Allworth Financial LP Raises Stock Position in Webster Financial Corporation (NYSE:WBS)

Allworth Financial LP grew its stake in shares of Webster Financial Corporation (NYSE:WBS) by 43.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 941 shares of the financial services provider’s stock after purchasing an additional 286 shares during the period. Allworth Financial LP’s holdings in Webster Financial were worth $45,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Beverly Hills Private Wealth LLC lifted its holdings in Webster Financial by 4.5% in the first quarter. Beverly Hills Private Wealth LLC now owns 6,058 shares of the financial services provider’s stock worth $312,000 after buying an additional 262 shares during the period. Crossmark Global Holdings Inc. raised its position in shares of Webster Financial by 292.0% in the 1st quarter. Crossmark Global Holdings Inc. now owns 38,426 shares of the financial services provider’s stock worth $1,981,000 after acquiring an additional 28,623 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Webster Financial by 1.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 267,787 shares of the financial services provider’s stock valued at $13,804,000 after purchasing an additional 4,684 shares during the period. Teacher Retirement System of Texas boosted its position in shares of Webster Financial by 33.0% during the first quarter. Teacher Retirement System of Texas now owns 58,155 shares of the financial services provider’s stock valued at $2,998,000 after purchasing an additional 14,416 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its stake in Webster Financial by 26.1% in the first quarter. First Horizon Advisors Inc. now owns 1,486 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 308 shares during the period. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Jefferies Financial Group began coverage on Webster Financial in a research report on Wednesday, May 21st. They set a “buy” rating and a $65.00 price objective for the company. Keefe, Bruyette & Woods lifted their price target on shares of Webster Financial from $65.00 to $68.00 and gave the company an “outperform” rating in a research report on Friday. Raymond James Financial boosted their price objective on shares of Webster Financial from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Friday. JPMorgan Chase & Co. raised their target price on shares of Webster Financial from $55.00 to $65.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. Finally, Citigroup lifted their target price on shares of Webster Financial from $65.00 to $71.00 and gave the company a “buy” rating in a report on Friday. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $66.77.

Webster Financial Price Performance

Shares of WBS opened at $60.89 on Friday. Webster Financial Corporation has a twelve month low of $39.43 and a twelve month high of $63.99. The company has a market capitalization of $10.24 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 0.78 and a beta of 1.00. The firm has a 50 day moving average of $54.33 and a 200 day moving average of $53.23. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.47.

Webster Financial (NYSE:WBS) last issued its earnings results on Thursday, July 17th. The financial services provider reported $1.52 EPS for the quarter, beating the consensus estimate of $1.43 by $0.09. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%. The business had revenue of $715.80 million for the quarter, compared to the consensus estimate of $716.59 million. During the same period last year, the business posted $1.26 EPS. The company’s revenue was up 16.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Webster Financial Corporation will post 5.88 earnings per share for the current fiscal year.

Webster Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were issued a $0.40 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.60 annualized dividend and a yield of 2.63%. Webster Financial’s payout ratio is 36.04%.

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

Insiders Place Their Bets

In other news, insider Charles L. Wilkins sold 5,000 shares of the firm’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $53.25, for a total transaction of $266,250.00. Following the sale, the insider owned 31,534 shares of the company’s stock, valued at $1,679,185.50. This trade represents a 13.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lauren States sold 2,200 shares of the business’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $50.80, for a total transaction of $111,760.00. Following the transaction, the director directly owned 14,620 shares of the company’s stock, valued at $742,696. The trade was a 13.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,000 shares of company stock valued at $934,210 over the last quarter. Corporate insiders own 0.54% 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.