Oppenheimer Asset Management Inc. Sells 766 Shares of Webster Financial Co. (NYSE:WBS)

Oppenheimer Asset Management Inc. trimmed its holdings in Webster Financial Co. (NYSE:WBS) by 2.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 34,927 shares of the financial services provider’s stock after selling 766 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Webster Financial were worth $1,628,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Sound Income Strategies LLC raised its holdings in shares of Webster Financial by 1,859.1% during the second quarter. Sound Income Strategies LLC now owns 15,692 shares of the financial services provider’s stock valued at $684,000 after purchasing an additional 14,891 shares during the last quarter. Boston Partners lifted its holdings in shares of Webster Financial by 44.2% during the 1st quarter. Boston Partners now owns 264,937 shares of the financial services provider’s stock valued at $13,439,000 after buying an additional 81,201 shares during the period. Texas Permanent School Fund Corp boosted its stake in shares of Webster Financial by 13.5% in the 2nd quarter. Texas Permanent School Fund Corp now owns 170,852 shares of the financial services provider’s stock worth $7,447,000 after buying an additional 20,300 shares during the last quarter. Capital Group Private Client Services Inc. boosted its stake in shares of Webster Financial by 18.3% in the 1st quarter. Capital Group Private Client Services Inc. now owns 106,042 shares of the financial services provider’s stock worth $5,384,000 after buying an additional 16,394 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Webster Financial by 0.3% during the first quarter. Vanguard Group Inc. now owns 17,926,270 shares of the financial services provider’s stock valued at $910,117,000 after acquiring an additional 54,841 shares during the last quarter. Institutional investors own 85.58% of the company’s stock.

Insider Activity at Webster Financial

In other news, CAO Albert Jen-Wen Wang sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $52.43, for a total transaction of $209,720.00. Following the sale, the chief accounting officer now directly owns 14,273 shares of the company’s stock, valued at $748,333.39. This represents a 21.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Javier L. Evans sold 10,137 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $57.41, for a total transaction of $581,965.17. Following the completion of the transaction, the insider now directly owns 22,657 shares of the company’s stock, valued at approximately $1,300,738.37. This trade represents a 30.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,100 shares of company stock valued at $1,202,237. Corporate insiders own 0.88% of the company’s stock.

Webster Financial Price Performance

NYSE:WBS opened at $60.07 on Monday. The stock has a market cap of $10.30 billion, a PE ratio of 13.62, a P/E/G ratio of 0.89 and a beta of 1.27. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.45. The business’s 50-day simple moving average is $49.79 and its two-hundred day simple moving average is $46.51. Webster Financial Co. has a 52 week low of $39.33 and a 52 week high of $61.12.

Webster Financial (NYSE:WBS) last issued its earnings results on Thursday, October 17th. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.01). Webster Financial had a net margin of 18.80% and a return on equity of 11.03%. The business had revenue of $647.62 million for the quarter, compared to the consensus estimate of $677.72 million. During the same period last year, the business posted $1.55 EPS. As a group, analysts forecast that Webster Financial Co. will post 5.24 EPS for the current fiscal year.

Webster Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 12th. Investors of record on Friday, November 1st were given a dividend of $0.40 per share. The ex-dividend date was Friday, November 1st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.66%. Webster Financial’s dividend payout ratio is 36.28%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Wedbush raised their target price on Webster Financial from $52.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Stephens set a $58.00 price objective on shares of Webster Financial in a report on Thursday, October 17th. StockNews.com raised shares of Webster Financial from a “sell” rating to a “hold” rating in a report on Tuesday, October 29th. Morgan Stanley dropped their price target on shares of Webster Financial from $57.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. reduced their price objective on Webster Financial from $58.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Webster Financial has a consensus rating of “Moderate Buy” and a consensus price target of $57.85.

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.