a twelve month low of $31.03 and a twelve month high of $53.39. The stock has a market cap of $7.81 billion, a P/E ratio of 9.30, a PEG ratio of 0.37 and a beta of 1.33. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.54.

Webster Financial (NYSE:WBS) last released its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.02). Webster Financial had a net margin of 21.09% and a return on equity of 12.55%. The business had revenue of $667.10 million during the quarter, compared to analysts’ expectations of $680.72 million. During the same period in the previous year, the business earned $1.49 EPS. The business’s revenue was up .2% on a year-over-year basis. As a group, equities analysts predict that Webster Financial will post 5.76 EPS for the current fiscal year.

Insider Activity

In other news, insider Christopher J. Motl sold 10,475 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $52.40, for a total value of $548,890.00. Following the completion of the transaction, the insider now owns 63,306 shares in the company, valued at approximately $3,317,234.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Webster Financial news, insider Christopher J. Motl sold 10,475 shares of Webster Financial stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $52.40, for a total transaction of $548,890.00. Following the completion of the transaction, the insider now owns 63,306 shares in the company, valued at $3,317,234.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Daniel Bley sold 2,000 shares of Webster Financial stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $47.60, for a total value of $95,200.00. Following the transaction, the insider now owns 27,955 shares of the company’s stock, valued at approximately $1,330,658. The disclosure for this sale can be found here. Insiders sold a total of 25,975 shares of company stock worth $1,341,095 in the last quarter. 0.72% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in WBS. New York State Teachers Retirement System raised its stake in shares of Webster Financial by 2.5% in the first quarter. New York State Teachers Retirement System now owns 263,116 shares of the financial services provider’s stock worth $13,358,000 after purchasing an additional 6,506 shares during the last quarter. Simplicity Wealth LLC purchased a new position in shares of Webster Financial in the first quarter worth $303,000. Essex Financial Services Inc. raised its stake in shares of Webster Financial by 6.5% in the first quarter. Essex Financial Services Inc. now owns 20,971 shares of the financial services provider’s stock worth $1,065,000 after purchasing an additional 1,285 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Webster Financial in the first quarter worth $10,130,000. Finally, Global Retirement Partners LLC raised its stake in shares of Webster Financial by 1,119.4% in the first quarter. Global Retirement Partners LLC now owns 1,317 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 1,209 shares during the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Webster Financial Company Profile

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.