Webster Financial (NYSE:WBS) Given New $58.00 Price Target at JPMorgan Chase & Co.

Webster Financial (NYSE:WBS) had its target price reduced by JPMorgan Chase & Co. from $63.00 to $58.00 in a research note released on Thursday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

WBS has been the subject of several other research reports. Citigroup cut their price target on Webster Financial from $60.00 to $55.00 and set a buy rating for the company in a report on Wednesday, April 24th. StockNews.com upgraded Webster Financial from a sell rating to a hold rating in a research report on Friday, April 26th. Royal Bank of Canada cut their price target on shares of Webster Financial from $57.00 to $54.00 and set an outperform rating on the stock in a report on Wednesday, April 24th. Raymond James reiterated an outperform rating and issued a $60.00 target price on shares of Webster Financial in a report on Tuesday, March 26th. Finally, Jefferies Financial Group cut their price target on shares of Webster Financial from $65.00 to $56.00 and set a buy rating on the stock in a research report on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $56.17.

Webster Financial Stock Down 0.5 %

NYSE:WBS opened at $41.47 on Thursday. The company has a market cap of $7.11 billion, a PE ratio of 8.50, a PEG ratio of 0.51 and a beta of 1.31. Webster Financial has a 52-week low of $36.36 and a 52-week high of $53.39. The stock has a 50-day simple moving average of $43.70 and a 200 day simple moving average of $47.14. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.86 and a current ratio of 0.86.

Webster Financial (NYSE:WBS) last posted its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.02). The company had revenue of $667.10 million for the quarter, compared to analyst estimates of $680.72 million. Webster Financial had a return on equity of 12.55% and a net margin of 21.09%. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period last year, the firm earned $1.49 EPS. On average, sell-side analysts expect that Webster Financial will post 5.56 EPS for the current fiscal year.

Webster Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 6th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, May 3rd. This represents a $1.60 annualized dividend and a dividend yield of 3.86%. Webster Financial’s payout ratio is 32.79%.

Insider Buying and Selling

In other Webster Financial news, insider Daniel Bley sold 2,280 shares of Webster Financial stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $44.80, for a total transaction of $102,144.00. Following the transaction, the insider now directly owns 28,693 shares of the company’s stock, valued at approximately $1,285,446.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Webster Financial

Hedge funds have recently modified their holdings of the company. Norges Bank bought a new position in Webster Financial in the 4th quarter valued at $97,217,000. American Century Companies Inc. increased its holdings in Webster Financial by 1,773.9% during the third quarter. American Century Companies Inc. now owns 1,324,457 shares of the financial services provider’s stock worth $53,389,000 after buying an additional 1,253,778 shares during the last quarter. Azora Capital LP raised its position in Webster Financial by 146.3% in the fourth quarter. Azora Capital LP now owns 1,477,198 shares of the financial services provider’s stock worth $74,983,000 after acquiring an additional 877,540 shares during the period. Dimensional Fund Advisors LP boosted its stake in Webster Financial by 12.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,916,013 shares of the financial services provider’s stock valued at $198,785,000 after acquiring an additional 430,331 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of Webster Financial by 39.5% during the 4th quarter. Sei Investments Co. now owns 1,477,642 shares of the financial services provider’s stock valued at $75,006,000 after acquiring an additional 418,716 shares during the period. 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.