Webster Financial Corp. (WBS) Shares Gap Up to $36.61
Webster Financial Corp. (NYSE:WBS) shares gapped up prior to trading on Monday . The stock had previously closed at $36.50, but opened at $36.61. Webster Financial Corp. shares last traded at $37.22, with a volume of 138,794 shares changing hands.
A number of research firms recently weighed in on WBS. Jefferies Group reissued a “hold” rating and issued a $36.00 target price on shares of Webster Financial Corp. in a report on Thursday, July 7th. FBR & Co set a $36.00 target price on shares of Webster Financial Corp. and gave the company a “hold” rating in a report on Thursday, July 21st. JPMorgan Chase & Co. cut their target price on shares of Webster Financial Corp. from $39.00 to $38.00 and set an “overweight” rating for the company in a report on Thursday, July 7th. Royal Bank Of Canada raised their target price on shares of Webster Financial Corp. from $35.00 to $36.00 and gave the company a “sector perform” rating in a report on Wednesday, April 20th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $39.00 target price on shares of Webster Financial Corp. in a report on Friday, June 17th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Webster Financial Corp. currently has a consensus rating of “Hold” and an average price target of $38.10.
The firm has a 50 day moving average of $35.28 and a 200-day moving average of $35.69. The firm has a market capitalization of $3.40 billion and a price-to-earnings ratio of 17.56.
Webster Financial Corp. (NYSE:WBS) last announced its earnings results on Wednesday, July 20th. The financial services provider reported $0.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.01. The business had revenue of $242 million for the quarter, compared to analyst estimates of $177.92 million. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.55 earnings per share. Analysts predict that Webster Financial Corp. will post $2.10 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 22nd. Investors of record on Monday, August 8th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, August 4th.
In other news, Director Elizabeth E. Flynn acquired 2,900 shares of Webster Financial Corp. stock in a transaction that occurred on Wednesday, August 3rd. The stock was purchased at an average cost of $35.97 per share, with a total value of $104,313.00. Following the purchase, the director now owns 15,681 shares in the company, valued at $564,045.57. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Daniel Bley sold 5,153 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $36.03, for a total value of $185,662.59. Following the completion of the transaction, the executive vice president now directly owns 35,415 shares of the company’s stock, valued at $1,276,002.45. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC increased its position in Webster Financial Corp. by 20.0% in the fourth quarter. Jennison Associates LLC now owns 60,980 shares of the financial services provider’s stock valued at $2,268,000 after buying an additional 10,172 shares in the last quarter. Schroder Investment Management Group purchased a new position in Webster Financial Corp. during the fourth quarter valued at approximately $20,057,000. Wells Fargo & Company MN increased its position in Webster Financial Corp. by 35.9% in the fourth quarter. Wells Fargo & Company MN now owns 661,089 shares of the financial services provider’s stock valued at $24,587,000 after buying an additional 174,632 shares in the last quarter. Finally, Morgan Stanley increased its position in Webster Financial Corp. by 80.5% in the fourth quarter. Morgan Stanley now owns 389,245 shares of the financial services provider’s stock valued at $14,475,000 after buying an additional 173,620 shares in the last quarter.
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.
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