Wells Fargo & Company Raises Webster Financial (NYSE:WBS) Price Target to $70.00

Webster Financial (NYSE:WBS) had its target price lifted by equities research analysts at Wells Fargo & Company from $60.00 to $70.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 15.04% from the company’s previous close.

A number of other brokerages have also weighed in on WBS. JPMorgan Chase & Co. lowered their price target on shares of Webster Financial from $58.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Barclays boosted their target price on Webster Financial from $60.00 to $63.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. StockNews.com lowered Webster Financial from a “hold” rating to a “sell” rating in a research report on Monday, November 18th. Stephens set a $58.00 price target on shares of Webster Financial in a research report on Thursday, October 17th. Finally, Wedbush boosted their price objective on shares of Webster Financial from $52.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.62.

Webster Financial Stock Performance

Webster Financial stock traded down $0.09 during trading hours on Tuesday, hitting $60.85. The stock had a trading volume of 13,455 shares, compared to its average volume of 1,247,197. Webster Financial has a fifty-two week low of $39.33 and a fifty-two week high of $63.99. The company has a market cap of $10.43 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a 50-day moving average of $53.20 and a two-hundred day moving average of $47.71. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.45.

Webster Financial (NYSE:WBS) last issued 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). Webster Financial had a net margin of 18.80% and a return on equity of 11.03%. The business had revenue of $647.62 million for the quarter, compared to analyst estimates of $677.72 million. During the same quarter last year, the firm posted $1.55 earnings per share. On average, equities research analysts anticipate that Webster Financial will post 5.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Daniel Bley sold 3,463 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $52.10, for a total transaction of $180,422.30. Following the completion of the sale, the insider now owns 19,529 shares in the company, valued at approximately $1,017,460.90. This trade represents a 15.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mark Pettie sold 4,500 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $51.14, for a total transaction of $230,130.00. Following the completion of the transaction, the director now owns 32,780 shares in the company, valued at approximately $1,676,369.20. This trade represents a 12.07 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,750 shares of company stock worth $2,074,367. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Webster Financial

Several hedge funds have recently bought and sold shares of the stock. Tidal Investments LLC grew its stake in Webster Financial by 58.3% during the third quarter. Tidal Investments LLC now owns 31,599 shares of the financial services provider’s stock worth $1,473,000 after buying an additional 11,639 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of Webster Financial by 6.2% in the third quarter. Sanctuary Advisors LLC now owns 19,158 shares of the financial services provider’s stock worth $893,000 after acquiring an additional 1,114 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Webster Financial in the third quarter valued at approximately $305,000. Geode Capital Management LLC grew its holdings in Webster Financial by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,969,928 shares of the financial services provider’s stock worth $138,465,000 after acquiring an additional 54,613 shares during the last quarter. Finally, M&T Bank Corp increased its position in Webster Financial by 6.6% in the 3rd quarter. M&T Bank Corp now owns 6,155 shares of the financial services provider’s stock valued at $287,000 after acquiring an additional 383 shares during the period. 85.58% of the stock is currently owned by institutional investors and hedge funds.

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.