Webster Financial (NYSE:WBS) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Webster Financial (NYSE:WBS) released its earnings results on Thursday. The financial services provider reported $1.34 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.01), Briefing.com reports. The business had revenue of $647.62 million for the quarter, compared to analysts’ expectations of $677.72 million. Webster Financial had a net margin of 19.81% and a return on equity of 11.81%. During the same quarter last year, the company posted $1.55 earnings per share.

Webster Financial Stock Down 2.5 %

WBS stock traded down $1.34 during mid-day trading on Friday, hitting $52.91. The stock had a trading volume of 2,126,181 shares, compared to its average volume of 1,252,117. Webster Financial has a 1-year low of $36.36 and a 1-year high of $54.38. The company has a fifty day moving average of $46.21 and a 200 day moving average of $45.33. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $9.07 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 0.81 and a beta of 1.28.

Insider Activity at Webster Financial

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

Institutional Trading of Webster Financial

Hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its position in Webster Financial by 11.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,874,644 shares of the financial services provider’s stock worth $87,377,000 after purchasing an additional 191,894 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. lifted its stake in shares of Webster Financial by 20.0% in the third quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 18,000 shares of the financial services provider’s stock valued at $839,000 after buying an additional 3,000 shares during the period. Blue Trust Inc. lifted its stake in shares of Webster Financial by 24.7% in the third quarter. Blue Trust Inc. now owns 7,831 shares of the financial services provider’s stock valued at $341,000 after buying an additional 1,553 shares during the period. V Square Quantitative Management LLC acquired a new stake in Webster Financial during the third quarter worth about $27,000. Finally, Cardinal Capital Management increased its stake in Webster Financial by 5.0% during the third quarter. Cardinal Capital Management now owns 49,794 shares of the financial services provider’s stock valued at $2,321,000 after acquiring an additional 2,376 shares during the period. Institutional investors own 85.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. JPMorgan Chase & Co. reduced their target price on Webster Financial from $58.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Wedbush lifted their price objective on shares of Webster Financial from $52.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday. Stephens set a $58.00 target price on shares of Webster Financial in a report on Thursday. Morgan Stanley reduced their price target on shares of Webster Financial from $57.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, September 30th. Finally, Jefferies Financial Group lowered their price objective on shares of Webster Financial from $56.00 to $51.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Webster Financial presently has an average rating of “Moderate Buy” and an average price target of $57.85.

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.