Webster Financial (NYSE:WBS) Earns “Underweight” Rating from Wells Fargo & Company

Webster Financial (NYSE:WBS)‘s stock had its “underweight” rating reissued by investment analysts at Wells Fargo & Company in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They currently have a $70.00 price objective on the financial services provider’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 0.58% from the stock’s current price.

Several other analysts have also issued reports on the stock. TD Cowen lowered shares of Webster Financial from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Truist Financial cut Webster Financial from a “buy” rating to a “hold” rating and set a $74.00 target price for the company. in a research note on Wednesday, February 4th. Morgan Stanley reduced their target price on Webster Financial from $77.00 to $75.00 and set an “equal weight” rating on the stock in a report on Thursday, February 5th. Santander cut Webster Financial to a “hold” rating in a report on Wednesday, February 4th. Finally, Stephens restated an “equal weight” rating and set a $73.00 price objective on shares of Webster Financial in a research report on Wednesday, February 4th. Four analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $74.50.

Webster Financial Stock Performance

Webster Financial stock traded up $1.64 during midday trading on Tuesday, reaching $70.41. 4,860,013 shares of the company’s stock were exchanged, compared to its average volume of 4,323,189. The stock’s 50-day simple moving average is $67.73 and its 200 day simple moving average is $62.49. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 11.91 and a beta of 1.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 0.86. Webster Financial has a 52 week low of $39.43 and a 52 week high of $74.00.

Webster Financial (NYSE:WBS) last released its quarterly earnings data on Friday, January 23rd. The financial services provider reported $1.59 EPS for the quarter, topping analysts’ consensus estimates of $1.52 by $0.07. The firm had revenue of $760.48 million during the quarter, compared to analysts’ expectations of $731.95 million. Webster Financial had a net margin of 22.67% and a return on equity of 11.10%. During the same period in the previous year, the business posted $1.43 earnings per share. On average, analysts expect that Webster Financial will post 5.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd bought a new stake in shares of Webster Financial during the third quarter valued at approximately $578,000. Assenagon Asset Management S.A. lifted its position in Webster Financial by 959.3% during the third quarter. Assenagon Asset Management S.A. now owns 358,294 shares of the financial services provider’s stock valued at $21,297,000 after buying an additional 324,471 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in Webster Financial during the third quarter valued at $1,991,000. Norges Bank bought a new stake in shares of Webster Financial during the 2nd quarter valued at $131,780,000. Finally, Pacer Advisors Inc. bought a new stake in shares of Webster Financial during the 3rd quarter valued at $1,786,000. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Webster Financial Company Profile

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.