Mackenzie Financial Corp Purchases Shares of 43,304 Webster Financial Corporation (NYSE:WBS)

Mackenzie Financial Corp purchased a new stake in Webster Financial Corporation (NYSE:WBS) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 43,304 shares of the financial services provider’s stock, valued at approximately $2,232,000.

Several other large investors have also recently bought and sold shares of WBS. FMR LLC increased its holdings in shares of Webster Financial by 1.2% during the fourth 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 period. Dimensional Fund Advisors LP increased its holdings in shares of Webster Financial by 0.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,620,818 shares of the financial services provider’s stock worth $365,601,000 after purchasing an additional 45,310 shares during the period. Capital International Investors increased its holdings in shares of Webster Financial by 0.9% during the fourth quarter. Capital International Investors now owns 4,130,379 shares of the financial services provider’s stock worth $228,000,000 after purchasing an additional 35,039 shares during the period. Earnest Partners LLC increased its holdings in shares of Webster Financial by 3.8% during the fourth quarter. Earnest Partners LLC now owns 3,154,160 shares of the financial services provider’s stock worth $174,173,000 after purchasing an additional 116,508 shares during the period. Finally, T. Rowe Price Investment Management Inc. increased its holdings in shares of Webster Financial by 4.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,948,701 shares of the financial services provider’s stock worth $162,828,000 after purchasing an additional 114,375 shares during the period. 85.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

WBS has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price objective 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. Royal Bank Of Canada set a $60.00 price objective on shares of Webster Financial and gave the company an “outperform” rating in a research note on Friday, April 25th. UBS Group reissued a “buy” rating and issued a $69.00 price objective on shares of Webster Financial in a research note on Wednesday, July 9th. Raymond James Financial lifted their price objective on shares of Webster Financial from $65.00 to $68.00 and gave the company an “outperform” rating in a research note on Friday, July 18th. Finally, Barclays lifted their price objective on shares of Webster Financial from $72.00 to $77.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Four research 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 stock has an average rating of “Moderate Buy” and a consensus target price of $66.77.

Webster Financial Stock Down 2.9%

WBS opened at $55.96 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.47. The stock has a market cap of $9.41 billion, a price-to-earnings ratio of 11.35, a PEG ratio of 0.51 and a beta of 1.04. Webster Financial Corporation has a twelve month low of $39.43 and a twelve month high of $63.99. The company’s 50-day moving average price is $55.75 and its two-hundred day moving average price is $53.45.

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

Webster Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Monday, August 11th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Monday, August 11th. Webster Financial’s payout ratio is presently 32.45%.

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

Insider Transactions at Webster Financial

In related news, insider Jason A. Soto sold 2,500 shares of the company’s 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 sale, the insider directly owned 18,889 shares in the company, valued at approximately $1,156,195.69. This represents a 11.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Javier L. Evans sold 7,800 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $52.58, for a total transaction of $410,124.00. Following the sale, the insider owned 19,820 shares in the company, valued at $1,042,135.60. The trade was a 28.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,638 shares of company stock valued at $2,258,145. Corporate insiders own 0.54% of the company’s stock.

About Webster Financial

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.