Victory Capital Management Inc. Cuts Stake in Webster Financial Corporation (NYSE:WBS)

Victory Capital Management Inc. reduced its position in Webster Financial Corporation (NYSE:WBS) by 3.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,232 shares of the financial services provider’s stock after selling 1,140 shares during the quarter. Victory Capital Management Inc.’s holdings in Webster Financial were worth $1,610,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of WBS. LPL Financial LLC grew its holdings in Webster Financial by 28.7% in the fourth quarter. LPL Financial LLC now owns 70,155 shares of the financial services provider’s stock worth $3,874,000 after purchasing an additional 15,627 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Webster Financial by 14.2% in the fourth quarter. JPMorgan Chase & Co. now owns 513,836 shares of the financial services provider’s stock worth $28,374,000 after purchasing an additional 63,926 shares during the last quarter. Norges Bank purchased a new position in Webster Financial in the fourth quarter worth $120,497,000. Pictet Asset Management Holding SA grew its holdings in Webster Financial by 4.1% in the fourth quarter. Pictet Asset Management Holding SA now owns 23,494 shares of the financial services provider’s stock worth $1,297,000 after purchasing an additional 933 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC grew its holdings in Webster Financial by 16.8% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 9,137 shares of the financial services provider’s stock worth $505,000 after purchasing an additional 1,316 shares during the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Webster Financial news, insider Charles L. Wilkins sold 5,000 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $53.25, for a total value of $266,250.00. Following the completion of the transaction, the insider owned 31,534 shares in the company, valued at approximately $1,679,185.50. This represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jason A. Soto sold 2,500 shares of the company’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $61.21, for a total transaction of $153,025.00. Following the completion of the transaction, the insider owned 18,889 shares of the company’s stock, valued at approximately $1,156,195.69. This trade represents a 11.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 40,838 shares of company stock valued at $2,318,109. Insiders own 0.54% of the company’s stock.

Webster Financial Price Performance

NYSE:WBS opened at $58.89 on Wednesday. Webster Financial Corporation has a one year low of $39.43 and a one year high of $63.99. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a market cap of $9.91 billion, a price-to-earnings ratio of 11.94, a PEG ratio of 0.56 and a beta of 1.00. The firm’s fifty day moving average is $55.38 and its two-hundred day moving average is $53.47.

Webster Financial (NYSE:WBS) last issued its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. The business had revenue of $715.80 million during the quarter, compared to the consensus estimate of $716.59 million. Webster Financial had a net margin of 20.06% and a return on equity of 10.84%. The company’s revenue was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.26 earnings per share. Research analysts expect that Webster Financial Corporation will post 5.88 EPS for the current year.

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

Analyst Ratings Changes

Several research firms have issued reports on WBS. Wells Fargo & Company lifted their price target on shares of Webster Financial from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, July 18th. Keefe, Bruyette & Woods boosted their price objective on shares of Webster Financial from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, July 18th. Raymond James Financial boosted their price objective on shares of Webster Financial from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, July 18th. UBS Group reissued a “buy” rating and set a $69.00 price objective on shares of Webster Financial in a report on Wednesday, July 9th. Finally, Seaport Res Ptn lowered shares of Webster Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.77.

Webster Financial 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.