Wedbush Comments on Webster Financial Co.’s Q1 2024 Earnings (NYSE:WBS)

Webster Financial Co. (NYSE:WBS) – Research analysts at Wedbush reduced their Q1 2024 EPS estimates for shares of Webster Financial in a research note issued to investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $1.33 per share for the quarter, down from their previous estimate of $1.37. The consensus estimate for Webster Financial’s current full-year earnings is $5.90 per share. Wedbush also issued estimates for Webster Financial’s FY2024 earnings at $5.90 EPS, Q1 2025 earnings at $1.54 EPS, Q2 2025 earnings at $1.60 EPS, Q3 2025 earnings at $1.70 EPS and Q4 2025 earnings at $1.76 EPS.

Webster Financial (NYSE:WBS) last announced its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.48 by ($0.02). Webster Financial had a net margin of 22.01% and a return on equity of 13.05%. The business had revenue of $996.96 million during the quarter, compared to analyst estimates of $674.82 million. During the same quarter last year, the company posted $1.60 earnings per share.

A number of other equities research analysts have also commented on WBS. Raymond James reaffirmed an “outperform” rating and issued a $60.00 price objective on shares of Webster Financial in a research note on Tuesday. Barclays assumed coverage on shares of Webster Financial in a research note on Friday, March 8th. They issued an “overweight” rating and a $70.00 price objective on the stock. StockNews.com lowered shares of Webster Financial from a “hold” rating to a “sell” rating in a research note on Friday, March 8th. Bank of America started coverage on shares of Webster Financial in a research note on Thursday, January 11th. They set a “buy” rating and a $60.00 target price on the stock. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and set a $64.00 target price on shares of Webster Financial in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.31.

Webster Financial Trading Up 2.6 %

NYSE:WBS opened at $50.81 on Thursday. The firm’s fifty day moving average is $48.51 and its 200-day moving average is $45.51. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.85 and a current ratio of 0.85. Webster Financial has a 52 week low of $31.03 and a 52 week high of $53.39. The firm has a market cap of $8.73 billion, a P/E ratio of 10.39, a P/E/G ratio of 0.34 and a beta of 1.32.

Webster Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Monday, February 5th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Friday, February 2nd. Webster Financial’s dividend payout ratio (DPR) is 32.72%.

Insider Buying and Selling at Webster Financial

In other news, insider Charles L. Wilkins sold 3,966 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $51.56, for a total value of $204,486.96. Following the completion of the sale, the insider now owns 49,528 shares in the company, valued at $2,553,663.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Charles L. Wilkins sold 3,966 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $51.56, for a total value of $204,486.96. Following the completion of the sale, the insider now owns 49,528 shares in the company, valued at $2,553,663.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Luis Massiani sold 13,500 shares of the stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $51.63, for a total transaction of $697,005.00. Following the completion of the sale, the chief operating officer now owns 89,621 shares of the company’s stock, valued at approximately $4,627,132.23. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,941 shares of company stock valued at $1,796,482. Corporate insiders own 0.88% of the company’s stock.

Institutional Trading of Webster Financial

Large investors have recently added to or reduced their stakes in the stock. Spire Wealth Management increased its holdings in Webster Financial by 79.1% during the fourth quarter. Spire Wealth Management now owns 607 shares of the financial services provider’s stock worth $31,000 after buying an additional 268 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Webster Financial in the second quarter worth about $32,000. NBC Securities Inc. purchased a new position in shares of Webster Financial in the third quarter worth about $32,000. Bruce G. Allen Investments LLC purchased a new position in shares of Webster Financial in the fourth quarter worth about $42,000. Finally, Lazard Asset Management LLC increased its stake in shares of Webster Financial by 9,388.9% in the second quarter. Lazard Asset Management LLC now owns 854 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 845 shares in the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Webster Financial Company Profile

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.