Envestnet Asset Management Inc. Raises Holdings in Webster Financial Corporation (NYSE:WBS)

Envestnet Asset Management Inc. lifted its holdings in shares of Webster Financial Corporation (NYSE:WBS) by 1.8% during the first quarter, Holdings Channel.com reports. The fund owned 267,787 shares of the financial services provider’s stock after acquiring an additional 4,684 shares during the period. Envestnet Asset Management Inc.’s holdings in Webster Financial were worth $13,804,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank purchased a new stake in Webster Financial in the 4th quarter worth approximately $120,497,000. Balyasny Asset Management L.P. raised its stake in shares of Webster Financial by 1,253.3% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,120,914 shares of the financial services provider’s stock worth $61,897,000 after buying an additional 1,038,085 shares during the period. Millennium Management LLC raised its stake in shares of Webster Financial by 43.0% during the 4th quarter. Millennium Management LLC now owns 2,547,225 shares of the financial services provider’s stock worth $140,658,000 after buying an additional 766,019 shares during the period. FJ Capital Management LLC acquired a new position in Webster Financial in the 4th quarter valued at $29,177,000. Finally, ExodusPoint Capital Management LP acquired a new position in Webster Financial in the 4th quarter valued at $25,464,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Lauren States sold 2,200 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $50.80, for a total transaction of $111,760.00. Following the completion of the sale, the director directly owned 14,620 shares of the company’s stock, valued at approximately $742,696. This trade represents a 13.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Javier L. Evans sold 7,800 shares of the firm’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $52.58, for a total value of $410,124.00. Following the sale, the insider directly owned 19,820 shares of the company’s stock, valued at $1,042,135.60. The trade was a 28.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,000 shares of company stock valued at $934,210 over the last 90 days. Company insiders own 0.54% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on WBS shares. UBS Group reissued a “buy” rating and issued a $69.00 price objective on shares of Webster Financial in a research note on Wednesday, July 9th. Wells Fargo & Company increased their price objective on Webster Financial from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday. Barclays increased their price objective on Webster Financial from $72.00 to $77.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Truist Financial reissued a “buy” rating and issued a $67.00 price objective (up from $61.00) on shares of Webster Financial in a research note on Friday, July 11th. Finally, Jefferies Financial Group started coverage on Webster Financial in a research note on Wednesday, May 21st. They issued a “buy” rating and a $65.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, Webster Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.77.

Webster Financial Stock Up 1.4%

Shares of WBS opened at $60.89 on Friday. The stock has a fifty day simple moving average of $54.33 and a two-hundred day simple moving average of $53.23. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $10.24 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 0.78 and a beta of 1.00. Webster Financial Corporation has a 52-week low of $39.43 and a 52-week high of $63.99.

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

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

Webster Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Monday, May 12th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend was Monday, May 12th. Webster Financial’s payout ratio is 36.04%.

Webster Financial 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.