Private Advisor Group LLC increased its stake in Webster Financial Co. (NYSE:WBS) by 11.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,748 shares of the financial services provider’s stock after buying an additional 700 shares during the period. Private Advisor Group LLC’s holdings in Webster Financial were worth $329,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Riverhead Capital Management LLC raised its position in shares of Webster Financial by 83.1% in the third quarter. Riverhead Capital Management LLC now owns 2,900 shares of the financial services provider’s stock valued at $110,000 after buying an additional 1,316 shares during the period. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Webster Financial during the fourth quarter valued at about $141,000. Flinton Capital Management LLC acquired a new position in shares of Webster Financial during the fourth quarter valued at about $142,000. Meadow Creek Investment Management LLC raised its position in shares of Webster Financial by 20.9% in the first quarter. Meadow Creek Investment Management LLC now owns 4,334 shares of the financial services provider’s stock valued at $217,000 after buying an additional 748 shares during the last quarter. Finally, US Bancorp DE raised its position in shares of Webster Financial by 8.0% in the first quarter. US Bancorp DE now owns 4,551 shares of the financial services provider’s stock valued at $229,000 after buying an additional 339 shares during the last quarter. Institutional investors and hedge funds own 96.12% of the company’s stock.
Webster Financial Co. (WBS) traded down 0.30% during midday trading on Friday, hitting $49.42. 507,726 shares of the stock traded hands. Webster Financial Co. has a 12 month low of $31.29 and a 12 month high of $57.50. The firm has a market cap of $4.56 billion, a PE ratio of 21.58 and a beta of 1.28. The company’s 50 day moving average price is $50.24 and its 200 day moving average price is $51.92.
Webster Financial (NYSE:WBS) last released its earnings results on Friday, April 21st. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.05. The business had revenue of $255.70 million for the quarter, compared to analyst estimates of $254.48 million. Webster Financial had a return on equity of 8.82% and a net margin of 19.18%. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 earnings per share. Equities research analysts predict that Webster Financial Co. will post $2.47 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, May 22nd. Investors of record on Monday, May 8th were paid a $0.26 dividend. The ex-dividend date of this dividend was Thursday, May 4th. This is an increase from Webster Financial’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.10%. Webster Financial’s payout ratio is 45.87%.
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WBS has been the subject of several research reports. Zacks Investment Research upgraded shares of Webster Financial from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research note on Thursday, April 6th. Keefe, Bruyette & Woods restated a “buy” rating and set a $58.00 price objective on shares of Webster Financial in a research note on Friday, April 21st. Barclays PLC raised their price objective on shares of Webster Financial from $50.00 to $52.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 25th. Finally, Jefferies Group LLC set a $53.00 price target on shares of Webster Financial and gave the company a “hold” rating in a report on Saturday, May 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. Webster Financial has an average rating of “Hold” and a consensus target price of $48.94.
In other Webster Financial news, Director Mark Pettie sold 3,987 shares of the business’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $50.53, for a total transaction of $201,463.11. Following the sale, the director now directly owns 18,471 shares in the company, valued at $933,339.63. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John Joseph Crawford sold 5,063 shares of the business’s stock in a transaction on Wednesday, May 3rd. The stock was sold at an average price of $51.30, for a total value of $259,731.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,214 shares of company stock worth $1,364,548. Company insiders own 2.59% of the company’s stock.
About Webster Financial
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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