Webster Financial Corporation Declares Quarterly Dividend of $0.26 (WBS)
Webster Financial Corporation (NYSE:WBS) announced a quarterly dividend on Tuesday, October 24th, RTT News reports. Shareholders of record on Tuesday, November 7th will be given a dividend of 0.26 per share by the financial services provider on Tuesday, November 21st. This represents a $1.04 annualized dividend and a yield of 1.88%.
Webster Financial Corporation has increased its dividend by an average of 21.2% per year over the last three years and has increased its dividend every year for the last 6 years. Webster Financial Corporation has a payout ratio of 40.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Webster Financial Corporation to earn $2.86 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 36.4%.
Webster Financial Corporation (WBS) traded up 1.40% during midday trading on Tuesday, reaching $55.20. The company’s stock had a trading volume of 355,093 shares. Webster Financial Corporation has a 52-week low of $37.82 and a 52-week high of $57.50. The firm has a market cap of $5.08 billion, a P/E ratio of 23.00 and a beta of 1.26. The firm has a 50 day moving average of $50.81 and a 200 day moving average of $50.61.
Webster Financial Corporation (NYSE:WBS) last announced its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.67 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.03. Webster Financial Corporation had a return on equity of 9.89% and a net margin of 21.09%. The firm had revenue of $266.75 million during the quarter, compared to analysts’ expectations of $269.03 million. During the same quarter last year, the firm posted $0.54 earnings per share. Analysts anticipate that Webster Financial Corporation will post $2.59 earnings per share for the current fiscal year.
In related news, EVP Daniel Bley sold 8,000 shares of Webster Financial Corporation stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $51.20, for a total transaction of $409,600.00. Following the sale, the executive vice president now directly owns 25,657 shares in the company, valued at $1,313,638.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Nitin J. Mhatre sold 31,940 shares of Webster Financial Corporation stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $51.34, for a total value of $1,639,799.60. Following the sale, the executive vice president now owns 23,120 shares in the company, valued at $1,186,980.80. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
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A number of brokerages have commented on WBS. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $63.00 price objective on shares of Webster Financial Corporation in a research note on Friday. Boenning Scattergood reissued a “hold” rating on shares of Webster Financial Corporation in a research note on Friday. Wells Fargo & Company raised their price objective on Webster Financial Corporation from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Friday. Barclays PLC set a $55.00 price objective on Webster Financial Corporation and gave the company a “hold” rating in a research note on Friday. Finally, Zacks Investment Research raised Webster Financial Corporation from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research note on Saturday, July 8th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $54.11.
About Webster Financial Corporation
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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