JPMorgan Chase & Co. Trims Webster Financial (NYSE:WBS) Target Price to $63.00

Webster Financial (NYSE:WBS) had its price target lowered by JPMorgan Chase & Co. from $65.00 to $63.00 in a report published on Wednesday, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

WBS has been the topic of a number of other research reports. Barclays started coverage on Webster Financial in a research report on Friday, March 8th. They set an overweight rating and a $70.00 price target on the stock. Keefe, Bruyette & Woods reiterated an outperform rating and set a $64.00 target price on shares of Webster Financial in a research report on Tuesday, March 26th. Morgan Stanley boosted their price target on shares of Webster Financial from $51.00 to $61.00 and gave the stock an overweight rating in a report on Wednesday, February 7th. Citigroup decreased their price objective on shares of Webster Financial from $61.00 to $60.00 and set a buy rating on the stock in a report on Thursday, January 25th. Finally, Raymond James reissued an outperform rating and set a $60.00 target price on shares of Webster Financial in a research note on Tuesday, March 26th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $56.23.

Webster Financial Stock Performance

WBS opened at $45.03 on Wednesday. The firm has a fifty day moving average price of $47.84 and a 200 day moving average price of $46.57. 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 0.38 and a beta of 1.33. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.86 and a quick ratio of 0.85.

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

Webster Financial Dividend Announcement

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

Insider Activity at Webster Financial

In other Webster Financial news, COO Luis Massiani sold 13,500 shares of the company’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $51.63, for a total value of $697,005.00. Following the completion of the sale, the chief operating officer now directly owns 89,621 shares in the company, valued at approximately $4,627,132.23. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, COO Luis Massiani sold 13,500 shares of Webster Financial stock in a transaction on Tuesday, January 30th. The stock was 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 approximately $4,627,132.23. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Christopher J. Motl sold 10,475 shares of Webster Financial 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 transaction, the insider now owns 63,306 shares in the company, valued at approximately $3,317,234.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,975 shares of company stock valued at $1,341,095. 0.88% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Rise Advisors LLC purchased a new position in shares of Webster Financial during the 1st quarter worth $29,000. Spire Wealth Management raised its holdings in Webster Financial by 79.1% in the 4th quarter. Spire Wealth Management now owns 607 shares of the financial services provider’s stock valued at $31,000 after buying an additional 268 shares during the period. NBC Securities Inc. purchased a new stake in Webster Financial in the 3rd quarter valued at about $32,000. Bruce G. Allen Investments LLC purchased a new stake in Webster Financial in the 4th quarter valued at about $42,000. Finally, Principal Securities Inc. purchased a new stake in Webster Financial in the 4th quarter valued at about $45,000. Hedge funds and other institutional investors own 85.58% of the company’s stock.

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.