Millennium Management LLC Decreases Stock Position in Webster Financial Co. (NYSE:WBS)

Millennium Management LLC trimmed its position in shares of Webster Financial Co. (NYSE:WBS) by 18.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 480,662 shares of the financial services provider’s stock after selling 109,431 shares during the period. Millennium Management LLC owned approximately 0.52% of Webster Financial worth $22,528,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Municipal Employees Retirement System of Michigan increased its position in shares of Webster Financial by 1.4% during the second quarter. Municipal Employees Retirement System of Michigan now owns 17,060 shares of the financial services provider’s stock worth $815,000 after acquiring an additional 240 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in Webster Financial by 1.2% during the 3rd quarter. Janney Montgomery Scott LLC now owns 20,947 shares of the financial services provider’s stock valued at $982,000 after purchasing an additional 243 shares in the last quarter. Comerica Bank grew its stake in Webster Financial by 0.5% during the 3rd quarter. Comerica Bank now owns 54,762 shares of the financial services provider’s stock valued at $2,431,000 after purchasing an additional 273 shares in the last quarter. Advisory Services Network LLC increased its holdings in Webster Financial by 9.6% during the 2nd quarter. Advisory Services Network LLC now owns 3,275 shares of the financial services provider’s stock worth $157,000 after purchasing an additional 287 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Webster Financial by 4.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,301 shares of the financial services provider’s stock worth $301,000 after purchasing an additional 288 shares during the last quarter. 90.61% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE WBS opened at $48.79 on Tuesday. The stock’s 50 day moving average price is $47.08 and its two-hundred day moving average price is $46.96. Webster Financial Co. has a 52-week low of $42.29 and a 52-week high of $60.98. The stock has a market capitalization of $4.48 billion, a P/E ratio of 13.05, a PEG ratio of 1.49 and a beta of 1.30. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.65.

Webster Financial (NYSE:WBS) last released its earnings results on Tuesday, October 22nd. The financial services provider reported $1.00 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.01). Webster Financial had a return on equity of 13.49% and a net margin of 27.14%. The firm had revenue of $310.50 million for the quarter, compared to the consensus estimate of $314.65 million. During the same period in the prior year, the business earned $0.98 EPS. The company’s quarterly revenue was up 2.6% on a year-over-year basis. On average, analysts anticipate that Webster Financial Co. will post 4.09 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 26th. Investors of record on Tuesday, November 12th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend was Friday, November 8th. Webster Financial’s dividend payout ratio is currently 42.78%.

In other news, Director Mark Pettie sold 4,000 shares of Webster Financial stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $46.32, for a total value of $185,280.00. Following the completion of the transaction, the director now directly owns 35,272 shares of the company’s stock, valued at approximately $1,633,799.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John Joseph Crawford sold 2,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $45.34, for a total transaction of $90,680.00. Following the sale, the director now directly owns 12,099 shares of the company’s stock, valued at approximately $548,568.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,000 shares of company stock worth $321,640. Corporate insiders own 1.53% of the company’s stock.

WBS has been the subject of several research analyst reports. Morgan Stanley reduced their target price on Webster Financial from $52.00 to $50.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Wells Fargo & Co dropped their price target on shares of Webster Financial from $55.00 to $50.00 and set a “market perform” rating for the company in a research note on Wednesday, October 2nd. Wedbush reaffirmed a “buy” rating and issued a $53.00 price target (up from $51.00) on shares of Webster Financial in a report on Monday, November 25th. Zacks Investment Research downgraded shares of Webster Financial from a “hold” rating to a “sell” rating and set a $47.00 price objective on the stock. in a research note on Saturday, October 19th. Finally, Compass Point downgraded shares of Webster Financial from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $52.43.

About Webster Financial

Webster Financial Corporation operates as the holding company for Webster Bank, National Association that provides a range of banking, investment, and financial services to individuals, families, and businesses in the United States. It operates through three segments: Commercial Banking, HSA Bank, and Community Banking.

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Institutional Ownership by Quarter for Webster Financial (NYSE:WBS)

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