Cardinal Capital Management Grows Stock Position in Webster Financial Co. (NYSE:WBS)

Cardinal Capital Management lifted its stake in shares of Webster Financial Co. (NYSE:WBS) by 18.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,799 shares of the financial services provider’s stock after purchasing an additional 7,001 shares during the quarter. Cardinal Capital Management’s holdings in Webster Financial were worth $2,325,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Kestra Advisory Services LLC raised its position in Webster Financial by 15.7% in the third quarter. Kestra Advisory Services LLC now owns 13,022 shares of the financial services provider’s stock worth $525,000 after acquiring an additional 1,766 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in Webster Financial in the third quarter worth $427,000. Envestnet Asset Management Inc. raised its position in Webster Financial by 58.2% in the third quarter. Envestnet Asset Management Inc. now owns 319,379 shares of the financial services provider’s stock worth $12,874,000 after acquiring an additional 117,437 shares in the last quarter. Hsbc Holdings PLC raised its position in Webster Financial by 15.8% in the third quarter. Hsbc Holdings PLC now owns 39,052 shares of the financial services provider’s stock worth $1,575,000 after acquiring an additional 5,331 shares in the last quarter. Finally, Mariner LLC raised its position in Webster Financial by 2.4% in the third quarter. Mariner LLC now owns 13,812 shares of the financial services provider’s stock worth $557,000 after acquiring an additional 320 shares in the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on WBS. Jefferies Financial Group dropped their price target on Webster Financial from $65.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Keefe, Bruyette & Woods dropped their price target on Webster Financial from $64.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, April 24th. Barclays dropped their price target on Webster Financial from $65.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday. Raymond James reaffirmed an “outperform” rating and set a $60.00 price objective on shares of Webster Financial in a research note on Tuesday, March 26th. Finally, JPMorgan Chase & Co. decreased their price objective on Webster Financial from $63.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Webster Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.17.

Webster Financial Trading Down 0.5 %

NYSE:WBS traded down $0.20 during mid-day trading on Thursday, reaching $41.46. The company’s stock had a trading volume of 1,159,311 shares, compared to its average volume of 1,157,698. The stock has a market cap of $7.11 billion, a P/E ratio of 8.51, a P/E/G ratio of 0.51 and a beta of 1.31. Webster Financial Co. has a twelve month low of $36.36 and a twelve month high of $53.39. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.86 and a quick ratio of 0.86. The company’s fifty day simple moving average is $43.78 and its two-hundred day simple moving average is $47.18.

Webster Financial (NYSE:WBS) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $1.35 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.02). The firm had revenue of $667.10 million during the quarter, compared to analyst estimates of $680.72 million. Webster Financial had a net margin of 21.09% and a return on equity of 12.55%. The business’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.49 earnings per share. On average, equities analysts predict that Webster Financial Co. will post 5.56 EPS for the current year.

Webster Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.86%. The ex-dividend date was Friday, May 3rd. Webster Financial’s dividend payout ratio is currently 32.79%.

Insider Activity at Webster Financial

In related news, insider Daniel Bley sold 2,280 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $44.80, for a total transaction of $102,144.00. Following the sale, the insider now directly owns 28,693 shares in the company, valued at approximately $1,285,446.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.88% 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.