Webster Financial (NYSE:WBS) Price Target Raised to $78.00

Webster Financial (NYSE:WBS) had its target price increased by Barclays from $75.00 to $78.00 in a report released on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the financial services provider’s stock.

Several other research firms also recently weighed in on WBS. UBS Group began coverage on Webster Financial in a research report on Tuesday, April 7th. They set a “neutral” rating and a $69.00 price target for the company. Weiss Ratings restated a “buy (b)” rating on shares of Webster Financial in a research report on Friday, June 12th. Keefe, Bruyette & Woods decreased their price objective on Webster Financial from $79.00 to $77.50 and set an “outperform” rating on the stock in a research note on Friday, May 1st. Finally, Royal Bank Of Canada lifted their price objective on Webster Financial from $75.00 to $76.00 and gave the stock a “sector perform” rating in a research report on Wednesday, July 22nd. Four investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $74.25.

Webster Financial Price Performance

WBS stock opened at $79.09 on Monday. The firm has a 50 day moving average of $75.42 and a 200-day moving average of $72.15. Webster Financial has a 12-month low of $52.69 and a 12-month high of $79.23. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.46. The company has a market cap of $12.82 billion, a price-to-earnings ratio of 12.86 and a beta of 1.01.

Webster Financial (NYSE:WBS) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.61 by ($0.01). Webster Financial had a return on equity of 11.23% and a net margin of 22.78%.The firm had revenue of $769.23 million for the quarter, compared to analyst estimates of $755.80 million. During the same period last year, the firm earned $1.52 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. As a group, equities analysts expect that Webster Financial will post 6.55 EPS for the current fiscal year.

Webster Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Monday, August 10th will be issued a dividend of $0.40 per share. The ex-dividend date is Monday, August 10th. This represents a $1.60 annualized dividend and a dividend yield of 2.0%. Webster Financial’s dividend payout ratio (DPR) is 26.02%.

Hedge Funds Weigh In On Webster Financial

Several institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Webster Financial in the 4th quarter worth about $142,035,000. Alyeska Investment Group L.P. boosted its position in shares of Webster Financial by 7,442.8% in the third quarter. Alyeska Investment Group L.P. now owns 2,032,937 shares of the financial services provider’s stock worth $120,838,000 after acquiring an additional 2,005,985 shares during the last quarter. Whitebox Advisors LLC purchased a new stake in Webster Financial in the first quarter valued at approximately $133,634,000. Assenagon Asset Management S.A. acquired a new position in Webster Financial during the first quarter worth approximately $109,754,000. Finally, Bank of America Corp DE increased its position in Webster Financial by 67.6% during the first quarter. Bank of America Corp DE now owns 3,727,744 shares of the financial services provider’s stock worth $258,780,000 after purchasing an additional 1,504,075 shares during the last quarter. 85.58% of the stock is currently owned by institutional investors and hedge funds.

About Webster Financial

Webster Financial Corporation is a bank holding company headquartered in Waterbury, Connecticut. Through its principal subsidiary, Webster Bank, N.A., the company offers a broad range of banking products and financial services to individuals, small businesses, and middle-market commercial clients. Key offerings include deposit accounts, residential and commercial real estate lending, equipment finance, treasury management, and payment processing solutions.

In addition to traditional banking services, Webster Financial provides wealth management and insurance products designed to help clients plan for retirement, preserve assets, and manage risk.