Webster Financial (NYSE:WBS) Posts Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Webster Financial (NYSE:WBSGet Rating) issued its earnings results on Thursday. The financial services provider reported $1.24 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.14, MarketWatch Earnings reports. Webster Financial had a return on equity of 13.94% and a net margin of 32.29%. The company had revenue of $498.30 million during the quarter, compared to the consensus estimate of $479.64 million. During the same period in the previous year, the company posted $1.25 EPS. The firm’s revenue for the quarter was up 65.8% compared to the same quarter last year.

WBS stock opened at $49.99 on Friday. The stock’s 50 day simple moving average is $54.76 and its 200 day simple moving average is $56.91. Webster Financial has a fifty-two week low of $45.60 and a fifty-two week high of $65.00. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market cap of $8.98 billion, a P/E ratio of 16.13 and a beta of 1.29.

The company also recently declared a quarterly dividend, which will be paid on Friday, May 27th. Investors of record on Thursday, May 12th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Wednesday, May 11th. Webster Financial’s dividend payout ratio (DPR) is currently 51.61%.

WBS has been the subject of several research analyst reports. TheStreet downgraded Webster Financial from a “b” rating to a “c+” rating in a research note on Thursday. Wells Fargo & Company dropped their price target on Webster Financial from $62.00 to $60.00 and set an “equal weight” rating for the company in a report on Monday, March 21st. Raymond James raised Webster Financial from an “outperform” rating to a “strong-buy” rating and lifted their price target for the stock from $65.00 to $73.00 in a report on Friday, January 21st. Piper Sandler raised Webster Financial from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $58.00 to $72.00 in a report on Wednesday, February 2nd. Finally, Zacks Investment Research cut Webster Financial from a “buy” rating to a “hold” rating and set a $53.00 price target for the company. in a report on Tuesday, April 12th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $64.33.

In other news, insider Daniel Bley sold 4,000 shares of the stock in a transaction that occurred on Monday, February 28th. The stock was sold at an average price of $60.18, for a total value of $240,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Thomas X. Geisel sold 7,500 shares of the stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $57.43, for a total value of $430,725.00. The disclosure for this sale can be found here. 1.85% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new position in shares of Webster Financial in the fourth quarter valued at approximately $66,000. Paradigm Financial Partners LLC bought a new position in shares of Webster Financial in the fourth quarter valued at approximately $228,000. LPL Financial LLC grew its holdings in shares of Webster Financial by 22.3% in the fourth quarter. LPL Financial LLC now owns 7,741 shares of the financial services provider’s stock valued at $432,000 after acquiring an additional 1,414 shares in the last quarter. Metropolitan Life Insurance Co NY grew its holdings in shares of Webster Financial by 9.9% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 16,196 shares of the financial services provider’s stock valued at $904,000 after acquiring an additional 1,458 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in Webster Financial by 0.9% during the fourth quarter. Thrivent Financial for Lutherans now owns 23,886 shares of the financial services provider’s stock valued at $1,334,000 after purchasing an additional 206 shares during the period. 95.94% of the stock is owned by institutional investors.

Webster Financial Company Profile (Get Rating)

Webster Financial Corporation operates as the bank holding company for Webster Bank, National Association that provides a range of banking, investment, and financial services to individuals, families, and businesses in the United States. It operates through three segments: Commercial Banking, HSA Bank, and Retail Banking.

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Earnings History for Webster Financial (NYSE:WBS)

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