Webster Financial (NYSE:WBS) Given Buy Rating at Truist Financial

Webster Financial (NYSE:WBS)‘s stock had its “buy” rating reiterated by research analysts at Truist Financial in a research note issued on Friday, Marketbeat reports. They currently have a $67.00 target price on the financial services provider’s stock, up from their previous target price of $61.00. Truist Financial’s price target suggests a potential upside of 12.24% from the company’s previous close.

A number of other brokerages have also recently weighed in on WBS. Morgan Stanley reduced their price objective on shares of Webster Financial from $75.00 to $66.00 and set an “equal weight” rating for the company in a research note on Thursday, March 13th. Barclays boosted their price target on shares of Webster Financial from $72.00 to $77.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Raymond James Financial reissued an “outperform” rating and issued a $65.00 price target (up previously from $58.00) on shares of Webster Financial in a report on Tuesday, July 8th. Wells Fargo & Company increased their target price on shares of Webster Financial from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Finally, Royal Bank Of Canada set a $60.00 target price on shares of Webster Financial and gave the stock an “outperform” rating in a research report on Friday, April 25th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Webster Financial presently has an average rating of “Moderate Buy” and an average target price of $65.50.

Webster Financial Stock Performance

Shares of WBS opened at $59.70 on Friday. The company’s 50 day moving average price is $53.33 and its 200 day moving average price is $53.05. Webster Financial has a 52 week low of $39.43 and a 52 week high of $63.99. The company has a market capitalization of $10.04 billion, a PE ratio of 13.44, a PEG ratio of 0.77 and a beta of 1.00. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.85 and a current ratio of 0.85.

Webster Financial (NYSE:WBS) last posted its earnings results on Thursday, April 24th. The financial services provider reported $1.30 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.08). The business had revenue of $704.80 million during the quarter, compared to the consensus estimate of $708.46 million. Webster Financial had a return on equity of 10.57% and a net margin of 18.58%. The business’s revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.35 earnings per share. Research analysts expect that Webster Financial will post 5.88 EPS for the current fiscal year.

Webster Financial announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that permits the company to repurchase $700.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 8.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Webster Financial news, insider Daniel Bley sold 1,200 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $49.97, for a total transaction of $59,964.00. Following the sale, the insider directly owned 20,317 shares in the company, valued at approximately $1,015,240.49. This trade represents a 5.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lauren States sold 2,200 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $50.80, for a total transaction of $111,760.00. Following the transaction, the director owned 14,620 shares of the company’s stock, valued at $742,696. The trade was a 13.08% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,000 shares of company stock valued at $934,210. Insiders own 0.54% of the company’s stock.

Institutional Trading of Webster Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Webster Financial in the fourth quarter valued at about $120,497,000. Balyasny Asset Management L.P. boosted its stake in shares of Webster Financial by 1,253.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,120,914 shares of the financial services provider’s stock valued at $61,897,000 after purchasing an additional 1,038,085 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Webster Financial by 43.0% in the 4th quarter. Millennium Management LLC now owns 2,547,225 shares of the financial services provider’s stock valued at $140,658,000 after purchasing an additional 766,019 shares in the last quarter. FJ Capital Management LLC acquired a new stake in Webster Financial during the 4th quarter worth approximately $29,177,000. Finally, Dimensional Fund Advisors LP boosted its position in Webster Financial by 7.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,108,082 shares of the financial services provider’s stock worth $366,408,000 after buying an additional 487,264 shares during the period. 85.58% of the stock is owned by institutional investors.

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.