Webster Financial (NYSE:WBS) Reaches New 1-Year High – Here’s What Happened

Shares of Webster Financial Corporation (NYSE:WBS) hit a new 52-week high on Monday . The stock traded as high as $76.13 and last traded at $76.0620, with a volume of 2587810 shares. The stock had previously closed at $75.62.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on WBS. Santander cut shares of Webster Financial from a “neutral” rating to an “underweight” rating in a research report on Tuesday, March 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Webster Financial in a research note on Friday, June 12th. Wells Fargo & Company upgraded Webster Financial from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. UBS Group initiated coverage on Webster Financial in a research report on Tuesday, April 7th. They set a “neutral” rating and a $69.00 price target on the stock. Finally, Keefe, Bruyette & Woods reduced their price objective on Webster Financial from $79.00 to $77.50 and set an “outperform” rating on the stock in a research note on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Webster Financial has an average rating of “Hold” and an average price target of $73.96.

Webster Financial Stock Up 0.6%

The company has a debt-to-equity ratio of 0.60, a current ratio of 0.87 and a quick ratio of 0.87. The stock’s fifty day simple moving average is $72.62 and its 200-day simple moving average is $69.20. The stock has a market cap of $12.32 billion, a P/E ratio of 12.45 and a beta of 1.01.

Webster Financial (NYSE:WBS) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.53 by $0.04. The company had revenue of $764.05 million during the quarter, compared to analyst estimates of $735.26 million. Webster Financial had a return on equity of 11.31% and a net margin of 22.95%.The business’s revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.30 earnings per share. On average, research analysts anticipate that Webster Financial Corporation will post 6.59 earnings per share for the current year.

Webster Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Monday, May 11th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Monday, May 11th. Webster Financial’s dividend payout ratio is presently 26.19%.

Hedge Funds Weigh In On Webster Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd lifted its position in Webster Financial by 115.3% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 32,940 shares of the financial services provider’s stock valued at $1,958,000 after purchasing an additional 17,640 shares during the last quarter. Pinnbrook Capital Management LP acquired a new stake in shares of Webster Financial in the third quarter valued at approximately $2,254,000. Holocene Advisors LP bought a new stake in shares of Webster Financial during the third quarter valued at approximately $44,254,000. Polar Asset Management Partners Inc. raised its holdings in shares of Webster Financial by 186.3% during the third quarter. Polar Asset Management Partners Inc. now owns 53,817 shares of the financial services provider’s stock valued at $3,199,000 after buying an additional 35,017 shares during the last quarter. Finally, Artemis Investment Management LLP acquired a new position in shares of Webster Financial during the fourth quarter worth approximately $56,253,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

Webster Financial Company Profile

Webster Financial Corporation is a bank holding company headquartered in Waterbury, Connecticut. Through its principal subsidiary, Webster Bank, N.A., the company offers a broad range of banking products and financial services to individuals, small businesses, and middle-market commercial clients. Key offerings include deposit accounts, residential and commercial real estate lending, equipment finance, treasury management, and payment processing solutions.

In addition to traditional banking services, Webster Financial provides wealth management and insurance products designed to help clients plan for retirement, preserve assets, and manage risk.