Maryland State Retirement & Pension System Reduces Stock Holdings in Webster Financial Corporation (NYSE:WBS)

Maryland State Retirement & Pension System reduced its stake in Webster Financial Corporation (NYSE:WBS) by 18.1% during the 1st quarter, HoldingsChannel.com reports. The firm owned 7,976 shares of the financial services provider’s stock after selling 1,764 shares during the period. Maryland State Retirement & Pension System’s holdings in Webster Financial were worth $411,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Bank of Nova Scotia purchased a new position in Webster Financial in the first quarter valued at approximately $1,169,000. US Bancorp DE increased its stake in Webster Financial by 6.3% in the first quarter. US Bancorp DE now owns 7,596 shares of the financial services provider’s stock valued at $392,000 after purchasing an additional 453 shares during the last quarter. BCGM Wealth Management LLC boosted its holdings in shares of Webster Financial by 8.2% in the first quarter. BCGM Wealth Management LLC now owns 15,975 shares of the financial services provider’s stock valued at $823,000 after acquiring an additional 1,214 shares during the period. Natixis Advisors LLC boosted its holdings in shares of Webster Financial by 8.6% in the first quarter. Natixis Advisors LLC now owns 296,796 shares of the financial services provider’s stock valued at $15,300,000 after acquiring an additional 23,529 shares during the period. Finally, Bayforest Capital Ltd boosted its holdings in shares of Webster Financial by 59.6% in the first quarter. Bayforest Capital Ltd now owns 1,974 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 737 shares during the period. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Webster Financial

In other Webster Financial news, CAO Albert Jen-Wen Wang sold 3,250 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $60.31, for a total value of $196,007.50. Following the completion of the transaction, the chief accounting officer owned 15,755 shares in the company, valued at approximately $950,184.05. This represents a 17.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charles L. Wilkins sold 5,000 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $53.25, for a total value of $266,250.00. Following the completion of the transaction, the insider owned 31,534 shares of the company’s stock, valued at $1,679,185.50. The trade was a 13.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 47,638 shares of company stock valued at $2,721,745 in the last three months. Insiders own 0.54% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on WBS shares. Seaport Res Ptn downgraded Webster Financial from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Barclays increased their price objective on Webster Financial from $72.00 to $77.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Jefferies Financial Group started coverage on Webster Financial in a report on Wednesday, May 21st. They issued a “buy” rating and a $65.00 price objective for the company. Citigroup increased their price objective on Webster Financial from $65.00 to $71.00 and gave the company a “buy” rating in a report on Friday, July 18th. Finally, Raymond James Financial increased their price objective on Webster Financial from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, July 18th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Webster Financial presently has an average rating of “Moderate Buy” and an average price target of $66.77.

Webster Financial Trading Down 1.4%

NYSE:WBS opened at $57.59 on Friday. The stock has a fifty day moving average price of $56.69 and a two-hundred day moving average price of $53.36. The stock has a market capitalization of $9.57 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 0.53 and a beta of 1.04. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.85 and a current ratio of 0.86. Webster Financial Corporation has a 1 year low of $39.43 and a 1 year high of $63.99.

Webster Financial (NYSE:WBS) last released its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.09. The firm had revenue of $715.80 million during the quarter, compared to analysts’ expectations of $716.59 million. Webster Financial had a return on equity of 10.84% and a net margin of 20.06%. Webster Financial’s revenue was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.26 earnings per share. As a group, sell-side analysts anticipate that Webster Financial Corporation will post 5.88 earnings per share for the current fiscal year.

Webster Financial declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that permits the company to repurchase $700.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Webster Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Monday, August 11th will be given a $0.40 dividend. The ex-dividend date is Monday, August 11th. This represents a $1.60 annualized dividend and a yield of 2.8%. Webster Financial’s dividend payout ratio is presently 32.45%.

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.