JPMorgan Chase & Co. Cuts Webster Financial (NYSE:WBS) Price Target to $65.00

Webster Financial (NYSE:WBS) had its price target reduced by equities researchers at JPMorgan Chase & Co. from $67.00 to $65.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 18.46% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. StockNews.com downgraded Webster Financial from a “hold” rating to a “sell” rating in a report on Friday. Barclays increased their price target on Webster Financial from $63.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, December 5th. UBS Group initiated coverage on shares of Webster Financial in a research note on Tuesday, December 17th. They issued a “buy” rating and a $76.00 price objective for the company. Morgan Stanley reduced their target price on shares of Webster Financial from $57.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, September 30th. Finally, Wells Fargo & Company upgraded Webster Financial from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $70.00 to $75.00 in a report on Monday. One analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Webster Financial presently has an average rating of “Moderate Buy” and a consensus price target of $61.46.

Webster Financial Trading Down 1.9 %

WBS traded down $1.09 on Tuesday, hitting $54.87. The company had a trading volume of 386,706 shares, compared to its average volume of 772,423. Webster Financial has a 12-month low of $39.33 and a 12-month high of $63.99. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.45. The business’s fifty day simple moving average is $57.66 and its 200 day simple moving average is $50.24. The company has a market cap of $9.41 billion, a PE ratio of 12.44, a PEG ratio of 0.87 and a beta of 1.30.

Webster Financial (NYSE:WBS) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.34 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.01). The company had revenue of $647.62 million for the quarter, compared to the consensus estimate of $677.72 million. Webster Financial had a net margin of 18.80% and a return on equity of 11.03%. During the same period in the prior year, the firm posted $1.55 EPS. Equities research analysts expect that Webster Financial will post 5.24 EPS for the current year.

Insider Buying and Selling

In related news, insider Daniel Bley sold 500 shares of Webster Financial stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $61.91, for a total value of $30,955.00. Following the sale, the insider now directly owns 17,279 shares in the company, valued at approximately $1,069,742.89. The trade was a 2.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Albert Jen-Wen Wang sold 4,000 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $52.43, for a total value of $209,720.00. Following the completion of the transaction, the chief accounting officer now owns 14,273 shares in the company, valued at $748,333.39. The trade was a 21.89 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,250 shares of company stock valued at $2,105,322. Corporate insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Texas Permanent School Fund Corp raised its position in Webster Financial by 13.5% in the second quarter. Texas Permanent School Fund Corp now owns 170,852 shares of the financial services provider’s stock valued at $7,447,000 after purchasing an additional 20,300 shares during the period. American Century Companies Inc. grew its stake in shares of Webster Financial by 12.9% during the second quarter. American Century Companies Inc. now owns 2,640,425 shares of the financial services provider’s stock worth $115,096,000 after purchasing an additional 301,935 shares in the last quarter. M&G PLC increased its holdings in Webster Financial by 9.4% in the third quarter. M&G PLC now owns 207,297 shares of the financial services provider’s stock valued at $9,743,000 after buying an additional 17,746 shares during the last quarter. Bank of Montreal Can raised its stake in Webster Financial by 1,482.9% in the second quarter. Bank of Montreal Can now owns 339,246 shares of the financial services provider’s stock valued at $14,801,000 after buying an additional 317,814 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new stake in Webster Financial during the 2nd quarter worth about $4,582,000. 85.58% of the stock is 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.