State of Alaska Department of Revenue decreased its position in shares of Webster Financial Co. (NYSE:WBS – Free Report) by 9.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,659 shares of the financial services provider’s stock after selling 2,343 shares during the quarter. State of Alaska Department of Revenue’s holdings in Webster Financial were worth $817,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. US Bancorp DE lifted its holdings in Webster Financial by 217.7% during the 1st quarter. US Bancorp DE now owns 6,646 shares of the financial services provider’s stock worth $372,000 after buying an additional 4,554 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new position in Webster Financial during the 1st quarter worth about $480,000. Cetera Advisor Networks LLC acquired a new position in Webster Financial during the 1st quarter worth about $410,000. Private Advisor Group LLC lifted its holdings in Webster Financial by 78.6% during the 1st quarter. Private Advisor Group LLC now owns 11,359 shares of the financial services provider’s stock worth $637,000 after buying an additional 4,999 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in Webster Financial by 78.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 18,398 shares of the financial services provider’s stock worth $1,032,000 after buying an additional 8,091 shares during the period. Institutional investors and hedge funds own 86.37% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have commented on the company. Raymond James lifted their target price on Webster Financial from $50.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 24th. Jefferies Financial Group dropped their price objective on Webster Financial from $53.00 to $47.00 in a research note on Tuesday, October 10th. Seaport Res Ptn reissued a “buy” rating on shares of Webster Financial in a research note on Tuesday, September 12th. Wedbush boosted their price objective on Webster Financial from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Friday, July 21st. Finally, StockNews.com raised Webster Financial from a “sell” rating to a “hold” rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Webster Financial presently has a consensus rating of “Moderate Buy” and an average price target of $50.18.
Webster Financial Stock Up 2.5 %
WBS stock opened at $40.74 on Wednesday. The stock’s 50 day simple moving average is $41.41 and its 200 day simple moving average is $39.68. Webster Financial Co. has a fifty-two week low of $31.03 and a fifty-two week high of $56.46. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.89 and a current ratio of 0.89. The company has a market cap of $7.06 billion, a P/E ratio of 7.76 and a beta of 1.27.
Webster Financial (NYSE:WBS – Get Free Report) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.03. The business had revenue of $673.20 million for the quarter, compared to the consensus estimate of $690.83 million. Webster Financial had a return on equity of 13.68% and a net margin of 26.69%. The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.29 EPS. On average, research analysts expect that Webster Financial Co. will post 5.94 earnings per share for the current fiscal year.
Webster Financial Profile
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.
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