Webster Financial (NYSE:WBS) Price Target Cut to $58.00 by Analysts at Keefe, Bruyette & Woods

Webster Financial (NYSE:WBS) had its price target trimmed by Keefe, Bruyette & Woods from $64.00 to $58.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other analysts also recently issued reports on the company. Citigroup cut their price objective on Webster Financial from $61.00 to $60.00 and set a buy rating on the stock in a report on Thursday, January 25th. Barclays started coverage on Webster Financial in a report on Friday, March 8th. They set an overweight rating and a $70.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Webster Financial from $65.00 to $63.00 and set an overweight rating on the stock in a report on Wednesday. Jefferies Financial Group cut their price objective on Webster Financial from $65.00 to $56.00 and set a buy rating on the stock in a report on Monday, April 8th. Finally, Royal Bank of Canada cut their price objective on Webster Financial from $59.00 to $57.00 and set an outperform rating on the stock in a report on Tuesday, April 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $56.23.

Webster Financial Price Performance

Shares of NYSE WBS opened at $45.54 on Wednesday. Webster Financial has a twelve month low of $31.03 and a twelve month high of $53.39. The company has a current ratio of 0.86, a quick ratio of 0.85 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $7.82 billion, a price-to-earnings ratio of 9.33, a PEG ratio of 0.37 and a beta of 1.33. The firm has a 50-day moving average of $47.97 and a two-hundred day moving average of $46.50.

Webster Financial (NYSE:WBS) last issued its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.35 earnings per share for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.02). Webster Financial had a net margin of 21.09% and a return on equity of 12.55%. The business had revenue of $667.10 million during the quarter, compared to analyst estimates of $680.72 million. During the same period in the previous year, the company posted $1.49 earnings per share. Webster Financial’s revenue was up .2% compared to the same quarter last year. As a group, analysts expect that Webster Financial will post 5.76 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Daniel Bley sold 2,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $47.60, for a total value of $95,200.00. Following the transaction, the insider now owns 27,955 shares in the company, valued at $1,330,658. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, COO Luis Massiani sold 13,500 shares of the stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $51.63, for a total value of $697,005.00. Following the transaction, the chief operating officer now owns 89,621 shares in the company, valued at $4,627,132.23. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Daniel Bley sold 2,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $47.60, for a total value of $95,200.00. Following the completion of the transaction, the insider now owns 27,955 shares in the company, valued at approximately $1,330,658. The disclosure for this sale can be found here. Insiders have sold 25,975 shares of company stock worth $1,341,095 in the last 90 days. Company insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Webster Financial

Hedge funds have recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in Webster Financial in the first quarter worth approximately $29,000. Spire Wealth Management boosted its position in Webster Financial by 79.1% during the fourth quarter. Spire Wealth Management now owns 607 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 268 shares during the period. NBC Securities Inc. bought a new stake in Webster Financial during the third quarter worth approximately $32,000. Bruce G. Allen Investments LLC bought a new stake in Webster Financial during the fourth quarter worth approximately $42,000. Finally, Principal Securities Inc. bought a new stake in Webster Financial during the fourth quarter worth approximately $45,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

Webster Financial Company Profile

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.