Zurcher Kantonalbank Zurich Cantonalbank Buys 1,511 Shares of Webster Financial Corporation (NYSE:WBS)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Webster Financial Corporation (NYSE:WBS) by 3.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,415 shares of the financial services provider’s stock after acquiring an additional 1,511 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Webster Financial were worth $2,444,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Headlands Technologies LLC purchased a new position in Webster Financial in the fourth quarter worth $32,000. Allworth Financial LP boosted its position 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 worth $45,000 after purchasing an additional 286 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Webster Financial by 171.2% in the 1st quarter. Versant Capital Management Inc now owns 1,025 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 647 shares in the last quarter. Bessemer Group Inc. grew its stake in Webster Financial by 166.1% during the 1st quarter. Bessemer Group Inc. now owns 1,027 shares of the financial services provider’s stock worth $53,000 after buying an additional 641 shares during the last quarter. Finally, Parallel Advisors LLC increased its position in Webster Financial by 78.7% during the 1st quarter. Parallel Advisors LLC now owns 1,117 shares of the financial services provider’s stock valued at $58,000 after buying an additional 492 shares in the last quarter. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Webster Financial

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

Webster Financial Stock Down 2.9%

NYSE:WBS opened at $55.96 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.86 and a quick ratio of 0.85. The company’s fifty day moving average price is $55.75 and its 200-day moving average price is $53.52. Webster Financial Corporation has a 1-year low of $39.43 and a 1-year high of $63.99. The firm has a market capitalization of $9.41 billion, a P/E ratio of 11.35, a PEG ratio of 0.54 and a beta of 1.04.

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

Webster Financial declared that its board has authorized 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 buy up to 8.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Webster Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Monday, August 11th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, August 11th. Webster Financial’s dividend payout ratio (DPR) is currently 32.45%.

Analysts Set New Price Targets

WBS has been the subject of several recent analyst reports. Royal Bank Of Canada set a $60.00 price target on Webster Financial and gave the stock an “outperform” rating in a report on Friday, April 25th. Citigroup increased their price objective on shares of Webster Financial from $65.00 to $71.00 and gave the company a “buy” rating in a research report on Friday, July 18th. UBS Group reiterated a “buy” rating and issued a $69.00 target price on shares of Webster Financial in a research note on Wednesday, July 9th. Truist Financial reissued a “buy” rating and set a $67.00 target price (up previously from $61.00) on shares of Webster Financial in a research report on Friday, July 11th. Finally, Jefferies Financial Group began coverage on shares of Webster Financial in a report on Wednesday, May 21st. They issued a “buy” rating and a $65.00 price target for the company. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $66.77.

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.