Hood River Capital Management LLC Sells 22,978 Shares of Webster Financial Corporation (WBS)
Hood River Capital Management LLC lowered its position in Webster Financial Corporation (NYSE:WBS) by 5.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 375,237 shares of the financial services provider’s stock after selling 22,978 shares during the quarter. Hood River Capital Management LLC owned approximately 0.41% of Webster Financial Corporation worth $19,719,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Seven Eight Capital LP purchased a new position in Webster Financial Corporation in the second quarter valued at about $141,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Webster Financial Corporation by 9.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,147 shares of the financial services provider’s stock valued at $164,000 after purchasing an additional 274 shares in the last quarter. Advisor Group Inc. grew its stake in Webster Financial Corporation by 13.3% in the second quarter. Advisor Group Inc. now owns 4,038 shares of the financial services provider’s stock valued at $211,000 after purchasing an additional 474 shares in the last quarter. BB&T Securities LLC purchased a new position in Webster Financial Corporation in the second quarter valued at about $212,000. Finally, HighTower Advisors LLC purchased a new position in Webster Financial Corporation in the first quarter valued at about $215,000. Hedge funds and other institutional investors own 93.94% of the company’s stock.
Shares of Webster Financial Corporation (NYSE WBS) traded up $0.05 during trading hours on Thursday, reaching $52.89. The company had a trading volume of 277,200 shares, compared to its average volume of 710,278. Webster Financial Corporation has a 1 year low of $44.04 and a 1 year high of $57.50. The company has a market cap of $4,865.23, a P/E ratio of 20.89, a price-to-earnings-growth ratio of 2.54 and a beta of 1.23. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.81 and a current ratio of 0.81.
Webster Financial Corporation (NYSE:WBS) last announced its earnings results on Thursday, October 19th. The financial services provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.03. Webster Financial Corporation had a return on equity of 9.89% and a net margin of 21.09%. The firm had revenue of $266.75 million during the quarter, compared to the consensus estimate of $269.03 million. During the same quarter in the prior year, the company earned $0.54 EPS. research analysts predict that Webster Financial Corporation will post 2.6 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 21st. Investors of record on Tuesday, November 7th will be paid a dividend of $0.26 per share. The ex-dividend date is Monday, November 6th. This represents a $1.04 annualized dividend and a yield of 1.97%. Webster Financial Corporation’s payout ratio is 41.11%.
In related news, Chairman James Copenhaver Smith sold 8,943 shares of the stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $55.93, for a total transaction of $500,181.99. Following the completion of the sale, the chairman now owns 316,103 shares in the company, valued at approximately $17,679,640.79. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John Joseph Crawford sold 11,516 shares of the stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $54.83, for a total value of $631,422.28. Following the sale, the director now owns 16,953 shares of the company’s stock, valued at approximately $929,532.99. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,107 shares of company stock valued at $1,988,452. 2.20% of the stock is owned by corporate insiders.
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A number of research analysts have commented on WBS shares. Keefe, Bruyette & Woods restated a “buy” rating and issued a $63.00 target price on shares of Webster Financial Corporation in a research note on Friday, October 20th. ValuEngine upgraded Webster Financial Corporation from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research upgraded Webster Financial Corporation from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 3rd. Boenning Scattergood reiterated a “hold” rating on shares of Webster Financial Corporation in a research note on Friday, October 20th. Finally, Barclays PLC set a $55.00 price target on Webster Financial Corporation and gave the stock a “hold” rating in a research note on Friday, October 20th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Webster Financial Corporation presently has an average rating of “Hold” and a consensus price target of $55.22.
About Webster Financial Corporation
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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