Citigroup Cuts Webster Financial (NYSE:WBS) Price Target to $55.00

Webster Financial (NYSE:WBS) had its target price cut by Citigroup from $60.00 to $55.00 in a research report report published on Wednesday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other brokerages have also recently weighed in on WBS. Jefferies Financial Group reduced their price objective on Webster Financial from $65.00 to $56.00 and set a buy rating for the company in a research note on Monday, April 8th. Royal Bank of Canada reduced their price objective on Webster Financial from $59.00 to $57.00 and set an outperform rating for the company in a research note on Tuesday, April 9th. Barclays reduced their price objective on Webster Financial from $70.00 to $65.00 and set an overweight rating for the company in a research note on Wednesday. Bank of America assumed coverage on Webster Financial in a research note on Thursday, January 11th. They issued a buy rating and a $60.00 price objective for the company. Finally, Morgan Stanley boosted their price objective on Webster Financial from $51.00 to $61.00 and gave the company an overweight rating in a research note on Wednesday, February 7th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $56.23.

Webster Financial Price Performance

WBS stock opened at $45.03 on Wednesday. The business has a 50 day moving average price of $47.84 and a 200 day moving average price of $46.57. The stock has a market cap of $7.73 billion, a price-to-earnings ratio of 9.23, a PEG ratio of 0.38 and a beta of 1.33. Webster Financial has a fifty-two week low of $31.03 and a fifty-two week high of $53.39. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.54.

Webster Financial (NYSE:WBS) last posted its earnings results on Tuesday, April 23rd. The financial services provider reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.02). Webster Financial had a return on equity of 12.55% and a net margin of 21.09%. The business had revenue of $667.10 million for the quarter, compared to analysts’ expectations of $680.72 million. During the same quarter in the previous year, the firm earned $1.49 EPS. Webster Financial’s revenue for the quarter was up .2% compared to the same quarter last year. Equities research analysts anticipate that Webster Financial will post 5.68 earnings per share for the current fiscal year.

Webster Financial Dividend Announcement

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

Insiders Place Their Bets

In other Webster Financial news, insider Daniel Bley sold 2,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was 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 in the company, valued at $1,330,658. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Webster Financial news, insider Daniel Bley sold 2,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was 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 in the company, valued at $1,330,658. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christopher J. Motl sold 10,475 shares of the business’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $52.40, for a total value of $548,890.00. Following the sale, the insider now owns 63,306 shares in the company, valued at $3,317,234.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,975 shares of company stock worth $1,341,095. 0.88% of the stock is owned by corporate insiders.

Institutional Trading of Webster Financial

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rise Advisors LLC purchased a new stake in shares of Webster Financial in the first quarter valued at $29,000. Spire Wealth Management lifted its position 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 period. NBC Securities Inc. purchased a new position in Webster Financial during the third quarter worth about $32,000. Bruce G. Allen Investments LLC purchased a new position in Webster Financial during the fourth quarter worth about $42,000. Finally, Principal Securities Inc. purchased a new position in Webster Financial during the fourth quarter worth about $45,000. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

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.