JPMorgan Chase & Co. Cuts Webster Financial (NYSE:WBS) Price Target to $68.00

Webster Financial (NYSE:WBS) had its target price reduced by research analysts at JPMorgan Chase & Co. from $70.00 to $68.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 15.22% from the stock’s current price.

Several other research firms have also issued reports on WBS. Raymond James Financial boosted their price target on Webster Financial from $65.00 to $68.00 and gave the company an “outperform” rating in a report on Friday, July 18th. Cantor Fitzgerald began coverage on Webster Financial in a research note on Wednesday, September 10th. They issued an “overweight” rating and a $70.00 price objective on the stock. Wells Fargo & Company raised their price objective on Webster Financial from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, July 18th. TD Cowen began coverage on Webster Financial in a research note on Thursday, September 25th. They issued a “buy” rating and a $78.00 price objective on the stock. Finally, Seaport Res Ptn downgraded Webster Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Webster Financial currently has an average rating of “Moderate Buy” and an average target price of $68.67.

Webster Financial Stock Up 0.0%

Webster Financial stock opened at $59.02 on Wednesday. The stock has a market cap of $9.81 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 0.54 and a beta of 1.05. 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 has a one year low of $39.43 and a one year high of $63.99. The stock has a fifty day moving average of $59.68 and a 200 day moving average of $54.46.

Webster Financial (NYSE:WBS) last posted its quarterly earnings data on Thursday, July 17th. The financial services provider reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. The company 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 for the quarter was up 16.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.26 earnings per share. As a group, sell-side analysts predict that Webster Financial will post 5.88 EPS for the current year.

Insider Transactions at Webster Financial

In other news, insider Jason A. Soto sold 2,500 shares of Webster Financial stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $61.21, for a total value of $153,025.00. Following the completion of the transaction, the insider owned 18,889 shares in the company, valued at approximately $1,156,195.69. The trade was a 11.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Mi Griffin sold 2,065 shares of Webster Financial stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $60.56, for a total value of $125,056.40. Following the completion of the transaction, the insider owned 13,363 shares of the company’s stock, valued at approximately $809,263.28. This trade represents a 13.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,445 shares of company stock worth $2,168,537. 0.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Webster Financial

A number of large investors have recently bought and sold shares of WBS. Norges Bank purchased a new position in Webster Financial during the 2nd quarter valued at $131,780,000. AQR Capital Management LLC raised its position in Webster Financial by 221.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,565,623 shares of the financial services provider’s stock valued at $85,483,000 after purchasing an additional 1,077,819 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Webster Financial by 7.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 7,108,082 shares of the financial services provider’s stock valued at $366,408,000 after purchasing an additional 487,264 shares in the last quarter. Nuveen LLC purchased a new position in shares of Webster Financial in the 1st quarter valued at $23,603,000. Finally, Azora Capital LP increased its holdings in shares of Webster Financial by 30.5% in the 2nd quarter. Azora Capital LP now owns 1,886,385 shares of the financial services provider’s stock valued at $102,997,000 after acquiring an additional 440,347 shares during the period. Hedge funds and other institutional investors own 85.58% of the company’s stock.

About Webster Financial

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.