Q2 2024 EPS Estimates for Webster Financial Co. Decreased by Wedbush (NYSE:WBS)

Webster Financial Co. (NYSE:WBS) – Analysts at Wedbush dropped their Q2 2024 earnings per share estimates for Webster Financial in a report issued on Tuesday, April 23rd. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $1.35 per share for the quarter, down from their previous estimate of $1.45. The consensus estimate for Webster Financial’s current full-year earnings is $5.72 per share. Wedbush also issued estimates for Webster Financial’s Q3 2024 earnings at $1.50 EPS and FY2024 earnings at $5.80 EPS.

Other analysts have also issued reports about the stock. Royal Bank of Canada lowered their price target on shares of Webster Financial from $57.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods cut their price target on Webster Financial from $64.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday. Jefferies Financial Group reduced their price objective 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. Bank of America began coverage on Webster Financial in a research report on Thursday, January 11th. They set a “buy” rating and a $60.00 price objective for the company. Finally, Raymond James restated an “outperform” rating and issued a $60.00 target price on shares of Webster Financial in a 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 MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $56.23.

Webster Financial Stock Performance

NYSE:WBS opened at $45.02 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $7.73 billion, a P/E ratio of 9.23, a price-to-earnings-growth ratio of 0.37 and a beta of 1.33. The firm has a 50-day moving average price of $47.88 and a two-hundred day moving average price of $46.48. Webster Financial has a twelve month low of $31.03 and a twelve month high of $53.39.

Webster Financial (NYSE:WBS) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.02). Webster Financial had a net margin of 21.09% and a return on equity of 12.55%. The firm had revenue of $667.10 million during the quarter, compared to analysts’ expectations of $680.72 million. During the same quarter in the prior year, the business earned $1.49 EPS. The company’s quarterly revenue was up .2% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in shares of Webster Financial by 1.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,278,976 shares of the financial services provider’s stock worth $51,556,000 after acquiring an additional 21,026 shares in the last quarter. Hudson Valley Investment Advisors Inc. ADV boosted its position in Webster Financial by 98.1% during the 4th quarter. Hudson Valley Investment Advisors Inc. ADV now owns 149,258 shares of the financial services provider’s stock worth $7,576,000 after purchasing an additional 73,924 shares during the period. FDx Advisors Inc. increased its holdings in Webster Financial by 7.6% in the 3rd quarter. FDx Advisors Inc. now owns 5,753 shares of the financial services provider’s stock valued at $232,000 after purchasing an additional 408 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Webster Financial by 58.2% in the third quarter. Envestnet Asset Management Inc. now owns 319,379 shares of the financial services provider’s stock valued at $12,874,000 after purchasing an additional 117,437 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its stake in shares of Webster Financial by 15.7% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 83,725 shares of the financial services provider’s stock worth $3,375,000 after purchasing an additional 11,387 shares in the last quarter. 85.58% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Daniel Bley sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $47.60, for a total transaction of $95,200.00. Following the completion of the transaction, the insider now owns 27,955 shares of the company’s stock, valued at $1,330,658. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Webster Financial news, insider Daniel Bley sold 2,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $47.60, for a total transaction of $95,200.00. Following the completion of the sale, the insider now owns 27,955 shares of the company’s stock, valued at $1,330,658. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Christopher J. Motl sold 10,475 shares of the firm’s stock in a transaction dated 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 $3,317,234.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,975 shares of company stock valued at $1,341,095. Insiders own 0.88% of the company’s stock.

Webster Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 6th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, May 3rd. This represents a $1.60 annualized dividend and a dividend yield of 3.55%. Webster Financial’s payout ratio is currently 32.79%.

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.