Commerce Bank cut its stake in Webster Financial Co. (NYSE:WBS – Free Report) by 1.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,017 shares of the financial services provider’s stock after selling 255 shares during the quarter. Commerce Bank’s holdings in Webster Financial were worth $886,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. Assetmark Inc. grew its stake in shares of Webster Financial by 9.3% in the 3rd quarter. Assetmark Inc. now owns 2,611 shares of the financial services provider’s stock valued at $122,000 after buying an additional 222 shares in the last quarter. CIBC Asset Management Inc increased its stake in shares of Webster Financial by 5.4% during the 2nd quarter. CIBC Asset Management Inc now owns 4,821 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 248 shares during the last quarter. Covestor Ltd raised its holdings in shares of Webster Financial by 17.0% during the 3rd quarter. Covestor Ltd now owns 1,895 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 276 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its stake in shares of Webster Financial by 8.5% in the 3rd quarter. Creative Financial Designs Inc. ADV now owns 3,976 shares of the financial services provider’s stock valued at $185,000 after purchasing an additional 311 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Webster Financial by 30.1% in the second quarter. GAMMA Investing LLC now owns 1,629 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 377 shares in the last quarter. 85.58% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
WBS has been the topic of several recent research reports. Wedbush raised their target price on Webster Financial from $52.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Stephens set a $58.00 target price on shares of Webster Financial in a report on Thursday, October 17th. StockNews.com lowered Webster Financial from a “hold” rating to a “sell” rating in a report on Monday, November 18th. Morgan Stanley cut their price objective on shares of Webster Financial from $57.00 to $54.00 and set an “equal weight” rating for the company in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Webster Financial from $58.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Webster Financial has an average rating of “Moderate Buy” and a consensus target price of $57.85.
Webster Financial Stock Performance
Shares of NYSE:WBS opened at $61.76 on Monday. The stock has a market capitalization of $10.59 billion, a P/E ratio of 14.00, a P/E/G ratio of 0.91 and a beta of 1.27. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.45. Webster Financial Co. has a 1-year low of $39.33 and a 1-year high of $61.86. The business has a 50-day moving average price of $51.40 and a two-hundred day moving average price of $47.04.
Webster Financial (NYSE:WBS – Get Free Report) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.34 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.01). Webster Financial had a return on equity of 11.03% and a net margin of 18.80%. 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 firm earned $1.55 earnings per share. Equities analysts predict that Webster Financial Co. will post 5.24 earnings per share for the current year.
Webster Financial Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Investors of record on Friday, November 1st were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.59%. The ex-dividend date of this dividend was Friday, November 1st. Webster Financial’s payout ratio is 36.28%.
Insider Transactions at Webster Financial
In other Webster Financial news, insider Javier L. Evans sold 10,137 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $57.41, for a total value of $581,965.17. Following the sale, the insider now owns 22,657 shares in the company, valued at approximately $1,300,738.37. The trade was a 30.91 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Albert Jen-Wen Wang sold 4,000 shares of the firm’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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,750 shares of company stock valued at $2,074,367 over the last three months. 0.88% of the stock is currently owned by corporate insiders.
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.
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