JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Webster Financial (NYSE:WBS) Stock

Webster Financial (NYSE:WBS) had its price target lifted by research analysts at JPMorgan Chase & Co. from $70.00 to $75.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 17.38% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Cantor Fitzgerald initiated coverage on shares of Webster Financial in a report on Wednesday, September 10th. They set an “overweight” rating and a $70.00 price target on the stock. TD Cowen initiated coverage on Webster Financial in a report on Thursday, September 25th. They issued a “buy” rating and a $78.00 price target on the stock. Wells Fargo & Company dropped their price objective on Webster Financial from $75.00 to $70.00 and set an “overweight” rating for the company in a report on Monday, October 20th. Keefe, Bruyette & Woods upped their price objective on Webster Financial from $70.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Cowen started coverage on Webster Financial in a research report on Wednesday, September 24th. They set a “buy” rating for the company. Fourteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Webster Financial presently has a consensus rating of “Moderate Buy” and an average target price of $70.92.

Webster Financial Trading Up 0.3%

Shares of NYSE WBS opened at $63.89 on Tuesday. Webster Financial has a 1-year low of $39.43 and a 1-year high of $64.87. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.85 and a quick ratio of 0.85. The business’s 50 day moving average is $58.46 and its two-hundred day moving average is $58.22. The stock has a market capitalization of $10.31 billion, a P/E ratio of 11.90, a PEG ratio of 0.56 and a beta of 1.07.

Webster Financial (NYSE:WBS) last posted its quarterly earnings data on Friday, October 17th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.02. The business had revenue of $756.06 million during the quarter, compared to analyst estimates of $725.22 million. Webster Financial had a return on equity of 11.07% and a net margin of 21.32%.During the same period last year, the company earned $1.34 EPS. As a group, research analysts expect that Webster Financial will post 5.88 EPS for the current year.

Insider Activity at Webster Financial

In other news, CEO John R. Ciulla sold 8,000 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $55.45, for a total transaction of $443,600.00. Following the transaction, the chief executive officer owned 231,872 shares in the company, valued at approximately $12,857,302.40. This trade represents a 3.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On Webster Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amundi lifted its position in Webster Financial by 699.7% during the first quarter. Amundi now owns 137,740 shares of the financial services provider’s stock valued at $7,100,000 after purchasing an additional 120,516 shares during the period. Pallas Capital Advisors LLC acquired a new position in shares of Webster Financial in the 2nd quarter valued at about $474,000. Norges Bank purchased a new stake in shares of Webster Financial in the second quarter worth about $131,780,000. Great Lakes Advisors LLC grew its holdings in Webster Financial by 3,066.1% during the first quarter. Great Lakes Advisors LLC now owns 126,012 shares of the financial services provider’s stock worth $6,496,000 after acquiring an additional 122,032 shares during the period. Finally, Hunter Perkins Capital Management LLC raised its position in Webster Financial by 15.9% during the second quarter. Hunter Perkins Capital Management LLC now owns 118,256 shares of the financial services provider’s stock valued at $6,457,000 after acquiring an additional 16,211 shares in the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

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.