Webster Financial (NYSE:WBS) Price Target Cut to $55.00

Webster Financial (NYSE:WBS) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $58.00 to $55.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 19.36% from the stock’s previous close.

Several other brokerages have also issued reports on WBS. Royal Bank of Canada cut their price target on Webster Financial from $54.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Keefe, Bruyette & Woods cut their price target on Webster Financial from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Tuesday, July 9th. Jefferies Financial Group dropped their target price on Webster Financial from $56.00 to $51.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Morgan Stanley dropped their target price on Webster Financial from $57.00 to $54.00 and set an “equal weight” rating on the stock in a report on Monday, September 30th. Finally, Barclays dropped their target price on Webster Financial from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, June 24th. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Webster Financial presently has an average rating of “Moderate Buy” and a consensus price target of $56.10.

Webster Financial Stock Up 1.2 %

Shares of Webster Financial stock opened at $46.08 on Wednesday. Webster Financial has a one year low of $36.36 and a one year high of $53.39. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.85 and a quick ratio of 0.85. The stock’s 50-day moving average is $45.41 and its 200 day moving average is $45.36. The firm has a market cap of $7.90 billion, a price-to-earnings ratio of 9.44, a PEG ratio of 0.68 and a beta of 1.28.

Webster Financial (NYSE:WBS) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.34 by ($0.08). The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $671.91 million. Webster Financial had a return on equity of 11.81% and a net margin of 19.81%. During the same quarter in the previous year, the company posted $1.50 EPS. Equities research analysts anticipate that Webster Financial will post 5.27 EPS for the current year.

Insiders Place Their Bets

In other Webster Financial news, insider Charles L. Wilkins sold 5,000 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $49.07, for a total value of $245,350.00. Following the completion of the sale, the insider now directly owns 45,157 shares of the company’s stock, valued at $2,215,853.99. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Jason A. Soto sold 1,650 shares of Webster Financial stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.32, for a total value of $76,428.00. Following the completion of the transaction, the insider now directly owns 20,539 shares in the company, valued at approximately $951,366.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charles L. Wilkins sold 5,000 shares of Webster Financial stock in a transaction on Friday, July 26th. The shares were sold at an average price of $49.07, for a total value of $245,350.00. Following the completion of the transaction, the insider now owns 45,157 shares of the company’s stock, valued at approximately $2,215,853.99. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,650 shares of company stock valued at $706,098 over the last ninety days. 0.88% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Webster Financial

Several hedge funds have recently made changes to their positions in WBS. UMB Bank n.a. grew its position in shares of Webster Financial by 340.7% in the third quarter. UMB Bank n.a. now owns 595 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 460 shares in the last quarter. Rise Advisors LLC purchased a new position in shares of Webster Financial in the first quarter valued at $29,000. Hantz Financial Services Inc. purchased a new position in shares of Webster Financial in the second quarter valued at $32,000. Mather Group LLC. grew its position in shares of Webster Financial by 7,650.0% in the second quarter. Mather Group LLC. now owns 1,240 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 1,224 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Webster Financial during the second quarter valued at $69,000. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

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.