Webster Financial (NYSE:WBS) Given New $77.00 Price Target at TD Cowen

Webster Financial (NYSE:WBS) had its target price lowered by TD Cowen from $78.00 to $77.00 in a report issued on Wednesday,Benzinga reports. TD Cowen currently has a buy rating on the financial services provider’s stock.

A number of other research firms also recently commented on WBS. Raymond James Financial boosted their target price on shares of Webster Financial from $65.00 to $73.00 and gave the stock an “outperform” rating in a report on Wednesday. Cowen initiated coverage on Webster Financial in a research note on Wednesday, September 24th. They set a “buy” rating for the company. Truist Financial cut their target price on Webster Financial from $69.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday, October 20th. Barclays upped their target price on Webster Financial from $78.00 to $80.00 and gave the company an “overweight” rating in a report on Tuesday, November 11th. Finally, Citigroup reissued a “buy” rating on shares of Webster Financial in a research note on Tuesday, December 30th. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.46.

Webster Financial Trading Down 1.7%

Shares of Webster Financial stock opened at $64.56 on Wednesday. The business has a fifty day simple moving average of $60.81 and a 200-day simple moving average of $59.46. Webster Financial has a fifty-two week low of $39.43 and a fifty-two week high of $65.98. The firm has a market cap of $10.41 billion, a price-to-earnings ratio of 12.02, a price-to-earnings-growth ratio of 0.52 and a beta of 1.05. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.42.

Webster Financial (NYSE:WBS) last released its earnings results on Friday, October 17th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.02. Webster Financial had a return on equity of 11.07% and a net margin of 21.32%.The firm had revenue of $756.06 million for the quarter, compared to analyst estimates of $725.22 million. During the same period in the previous year, the company earned $1.34 earnings per share. On average, equities analysts forecast that Webster Financial will post 5.88 EPS for the current fiscal year.

Webster Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Monday, November 10th were given a dividend of $0.40 per share. The ex-dividend date was Monday, November 10th. This represents a $1.60 dividend on an annualized basis and a yield of 2.5%. Webster Financial’s dividend payout ratio (DPR) is presently 29.80%.

Insiders Place Their Bets

In other news, CEO John R. Ciulla sold 8,000 shares of the company’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $55.45, for a total value of $443,600.00. Following the transaction, the chief executive officer owned 231,872 shares in the company, valued at $12,857,302.40. This represents a 3.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BOKF NA purchased a new stake in Webster Financial in the 3rd quarter worth approximately $26,000. Root Financial Partners LLC acquired a new position in shares of Webster Financial in the third quarter worth $29,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Webster Financial during the third quarter worth $29,000. Wilmington Savings Fund Society FSB acquired a new stake in Webster Financial during the third quarter valued at $33,000. Finally, IFP Advisors Inc boosted its position in Webster Financial by 3,628.6% during the second quarter. IFP Advisors Inc now owns 783 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 762 shares during the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.

About Webster Financial

Webster Financial Corporation is a bank holding company headquartered in Waterbury, Connecticut. Through its principal subsidiary, Webster Bank, N.A., the company offers a broad range of banking products and financial services to individuals, small businesses, and middle-market commercial clients. Key offerings include deposit accounts, residential and commercial real estate lending, equipment finance, treasury management, and payment processing solutions.

In addition to traditional banking services, Webster Financial provides wealth management and insurance products designed to help clients plan for retirement, preserve assets, and manage risk.