Cardinal Capital Management Purchases 1,110 Shares of Webster Financial Co. (WBS)
Cardinal Capital Management boosted its stake in Webster Financial Co. (NYSE:WBS) by 5.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,782 shares of the financial services provider’s stock after buying an additional 1,110 shares during the period. Cardinal Capital Management’s holdings in Webster Financial were worth $706,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in WBS. Wellington Management Group LLP raised its position in Webster Financial by 15.6% in the first quarter. Wellington Management Group LLP now owns 3,478,022 shares of the financial services provider’s stock valued at $124,862,000 after buying an additional 469,319 shares during the period. Lazard Asset Management LLC purchased a new position in Webster Financial during the first quarter valued at approximately $12,300,000. BlackRock Institutional Trust Company N.A. raised its position in Webster Financial by 6.3% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 2,762,226 shares of the financial services provider’s stock valued at $99,164,000 after buying an additional 163,811 shares during the period. Credit Agricole S A raised its position in Webster Financial by 900.0% in the first quarter. Credit Agricole S A now owns 155,000 shares of the financial services provider’s stock valued at $5,564,000 after buying an additional 139,500 shares during the period. Finally, Sunriver Management LLC raised its position in Webster Financial by 66.7% in the first quarter. Sunriver Management LLC now owns 285,380 shares of the financial services provider’s stock valued at $10,245,000 after buying an additional 114,210 shares during the period. 94.31% of the stock is currently owned by institutional investors.
Webster Financial Co. (NYSE:WBS) traded up 0.74% during mid-day trading on Tuesday, hitting $37.89. The company had a trading volume of 633,902 shares. The stock’s 50 day moving average price is $37.91 and its 200 day moving average price is $36.58. The firm has a market cap of $3.47 billion, a P/E ratio of 17.96 and a beta of 1.46. Webster Financial Co. has a 52-week low of $30.09 and a 52-week high of $40.72.
Webster Financial (NYSE:WBS) last issued its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.01. The firm earned $242 million during the quarter, compared to the consensus estimate of $177.92 million. Webster Financial had a return on equity of 8.84% and a net margin of 19.44%. Webster Financial’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.55 earnings per share. On average, equities research analysts predict that Webster Financial Co. will post $2.10 EPS for the current fiscal year.
Several research analysts have commented on WBS shares. Barclays PLC lowered Webster Financial from an “overweight” rating to an “equal weight” rating and set a $38.00 price target on the stock. in a research report on Friday, August 5th. Deutsche Bank AG lifted their price target on Webster Financial from $39.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, September 15th. Jefferies Group reaffirmed a “hold” rating and set a $36.00 price target on shares of Webster Financial in a research report on Thursday, July 7th. Zacks Investment Research raised Webster Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, September 27th. Finally, JPMorgan Chase & Co. cut their price target on Webster Financial from $39.00 to $38.00 and set an “overweight” rating on the stock in a research report on Thursday, July 7th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $38.22.
In related news, EVP Daniel Bley sold 5,153 shares of the stock in a transaction dated Monday, August 1st. The stock was 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 owns 35,415 shares of the company’s stock, valued at $1,276,002.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John Joseph Crawford sold 3,000 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $36.15, for a total value of $108,450.00. Following the completion of the transaction, the director now directly owns 21,705 shares of the company’s stock, valued at approximately $784,635.75. The disclosure for this sale can be found here. 2.59% of the stock is owned by corporate insiders.
Webster Financial Company Profile
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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