Webster Financial Co. (NYSE:WBS) Position Lowered by Truist Financial Corp

Truist Financial Corp reduced its position in Webster Financial Co. (NYSE:WBS) by 24.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 98,257 shares of the financial services provider’s stock after selling 32,495 shares during the quarter. Truist Financial Corp owned approximately 0.06% of Webster Financial worth $4,283,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of WBS. Dimensional Fund Advisors LP increased its holdings in shares of Webster Financial by 28.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,522,044 shares of the financial services provider’s stock valued at $240,687,000 after acquiring an additional 1,206,575 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in Webster Financial by 64.9% in the second quarter. Point72 Asset Management L.P. now owns 1,604,198 shares of the financial services provider’s stock worth $69,927,000 after purchasing an additional 631,080 shares during the period. Groupama Asset Managment bought a new stake in Webster Financial during the fourth quarter valued at $20,471,000. Bank of Montreal Can increased its stake in Webster Financial by 1,482.9% during the second quarter. Bank of Montreal Can now owns 339,246 shares of the financial services provider’s stock valued at $14,801,000 after purchasing an additional 317,814 shares during the last quarter. Finally, Earnest Partners LLC raised its holdings in shares of Webster Financial by 11.2% during the first quarter. Earnest Partners LLC now owns 3,072,624 shares of the financial services provider’s stock worth $155,997,000 after purchasing an additional 308,455 shares during the period. Institutional investors and hedge funds own 85.58% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on WBS. Keefe, Bruyette & Woods lowered their price objective on shares of Webster Financial from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Tuesday, July 9th. Royal Bank of Canada dropped their price target on Webster Financial from $54.00 to $51.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Barclays reduced their price objective on Webster Financial from $65.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, June 24th. Morgan Stanley cut their target price on Webster Financial from $57.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Webster Financial from $63.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.40.

Webster Financial Price Performance

Shares of NYSE WBS opened at $44.76 on Wednesday. The stock has a market cap of $7.67 billion, a P/E ratio of 9.17, a P/E/G ratio of 0.68 and a beta of 1.28. The firm’s 50-day simple moving average is $45.49 and its 200 day simple moving average is $45.35. Webster Financial Co. has a fifty-two week low of $36.36 and a fifty-two week high of $53.39. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.44.

Webster Financial (NYSE:WBS) last released its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.08). The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $671.91 million. Webster Financial had a return on equity of 11.81% and a net margin of 19.81%. During the same quarter last year, the firm posted $1.50 earnings per share. Equities analysts expect that Webster Financial Co. will post 5.27 EPS for the current year.

Webster Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 8th. Shareholders of record on Monday, July 29th were given a $0.40 dividend. The ex-dividend date was Monday, July 29th. This represents a $1.60 dividend on an annualized basis and a yield of 3.57%. Webster Financial’s dividend payout ratio (DPR) is 32.79%.

Insider Buying and Selling at Webster Financial

In other news, CEO John R. Ciulla sold 8,000 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.04, for a total value of $384,320.00. Following the sale, the chief executive officer now owns 237,049 shares of the company’s stock, valued at approximately $11,387,833.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO John R. Ciulla sold 8,000 shares of Webster Financial stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.04, for a total value of $384,320.00. Following the transaction, the chief executive officer now owns 237,049 shares of the company’s stock, valued at $11,387,833.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Charles L. Wilkins sold 5,000 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $49.07, for a total transaction of $245,350.00. Following the sale, the insider now directly owns 45,157 shares of the company’s stock, valued at approximately $2,215,853.99. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,650 shares of company stock valued at $706,098. 0.88% of the stock is owned by corporate insiders.

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.