Keefe, Bruyette & Woods Boosts Webster Financial (NYSE:WBS) Price Target to $68.00

Webster Financial (NYSE:WBS) had its target price upped by analysts at Keefe, Bruyette & Woods from $65.00 to $68.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 11.68% from the company’s current price.

Other analysts have also recently issued research reports about the company. Raymond James Financial reiterated an “outperform” rating and set a $65.00 price objective (up previously from $58.00) on shares of Webster Financial in a research report on Tuesday, July 8th. Wells Fargo & Company upped their price target on Webster Financial from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, July 10th. Royal Bank Of Canada set a $60.00 price objective on Webster Financial and gave the stock an “outperform” rating in a research note on Friday, April 25th. UBS Group reaffirmed a “buy” rating and issued a $69.00 price objective on shares of Webster Financial in a research note on Wednesday, July 9th. Finally, Jefferies Financial Group assumed coverage on Webster Financial in a research note on Wednesday, May 21st. They issued a “buy” rating and a $65.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.77.

Webster Financial Trading Up 1.4%

NYSE WBS opened at $60.89 on Friday. 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 has a twelve month low of $39.43 and a twelve month high of $63.99. The firm has a market capitalization of $10.24 billion, a PE ratio of 12.35, a P/E/G ratio of 0.79 and a beta of 1.00. The stock’s 50 day moving average is $54.33 and its 200 day moving average is $53.21.

Webster Financial (NYSE:WBS) last released its earnings results on Thursday, July 17th. The financial services provider reported $1.52 EPS for the quarter, topping 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 in the previous year, the company posted $1.26 earnings per share. The company’s revenue for the quarter was up 16.5% compared to the same quarter last year. Research analysts forecast that Webster Financial will post 5.88 earnings per share for the current fiscal year.

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

Insiders Place Their Bets

In other Webster Financial news, insider Javier L. Evans sold 7,800 shares of Webster Financial stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $52.58, for a total transaction of $410,124.00. Following the completion of the sale, the insider owned 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charles L. Wilkins sold 5,000 shares of Webster Financial stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $53.25, for a total value of $266,250.00. Following the sale, the insider directly owned 31,534 shares of the company’s stock, valued at approximately $1,679,185.50. This represents a 13.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,000 shares of company stock worth $934,210 over the last quarter. Company insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On Webster Financial

A number of institutional investors have recently modified their holdings of WBS. Picton Mahoney Asset Management purchased a new position in shares of Webster Financial in the 1st quarter valued at about $25,000. Headlands Technologies LLC purchased a new position in shares of Webster Financial in the 4th quarter valued at about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Webster Financial by 327.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 739 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 566 shares in the last quarter. TCTC Holdings LLC increased its stake in shares of Webster Financial by 118.4% in the 1st quarter. TCTC Holdings LLC now owns 832 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 451 shares in the last quarter. Finally, Allworth Financial LP increased its stake in shares of Webster Financial by 43.7% in the 1st quarter. Allworth Financial LP now owns 941 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 286 shares in 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.