Webster Financial (NYSE:WBS) Price Target Cut to $63.00 by Analysts at JPMorgan Chase & Co.

Webster Financial (NYSE:WBS) had its price target reduced by JPMorgan Chase & Co. from $65.00 to $63.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Other analysts have also issued reports about the company. Keefe, Bruyette & Woods reiterated an outperform rating and set a $64.00 price objective on shares of Webster Financial in a research note on Tuesday, March 26th. StockNews.com lowered Webster Financial from a hold rating to a sell rating in a research note on Tuesday, April 16th. Citigroup decreased their price objective on Webster Financial from $61.00 to $60.00 and set a buy rating on the stock in a research note on Thursday, January 25th. Royal Bank of Canada decreased their price objective on Webster Financial from $59.00 to $57.00 and set an outperform rating on the stock in a research note on Tuesday, April 9th. Finally, Raymond James reiterated an outperform rating and set a $60.00 price objective on shares of Webster Financial in a research note on Tuesday, March 26th. Three research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $56.23.

Webster Financial Stock Down 1.0 %

WBS stock opened at $45.02 on Wednesday. The stock’s fifty day simple moving average is $47.88 and its two-hundred day simple moving average is $46.48. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.54. Webster Financial has a 1-year low of $31.03 and a 1-year high of $53.39. The stock has a market cap of $7.73 billion, a P/E ratio of 9.23, a P/E/G ratio of 0.37 and a beta of 1.33.

Webster Financial (NYSE:WBS) last issued its earnings results on Tuesday, April 23rd. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.02). The firm had revenue of $667.10 million during the quarter, compared to the consensus estimate of $680.72 million. Webster Financial had a net margin of 21.09% and a return on equity of 12.55%. The business’s quarterly revenue was up .2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.49 earnings per share. Analysts expect that Webster Financial will post 5.72 EPS for the current year.

Webster Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 6th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, May 3rd. This represents a $1.60 dividend on an annualized basis and a yield of 3.55%. Webster Financial’s dividend payout ratio (DPR) is 32.79%.

Insider Activity at Webster Financial

In related news, COO Luis Massiani sold 13,500 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $51.63, for a total transaction of $697,005.00. Following the transaction, the chief operating officer now owns 89,621 shares in the company, valued at $4,627,132.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Webster Financial news, COO Luis Massiani sold 13,500 shares of the company’s stock in a transaction that occurred on 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 directly owns 89,621 shares of the company’s stock, valued at $4,627,132.23. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Daniel Bley sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $47.60, for a total transaction of $95,200.00. Following the sale, the insider now directly owns 27,955 shares of the company’s stock, valued at $1,330,658. The disclosure for this sale can be found here. Insiders have sold a total of 25,975 shares of company stock worth $1,341,095 over the last quarter. Company insiders own 0.88% of the company’s stock.

Institutional Trading of Webster Financial

A number of hedge funds and other institutional investors have recently modified their holdings of the company. AE Wealth Management LLC lifted its position in Webster Financial by 49.9% during the third quarter. AE Wealth Management LLC now owns 11,785 shares of the financial services provider’s stock valued at $475,000 after purchasing an additional 3,924 shares during the last quarter. Benin Management CORP bought a new position in Webster Financial during the third quarter valued at $207,000. Commonwealth Equity Services LLC lifted its position in Webster Financial by 4.2% during the third quarter. Commonwealth Equity Services LLC now owns 86,977 shares of the financial services provider’s stock valued at $3,506,000 after purchasing an additional 3,505 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Webster Financial by 12.1% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 7,325 shares of the financial services provider’s stock valued at $295,000 after purchasing an additional 792 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its position in Webster Financial by 31.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 24,979 shares of the financial services provider’s stock valued at $1,007,000 after purchasing an additional 5,915 shares during the last quarter. 85.58% of the stock is owned by hedge funds and other institutional investors.

About Webster Financial

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.