Principal Financial Group Inc. Lowers Stock Holdings in Webster Financial Co. (NYSE:WBS)

Principal Financial Group Inc. cut its holdings in shares of Webster Financial Co. (NYSE:WBS) by 10.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,034,352 shares of the financial services provider’s stock after selling 118,731 shares during the period. Principal Financial Group Inc.’s holdings in Webster Financial were worth $48,211,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Allspring Global Investments Holdings LLC grew its holdings in shares of Webster Financial by 6.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,682,750 shares of the financial services provider’s stock valued at $73,351,000 after purchasing an additional 98,571 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Webster Financial by 2.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,198 shares of the financial services provider’s stock valued at $1,578,000 after buying an additional 736 shares during the period. Panagora Asset Management Inc. grew its stake in shares of Webster Financial by 27.7% in the second quarter. Panagora Asset Management Inc. now owns 6,767 shares of the financial services provider’s stock worth $295,000 after acquiring an additional 1,467 shares in the last quarter. F M Investments LLC purchased a new stake in shares of Webster Financial during the second quarter worth $2,985,000. Finally, Innealta Capital LLC acquired a new stake in shares of Webster Financial in the second quarter valued at $215,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

Webster Financial Stock Performance

NYSE WBS opened at $54.99 on Monday. The company has a fifty day moving average of $56.74 and a two-hundred day moving average of $49.06. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.86 and a quick ratio of 0.86. Webster Financial Co. has a 1 year low of $39.33 and a 1 year high of $63.99. The company has a market capitalization of $9.43 billion, a PE ratio of 12.47, a P/E/G ratio of 0.87 and a beta of 1.29.

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

Webster Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 12th. Investors of record on Friday, November 1st were given a $0.40 dividend. The ex-dividend date was Friday, November 1st. This represents a $1.60 annualized dividend and a yield of 2.91%. Webster Financial’s dividend payout ratio (DPR) is 36.28%.

Insider Buying and Selling

In other Webster Financial news, insider Daniel Bley sold 3,463 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was 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 directly owns 19,529 shares of the company’s stock, valued at $1,017,460.90. This represents a 15.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Albert Jen-Wen Wang sold 4,000 shares of Webster Financial stock in a transaction that occurred 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. This trade represents a 21.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,250 shares of company stock worth $2,105,322 in the last 90 days. Company insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on WBS shares. UBS Group started coverage on Webster Financial in a research note on Tuesday, December 17th. They set a “buy” rating and a $76.00 target price for the company. JPMorgan Chase & Co. cut their target price on shares of Webster Financial from $58.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. Morgan Stanley reduced their target price on shares of Webster Financial from $57.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, September 30th. Wells Fargo & Company boosted their price target on shares of Webster Financial from $60.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Finally, Wedbush raised 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. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Webster Financial currently has a consensus rating of “Moderate Buy” and an average target price of $60.31.

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.