Raymond James Financial Forecasts Strong Price Appreciation for Webster Financial (NYSE:WBS) Stock

Webster Financial (NYSE:WBS) had its price objective lifted by equities research analysts at Raymond James Financial from $65.00 to $68.00 in a report released on Friday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Raymond James Financial’s target price would indicate a potential upside of 11.68% from the company’s previous close.

Several other equities research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Webster Financial from $65.00 to $68.00 and gave the stock an “outperform” rating in a research report on Friday. Wells Fargo & Company lifted their price target on shares of Webster Financial from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. Jefferies Financial Group assumed coverage on shares of Webster Financial in a research report on Wednesday, May 21st. They issued a “buy” rating and a $65.00 price target for the company. Barclays lifted their price target on shares of Webster Financial from $72.00 to $77.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Finally, Truist Financial reiterated a “buy” rating and issued a $67.00 price target (up from $61.00) on shares of Webster Financial in a research report on Friday, July 11th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.77.

Webster Financial Stock Performance

Shares of Webster Financial stock opened at $60.89 on Friday. The stock’s fifty day simple moving average is $54.33 and its 200 day simple moving average is $53.21. Webster Financial has a 12 month low of $39.43 and a 12 month high of $63.99. The company has a market capitalization of $10.24 billion, a PE ratio of 12.35, a PEG ratio of 0.79 and a beta of 1.00. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.47.

Webster Financial (NYSE:WBS) last announced its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.09. The company had revenue of $715.80 million during the quarter, compared to analysts’ expectations of $716.59 million. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%. Webster Financial’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.26 EPS. On average, research analysts predict that Webster Financial will post 5.88 EPS for the current year.

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

Insider Transactions at Webster Financial

In related news, insider Charles L. Wilkins sold 5,000 shares of the business’s 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 completion of the sale, the insider directly owned 31,534 shares of the company’s stock, valued at $1,679,185.50. The trade was a 13.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Daniel Bley sold 1,200 shares of the company’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $49.97, for a total transaction of $59,964.00. Following the completion of the sale, the insider owned 20,317 shares in the company, valued at $1,015,240.49. This represents a 5.58% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,000 shares of company stock valued at $934,210. 0.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Webster Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in WBS. FMR LLC increased its stake in shares of Webster Financial by 1.2% during the 4th quarter. FMR LLC now owns 8,493,426 shares of the financial services provider’s stock worth $469,007,000 after purchasing an additional 99,908 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of 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 purchasing an additional 487,264 shares during the last quarter. Invesco Ltd. boosted its holdings in Webster Financial by 3.1% in the 1st quarter. Invesco Ltd. now owns 5,049,297 shares of the financial services provider’s stock worth $260,291,000 after buying an additional 153,236 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Webster Financial by 0.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,597,943 shares of the financial services provider’s stock worth $237,025,000 after buying an additional 42,406 shares during the period. Finally, Capital International Investors boosted its holdings in Webster Financial by 0.9% in the 4th quarter. Capital International Investors now owns 4,130,379 shares of the financial services provider’s stock worth $228,000,000 after buying an additional 35,039 shares during the period. 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.