Raymond James Cuts Webster Financial (NYSE:WBS) Price Target to $58.00

Webster Financial (NYSE:WBS) had its price objective reduced by investment analysts at Raymond James from $65.00 to $58.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Raymond James’ price target points to a potential upside of 13.49% from the stock’s previous close.

Several other research firms have also commented on WBS. Wells Fargo & Company raised shares of Webster Financial from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $70.00 to $75.00 in a research report on Monday, January 6th. StockNews.com raised Webster Financial from a “sell” rating to a “hold” rating in a research report on Saturday, January 11th. UBS Group started coverage on shares of Webster Financial in a research report on Tuesday, December 17th. They issued a “buy” rating and a $76.00 target price on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Webster Financial from $67.00 to $65.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, Barclays upped their target price on shares of Webster Financial from $63.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Webster Financial presently has an average rating of “Moderate Buy” and a consensus target price of $62.92.

Webster Financial Price Performance

WBS stock traded up $0.38 during midday trading on Wednesday, reaching $51.11. The stock had a trading volume of 175,847 shares, compared to its average volume of 1,228,531. Webster Financial has a 52-week low of $39.34 and a 52-week high of $63.99. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.34. The company’s fifty day simple moving average is $55.41 and its 200 day simple moving average is $54.68. The company has a market cap of $8.76 billion, a price-to-earnings ratio of 11.69, a price-to-earnings-growth ratio of 1.02 and a beta of 1.28.

Webster Financial (NYSE:WBS) last announced its quarterly earnings data on Friday, January 17th. The financial services provider reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.08. The company had revenue of $661.00 million during the quarter, compared to analysts’ expectations of $687.53 million. Webster Financial had a net margin of 18.39% and a return on equity of 10.82%. During the same quarter in the prior year, the company earned $1.46 EPS. As a group, sell-side analysts predict that Webster Financial will post 5.88 earnings per share for the current fiscal year.

Insider Activity

In other Webster Financial news, Director Laurence C. Morse sold 13,217 shares of Webster Financial stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $59.07, for a total value of $780,728.19. Following the transaction, the director now directly owns 18,808 shares in the company, valued at approximately $1,110,988.56. This trade represents a 41.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO John R. Ciulla sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $57.43, for a total value of $459,440.00. Following the sale, the chief executive officer now owns 210,051 shares of the company’s stock, valued at $12,063,228.93. This trade represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Webster Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cerity Partners LLC raised its holdings in Webster Financial by 46.1% during the third quarter. Cerity Partners LLC now owns 9,624 shares of the financial services provider’s stock worth $449,000 after purchasing an additional 3,036 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Webster Financial by 8.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 89,202 shares of the financial services provider’s stock worth $4,158,000 after purchasing an additional 6,964 shares during the last quarter. PEAK6 Investments LLC grew its holdings in shares of Webster Financial by 180.4% during the third quarter. PEAK6 Investments LLC now owns 9,031 shares of the financial services provider’s stock worth $421,000 after buying an additional 20,263 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Webster Financial during the third quarter valued at approximately $8,059,000. Finally, HighTower Advisors LLC boosted its position in Webster Financial by 6.8% during the third quarter. HighTower Advisors LLC now owns 31,978 shares of the financial services provider’s stock worth $1,488,000 after acquiring an additional 2,032 shares during the last quarter. 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.