Webster Bank (NYSE:WBS)’s share price rose 7% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $58.45 and last traded at $58.44. Approximately 1,787,706 shares traded hands during mid-day trading, an increase of 231% from the average daily volume of 540,091 shares. The stock had previously closed at $54.63.

The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.06. The firm had revenue of $282.90 million during the quarter, compared to analysts’ expectations of $276.34 million. Webster Bank had a net margin of 21.77% and a return on equity of 9.91%. The company’s revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.62 earnings per share.

WBS has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $71.00 target price on shares of Webster Bank in a research note on Friday, December 22nd. Barclays lifted their target price on shares of Webster Bank from $55.00 to $59.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Piper Jaffray upgraded shares of Webster Bank from an “underweight” rating to a “neutral” rating and set a $55.00 target price for the company in a research note on Friday, January 5th. Zacks Investment Research cut shares of Webster Bank from a “buy” rating to a “hold” rating and set a $63.00 target price for the company. in a research note on Saturday, January 6th. Finally, Wells Fargo reiterated a “market perform” rating and issued a $60.00 target price (up from $55.00) on shares of Webster Bank in a research note on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Webster Bank currently has a consensus rating of “Hold” and a consensus target price of $58.42.

In other news, EVP Daniel Bley sold 2,917 shares of the business’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $58.27, for a total value of $169,973.59. Following the completion of the sale, the executive vice president now directly owns 19,804 shares in the company, valued at $1,153,979.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Joel S. Becker sold 5,064 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $54.22, for a total transaction of $274,570.08. Following the completion of the sale, the director now owns 58,283 shares of the company’s stock, valued at $3,160,104.26. The disclosure for this sale can be found here. Insiders sold 11,272 shares of company stock valued at $629,959 over the last 90 days. 2.20% of the stock is owned by corporate insiders.

Several institutional investors have recently modified their holdings of the company. Penbrook Management LLC acquired a new stake in shares of Webster Bank in the fourth quarter worth $1,113,000. Xact Kapitalforvaltning AB acquired a new position in Webster Bank during the 4th quarter valued at $459,000. Sterling Capital Management LLC raised its stake in Webster Bank by 1.2% during the 4th quarter. Sterling Capital Management LLC now owns 558,251 shares of the financial services provider’s stock valued at $31,351,000 after purchasing an additional 6,404 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in Webster Bank during the 4th quarter valued at $3,272,000. Finally, Jane Street Group LLC raised its stake in Webster Bank by 26.2% during the 4th quarter. Jane Street Group LLC now owns 26,916 shares of the financial services provider’s stock valued at $1,512,000 after purchasing an additional 5,586 shares during the last quarter. Institutional investors and hedge funds own 94.60% of the company’s stock.

The company has a market cap of $5,032.03, a P/E ratio of 22.93, a price-to-earnings-growth ratio of 2.01 and a beta of 1.08. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.74.

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About Webster Bank

Webster Financial Corporation operates as the holding company for Webster Bank, National Association that provides financial services to individuals, families, and businesses in the United States. It operates through four segments: Commercial Banking, Community Banking, HSA Bank, and Private Banking.

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