Parallel Advisors LLC Raises Holdings in Webster Financial Co. (NYSE:WBS)

Parallel Advisors LLC increased its position in Webster Financial Co. (NYSE:WBS) by 78.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,117 shares of the financial services provider’s stock after acquiring an additional 492 shares during the period. Parallel Advisors LLC’s holdings in Webster Financial were worth $58,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of WBS. Skandinaviska Enskilda Banken AB publ purchased a new position in Webster Financial during the fourth quarter worth $26,000. Headlands Technologies LLC acquired a new position in shares of Webster Financial during the fourth quarter worth about $32,000. Versant Capital Management Inc lifted its stake in shares of Webster Financial by 171.2% during the first quarter. Versant Capital Management Inc now owns 1,025 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 647 shares in the last quarter. Spurstone Advisory Services LLC acquired a new position in shares of Webster Financial during the fourth quarter worth about $61,000. Finally, Aster Capital Management DIFC Ltd increased its position in shares of Webster Financial by 742.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,264 shares of the financial services provider’s stock worth $70,000 after acquiring an additional 1,114 shares during the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

Webster Financial Price Performance

WBS opened at $53.76 on Monday. The stock has a fifty day moving average of $48.54 and a 200-day moving average of $53.73. The firm has a market capitalization of $9.04 billion, a P/E ratio of 12.30, a PEG ratio of 1.02 and a beta of 1.00. Webster Financial Co. has a 12-month low of $39.34 and a 12-month high of $63.99. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.34.

Webster Financial (NYSE:WBS) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.08). Webster Financial had a return on equity of 10.82% and a net margin of 18.39%. The firm had revenue of $704.80 million for the quarter, compared to analysts’ expectations of $708.46 million. During the same quarter in the prior year, the business posted $1.35 earnings per share. Webster Financial’s revenue was up 5.7% on a year-over-year basis. Equities analysts forecast that Webster Financial Co. will post 5.88 EPS for the current fiscal year.

Webster Financial announced that its board has authorized a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase $700.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Webster Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Monday, May 12th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.98%. The ex-dividend date was Monday, May 12th. Webster Financial’s payout ratio is 36.04%.

Insiders Place Their Bets

In related news, insider Daniel Bley sold 1,800 shares of the stock in a transaction dated Tuesday, April 29th. The shares were sold at an average price of $47.84, for a total value of $86,112.00. Following the completion of the sale, the insider now owns 21,517 shares in the company, valued at approximately $1,029,373.28. This trade represents a 7.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Javier L. Evans sold 7,800 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $52.58, for a total transaction of $410,124.00. Following the completion of the sale, the insider now owns 19,820 shares of the company’s stock, valued at approximately $1,042,135.60. The trade was a 28.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,000 shares of company stock valued at $667,960 over the last three months. 0.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on WBS shares. Wells Fargo & Company dropped their target price on Webster Financial from $75.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. Morgan Stanley lowered their target price on Webster Financial from $75.00 to $66.00 and set an “equal weight” rating for the company in a report on Thursday, March 13th. Raymond James decreased their price objective on Webster Financial from $65.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, April 2nd. Royal Bank of Canada set a $60.00 target price on Webster Financial and gave the stock an “outperform” rating in a research report on Friday, April 25th. Finally, Keefe, Bruyette & Woods cut their target price on Webster Financial from $70.00 to $65.00 and set an “outperform” rating for the company in a research report on Friday, April 25th. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $63.75.

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.