GW&K Investment Management LLC grew its stake in Webster Financial Co. (NYSE:WBS) by 34.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,330,657 shares of the financial services provider’s stock after purchasing an additional 337,580 shares during the period. Webster Financial comprises approximately 0.9% of GW&K Investment Management LLC’s investment portfolio, making the stock its 18th largest position. GW&K Investment Management LLC owned 1.44% of Webster Financial worth $62,368,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of WBS. Menta Capital LLC bought a new position in Webster Financial in the 2nd quarter valued at approximately $202,000. Bank of America Corp DE raised its holdings in Webster Financial by 32.5% in the 2nd quarter. Bank of America Corp DE now owns 286,142 shares of the financial services provider’s stock valued at $13,670,000 after buying an additional 70,129 shares during the last quarter. Natixis bought a new position in Webster Financial in the 2nd quarter valued at approximately $2,709,000. Nuveen Asset Management LLC bought a new position in Webster Financial in the 2nd quarter valued at approximately $15,391,000. Finally, Swiss National Bank raised its holdings in Webster Financial by 2.1% in the 2nd quarter. Swiss National Bank now owns 171,700 shares of the financial services provider’s stock valued at $8,202,000 after buying an additional 3,600 shares during the last quarter. Institutional investors own 88.68% of the company’s stock.
In other news, Director John Joseph Crawford sold 1,000 shares of Webster Financial stock in a transaction on Monday, October 28th. The shares were sold at an average price of $45.68, for a total value of $45,680.00. Following the completion of the sale, the director now owns 14,099 shares in the company, valued at approximately $644,042.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark Pettie sold 4,000 shares of Webster Financial stock in a transaction on Monday, November 4th. The shares were sold at an average price of $46.32, for a total transaction of $185,280.00. Following the completion of the sale, the director now directly owns 35,272 shares of the company’s stock, valued at approximately $1,633,799.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,000 shares of company stock valued at $321,640. Company insiders own 1.53% of the company’s stock.
Webster Financial stock traded up $0.33 during mid-day trading on Friday, hitting $48.63. 487,008 shares of the stock were exchanged, compared to its average volume of 589,584. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.65. Webster Financial Co. has a 12 month low of $42.29 and a 12 month high of $61.49. The firm’s fifty day simple moving average is $45.98 and its two-hundred day simple moving average is $47.43. The stock has a market capitalization of $4.44 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.47 and a beta of 1.27.
Webster Financial (NYSE:WBS) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.01 by ($0.01). Webster Financial had a return on equity of 13.49% and a net margin of 27.14%. The firm had revenue of $310.50 million for the quarter, compared to the consensus estimate of $314.65 million. During the same quarter in the previous year, the business posted $0.98 EPS. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, analysts forecast that Webster Financial Co. will post 4.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 26th. Shareholders of record on Tuesday, November 12th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, November 8th. This represents a $1.60 annualized dividend and a yield of 3.29%. Webster Financial’s payout ratio is 42.78%.
A number of research analysts recently issued reports on WBS shares. Wells Fargo & Co dropped their price objective on shares of Webster Financial from $55.00 to $50.00 and set a “market perform” rating for the company in a report on Wednesday, October 2nd. Sandler O’Neill lowered shares of Webster Financial from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. ValuEngine upgraded shares of Webster Financial from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Boenning Scattergood reiterated a “neutral” rating on shares of Webster Financial in a report on Friday, July 19th. Finally, Stephens assumed coverage on shares of Webster Financial in a report on Monday, October 28th. They issued an “underweight” rating and a $42.00 price objective for the company. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Webster Financial presently has an average rating of “Hold” and a consensus target price of $52.33.
Webster Financial Company Profile
Webster Financial Corporation operates as the holding company for Webster Bank, National Association that provides a range of banking, investment, and financial services to individuals, families, and businesses in the United States. It operates through three segments: Commercial Banking, HSA Bank, and Community Banking.
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