Webster Financial (NYSE:WBS) Given New $68.00 Price Target at JPMorgan Chase & Co.

Webster Financial (NYSE:WBS) had its target price trimmed by JPMorgan Chase & Co. from $70.00 to $68.00 in a report released on Wednesday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other research firms also recently commented on WBS. UBS Group restated a “buy” rating and issued a $69.00 price target on shares of Webster Financial in a research note on Wednesday, July 9th. Citigroup upped their price target on shares of Webster Financial from $65.00 to $71.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Cantor Fitzgerald began coverage on shares of Webster Financial in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $70.00 price target on the stock. Keefe, Bruyette & Woods upped their price target 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, Truist Financial reaffirmed a “buy” rating and set a $67.00 price objective (up previously from $61.00) on shares of Webster Financial in a research report on Friday, July 11th. Thirteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $68.67.

Webster Financial Price Performance

NYSE:WBS opened at $58.92 on Wednesday. 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 firm’s fifty day moving average price is $59.70 and its two-hundred day moving average price is $54.40. Webster Financial has a one year low of $39.43 and a one year high of $63.99. The company has a market cap of $9.79 billion, a P/E ratio of 11.95, a P/E/G ratio of 0.54 and a beta of 1.05.

Webster Financial (NYSE:WBS) last released 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. Webster Financial had a net margin of 20.06% and a return on equity of 10.84%. The business had revenue of $715.80 million for the quarter, compared to the consensus estimate of $716.59 million. During the same period in the prior year, the company posted $1.26 earnings per share. Webster Financial’s revenue was up 16.5% compared to the same quarter last year. Equities analysts expect that Webster Financial will post 5.88 earnings per share for the current year.

Webster Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Monday, August 11th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Monday, August 11th. Webster Financial’s dividend payout ratio (DPR) is presently 32.45%.

Insider Buying and Selling

In other news, CAO Elzbieta Cieslik sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $61.58, for a total value of $123,160.00. Following the sale, the chief accounting officer directly owned 14,894 shares in the company, valued at approximately $917,172.52. This trade represents a 11.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John R. Ciulla sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $57.95, for a total transaction of $463,600.00. Following the completion of the sale, the chief executive officer owned 239,872 shares in the company, valued at approximately $13,900,582.40. The trade was a 3.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 36,445 shares of company stock worth $2,168,537 in the last quarter. Corporate insiders own 0.54% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Curi Capital LLC raised its holdings in Webster Financial by 0.3% in the 2nd quarter. Curi Capital LLC now owns 68,500 shares of the financial services provider’s stock valued at $3,740,000 after buying an additional 182 shares during the last quarter. BCGM Wealth Management LLC raised its holdings in Webster Financial by 1.2% in the 2nd quarter. BCGM Wealth Management LLC now owns 16,161 shares of the financial services provider’s stock valued at $882,000 after buying an additional 186 shares during the last quarter. Perigon Wealth Management LLC raised its holdings in Webster Financial by 4.5% in the 2nd quarter. Perigon Wealth Management LLC now owns 4,348 shares of the financial services provider’s stock valued at $237,000 after buying an additional 189 shares during the last quarter. Journey Strategic Wealth LLC raised its holdings in Webster Financial by 3.2% in the 2nd quarter. Journey Strategic Wealth LLC now owns 6,747 shares of the financial services provider’s stock valued at $368,000 after buying an additional 210 shares during the last quarter. Finally, PenderFund Capital Management Ltd. raised its holdings in Webster Financial by 4.0% in the 1st quarter. PenderFund Capital Management Ltd. now owns 5,578 shares of the financial services provider’s stock valued at $288,000 after buying an additional 215 shares during 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.