Treasurer of the State of North Carolina Boosts Stock Holdings in Webster Financial Co. (NYSE:WBS)

Posted by Defense World Staff on Aug 8th, 2023

Treasurer of the State of North Carolina grew its position in Webster Financial Co. (NYSE:WBS – Free Report) by 0.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 77,968 shares of the financial services provider’s stock after purchasing an additional 480 shares during the period. Treasurer of the State of North Carolina’s holdings in Webster Financial were worth $3,073,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in WBS. Vanguard Group Inc. increased its stake in Webster Financial by 88.3% in the 1st quarter. Vanguard Group Inc. now owns 17,401,872 shares of the financial services provider’s stock valued at $976,594,000 after buying an additional 8,161,424 shares during the last quarter. Invesco Ltd. increased its position in shares of Webster Financial by 219.4% during the first quarter. Invesco Ltd. now owns 4,782,300 shares of the financial services provider’s stock valued at $268,381,000 after acquiring an additional 3,285,002 shares during the last quarter. State Street Corp lifted its holdings in Webster Financial by 68.8% during the first quarter. State Street Corp now owns 7,511,290 shares of the financial services provider’s stock worth $421,534,000 after acquiring an additional 3,061,831 shares during the period. Norges Bank purchased a new position in Webster Financial in the fourth quarter worth $84,632,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Webster Financial by 107.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,259,858 shares of the financial services provider’s stock valued at $182,944,000 after purchasing an additional 1,690,140 shares during the period. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Morgan Stanley reiterated an “overweight” rating and set a $43.00 target price on shares of Webster Financial in a research note on Tuesday, July 25th. StockNews.com initiated coverage on shares of Webster Financial in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. Wedbush raised their price target on shares of Webster Financial from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Raymond James upped their price objective on Webster Financial from $50.00 to $51.00 and gave the company an “outperform” rating in a research note on Monday, July 24th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Webster Financial in a research report on Thursday, May 25th. They issued a “buy” rating and a $47.00 target price for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Webster Financial has an average rating of “Moderate Buy” and an average price target of $51.40.

View Our Latest Stock Report on WBS

Webster Financial Trading Up 0.8 %

NYSE:WBS opened at $46.38 on Tuesday. Webster Financial Co. has a 1 year low of $31.03 and a 1 year high of $56.46. The stock’s fifty day moving average price is $40.78 and its two-hundred day moving average price is $42.19. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $8.10 billion, a P/E ratio of 8.83 and a beta of 1.27.

Webster Financial (NYSE:WBS – Get Free Report) last released its quarterly earnings data on Thursday, July 20th. The financial services provider reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.47 by $0.03. Webster Financial had a return on equity of 13.68% and a net margin of 26.69%. The company had revenue of $673.20 million for the quarter, compared to analyst estimates of $690.83 million. During the same period in the previous year, the company posted $1.29 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, analysts expect that Webster Financial Co. will post 5.88 EPS for the current year.

Webster Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 16th. Stockholders of record on Wednesday, August 2nd will be given a $0.40 dividend. The ex-dividend date is Tuesday, August 1st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.45%. Webster Financial’s dividend payout ratio (DPR) is currently 30.48%.

Insider Activity at Webster Financial

In other Webster Financial news, COO Luis Massiani sold 16,000 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $37.27, for a total value of $596,320.00. Following the sale, the chief operating officer now directly owns 115,153 shares in the company, valued at approximately $4,291,752.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is owned by corporate insiders.

Webster Financial Profile

(Free Report)

Webster Financial Corporation operates as the bank holding company for Webster Bank, National Association that provides a range of financial services to individuals, families, and businesses in the United States. It operates through three segments: Commercial Banking, HSA Bank, and Consumer Banking. The Commercial Banking segment provides commercial real estate and equipment financing, business banking, asset-based lending, and commercial services; public sector finance; mortgage warehouse financing; treasury management services; credit, deposit, and cash flow management services; and wealth management solutions to business owners and operators, including trust, asset management, financial planning, insurance, retirement, and investment products, as well as derivative, treasury, accounts payable, accounts receivable, and trade products and services.