Webster Financial Co. (WBS) Announces Quarterly Earnings Results
Webster Financial Co. (NYSE:WBS) posted its quarterly earnings results on Friday. The financial services provider reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.04, Morningstar.com reports. The company had revenue of $262.50 million for the quarter, compared to the consensus estimate of $260.91 million. Webster Financial had a return on equity of 9.50% and a net margin of 23.26%. During the same quarter in the prior year, the business posted $0.53 EPS.
Shares of Webster Financial (NYSE WBS) traded down 4.59% during mid-day trading on Friday, reaching $50.88. The company had a trading volume of 1,899,167 shares. The firm has a market capitalization of $4.69 billion, a price-to-earnings ratio of 22.22 and a beta of 1.26. The stock has a 50 day moving average of $52.35 and a 200-day moving average of $52.10. Webster Financial has a one year low of $35.29 and a one year high of $57.50.
In other Webster Financial news, Director Laurence C. Morse sold 4,971 shares of the company’s stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $51.88, for a total value of $257,895.48. Following the completion of the transaction, the director now directly owns 28,210 shares in the company, valued at $1,463,534.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John Joseph Crawford sold 2,753 shares of the company’s stock in a transaction that occurred on Wednesday, April 26th. The stock was sold at an average price of $53.30, for a total transaction of $146,734.90. Following the completion of the transaction, the director now owns 7,752 shares of the company’s stock, valued at $413,181.60. The disclosure for this sale can be found here. Insiders have sold 26,214 shares of company stock valued at $1,364,548 over the last 90 days. 2.20% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its position in Webster Financial by 14,031.4% in the first quarter. BlackRock Inc. now owns 10,092,772 shares of the financial services provider’s stock worth $505,043,000 after buying an additional 10,021,351 shares during the last quarter. Norges Bank purchased a new position in Webster Financial during the fourth quarter worth $37,949,000. State Street Corp raised its position in Webster Financial by 12.5% in the first quarter. State Street Corp now owns 5,006,188 shares of the financial services provider’s stock worth $250,503,000 after buying an additional 556,988 shares during the last quarter. Vanguard Group Inc. raised its position in Webster Financial by 5.5% in the first quarter. Vanguard Group Inc. now owns 7,564,362 shares of the financial services provider’s stock worth $378,521,000 after buying an additional 395,457 shares during the last quarter. Finally, Artisan Partners Limited Partnership raised its position in Webster Financial by 90.6% in the first quarter. Artisan Partners Limited Partnership now owns 578,755 shares of the financial services provider’s stock worth $28,961,000 after buying an additional 275,056 shares during the last quarter. Institutional investors and hedge funds own 97.53% of the company’s stock.
A number of research analysts have recently weighed in on WBS shares. Zacks Investment Research raised Webster Financial from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research note on Saturday, July 8th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $58.00 price target on shares of Webster Financial in a research note on Friday, April 21st. Wedbush reissued an “outperform” rating and issued a $60.00 price target on shares of Webster Financial in a research note on Tuesday, June 27th. BidaskClub downgraded Webster Financial from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Finally, Barclays PLC increased their price target on Webster Financial from $50.00 to $52.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Webster Financial presently has a consensus rating of “Hold” and a consensus price target of $53.38.
About Webster Financial
Webster Financial Corporation is a bank and financial holding company. The Company’s segments include Commercial Banking, Community Banking, HSA Bank, Private Banking, and Corporate and Reconciling. The Commercial Banking segment includes middle-market, asset-based lending, commercial real estate, equipment finance, and treasury and payment solutions, which includes government and institutional banking.
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