Charles Schwab Investment Management Inc. Sells 60,364 Shares of Webster Financial Corporation (NYSE:WBS)

Charles Schwab Investment Management Inc. decreased its position in shares of Webster Financial Corporation (NYSE:WBS) by 4.0% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,447,291 shares of the financial services provider’s stock after selling 60,364 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.86% of Webster Financial worth $74,608,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Bank of Nova Scotia purchased a new position in shares of Webster Financial during the 1st quarter valued at $1,169,000. US Bancorp DE lifted its stake in shares of Webster Financial by 6.3% during the 1st quarter. US Bancorp DE now owns 7,596 shares of the financial services provider’s stock valued at $392,000 after buying an additional 453 shares in the last quarter. BCGM Wealth Management LLC lifted its stake in shares of Webster Financial by 8.2% during the 1st quarter. BCGM Wealth Management LLC now owns 15,975 shares of the financial services provider’s stock valued at $823,000 after buying an additional 1,214 shares in the last quarter. Natixis Advisors LLC lifted its stake in shares of Webster Financial by 8.6% during the 1st quarter. Natixis Advisors LLC now owns 296,796 shares of the financial services provider’s stock valued at $15,300,000 after buying an additional 23,529 shares in the last quarter. Finally, Bayforest Capital Ltd lifted its stake in shares of Webster Financial by 59.6% during the 1st quarter. Bayforest Capital Ltd now owns 1,974 shares of the financial services provider’s stock valued at $102,000 after buying an additional 737 shares in the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Webster Financial Stock Up 0.9%

Shares of NYSE WBS opened at $58.26 on Thursday. The firm’s 50-day moving average price is $56.50 and its 200-day moving average price is $53.37. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $9.68 billion, a price-to-earnings ratio of 11.82, a P/E/G ratio of 0.53 and a beta of 1.04. Webster Financial Corporation has a 12-month low of $39.43 and a 12-month high of $63.99.

Webster Financial (NYSE:WBS) last issued its quarterly earnings results on Thursday, July 17th. The financial services provider reported $1.52 EPS for the quarter, beating 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 net margin of 20.06% and a return on equity of 10.84%. The firm’s revenue was up 16.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.26 EPS. On average, equities research analysts anticipate that Webster Financial Corporation will post 5.88 EPS for the current fiscal year.

Webster Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Monday, August 11th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.7%. The ex-dividend date is Monday, August 11th. Webster Financial’s dividend payout ratio is presently 32.45%.

Webster Financial declared that its Board of Directors has approved a share buyback program 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 programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms recently weighed in on WBS. Keefe, Bruyette & Woods lifted their target price 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. Seaport Res Ptn cut shares of Webster Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Citigroup boosted their price target on shares of Webster Financial from $65.00 to $71.00 and gave the stock a “buy” rating in a research note on Friday, July 18th. Raymond James Financial boosted their price target on shares of Webster Financial from $65.00 to $68.00 and gave the stock an “outperform” rating in a research note on Friday, July 18th. Finally, Barclays boosted their price target on shares of Webster Financial from $72.00 to $77.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Webster Financial presently has a consensus rating of “Moderate Buy” and an average target price of $66.77.

Insider Activity at Webster Financial

In related news, Director William L. Atwell sold 16,823 shares of the company’s stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $59.20, for a total transaction of $995,921.60. Following the transaction, the director directly owned 30,915 shares in the company, valued at approximately $1,830,168. This represents a 35.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jason A. Soto sold 2,500 shares of the company’s stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $61.21, for a total transaction of $153,025.00. Following the transaction, the insider owned 18,889 shares in the company, valued at $1,156,195.69. The trade was a 11.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,638 shares of company stock worth $2,258,145 in the last three months. 0.54% of the stock is owned by insiders.

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.