Cantor Fitzgerald Initiates Coverage on Webster Financial (NYSE:WBS)

Research analysts at Cantor Fitzgerald began coverage on shares of Webster Financial (NYSE:WBS) in a note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage set an “overweight” rating and a $70.00 price target on the financial services provider’s stock. Cantor Fitzgerald’s target price points to a potential upside of 13.19% from the company’s current price.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. raised their price objective on Webster Financial from $55.00 to $65.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Wells Fargo & Company raised their price objective on Webster Financial from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, July 18th. Truist Financial reaffirmed a “buy” rating and issued a $67.00 price objective (up from $61.00) on shares of Webster Financial in a research report on Friday, July 11th. Barclays raised their price objective on Webster Financial from $72.00 to $77.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Finally, Jefferies Financial Group began coverage on Webster Financial in a research note on Wednesday, May 21st. They set a “buy” rating and a $65.00 target price on the stock. Eleven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Webster Financial presently has a consensus rating of “Moderate Buy” and an average price target of $67.00.

Webster Financial Stock Performance

WBS opened at $61.84 on Wednesday. Webster Financial has a 12-month low of $39.43 and a 12-month high of $63.99. The stock has a market cap of $10.28 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 0.56 and a beta of 1.07. The business has a 50 day moving average of $59.49 and a 200-day moving average of $53.62. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.47.

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

Insider Activity

In other Webster Financial news, CAO Albert Jen-Wen Wang sold 3,250 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $60.31, for a total transaction of $196,007.50. Following the transaction, the chief accounting officer owned 15,755 shares in the company, valued at $950,184.05. This trade represents a 17.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason A. Soto sold 2,500 shares of the firm’s stock in a transaction on Monday, July 21st. The stock was sold at an average price of $61.21, for a total value of $153,025.00. Following the transaction, the insider owned 18,889 shares in the company, 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. Over the last 90 days, insiders have sold 33,445 shares of company stock worth $1,983,757. 0.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Webster Financial

A number of hedge funds have recently added to or reduced their stakes in WBS. Cetera Investment Advisers increased its stake in Webster Financial by 1.2% during the 4th quarter. Cetera Investment Advisers now owns 21,299 shares of the financial services provider’s stock worth $1,176,000 after acquiring an additional 259 shares during the period. Deutsche Bank AG increased its stake in Webster Financial by 305.8% during the 4th quarter. Deutsche Bank AG now owns 278,128 shares of the financial services provider’s stock worth $15,358,000 after acquiring an additional 209,590 shares during the period. Janus Henderson Group PLC increased its stake in Webster Financial by 3.6% during the 4th quarter. Janus Henderson Group PLC now owns 76,800 shares of the financial services provider’s stock worth $4,241,000 after acquiring an additional 2,700 shares during the period. Lighthouse Investment Partners LLC bought a new position in Webster Financial during the 4th quarter worth $3,028,000. Finally, Lazard Asset Management LLC boosted its holdings in shares of Webster Financial by 34.2% in the 4th quarter. Lazard Asset Management LLC now owns 18,647 shares of the financial services provider’s stock valued at $1,028,000 after purchasing an additional 4,755 shares in the last quarter. Institutional investors own 85.58% 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.