Cubist Systematic Strategies LLC lessened its stake in Webster Financial Co. (NYSE:WBS) by 69.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,287 shares of the financial services provider’s stock after selling 21,470 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Webster Financial were worth $488,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. acquired a new stake in Webster Financial during the 3rd quarter valued at $87,888,000. Koch Industries Inc. acquired a new stake in Webster Financial during the 2nd quarter valued at $1,387,000. Janus Henderson Group PLC acquired a new stake in Webster Financial during the 3rd quarter valued at $54,672,000. Brown Advisory Inc. acquired a new stake in Webster Financial during the 3rd quarter valued at $29,151,000. Finally, Wells Fargo & Company MN lifted its holdings in Webster Financial by 27.8% during the 3rd quarter. Wells Fargo & Company MN now owns 1,186,320 shares of the financial services provider’s stock valued at $62,342,000 after purchasing an additional 258,311 shares during the last quarter. 86.77% of the stock is owned by institutional investors.
Several brokerages have issued reports on WBS. Zacks Investment Research downgraded Webster Financial from a “buy” rating to a “hold” rating and set a $63.00 price target for the company. in a report on Saturday, January 6th. Wells Fargo & Co reaffirmed a “market perform” rating and set a $60.00 price target (up previously from $55.00) on shares of Webster Financial in a report on Tuesday, January 9th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $71.00 price target on shares of Webster Financial in a report on Friday, December 22nd. Piper Jaffray Companies upgraded Webster Financial from an “underweight” rating to a “neutral” rating and set a $55.00 price objective on the stock in a research report on Friday, January 5th. Finally, Barclays increased their price objective on Webster Financial from $55.00 to $59.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $58.67.
Webster Financial Co. (WBS) opened at $59.58 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $5,846.88, a price-to-earnings ratio of 23.55, a price-to-earnings-growth ratio of 2.32 and a beta of 1.22. Webster Financial Co. has a 12-month low of $44.04 and a 12-month high of $59.76.
Webster Financial (NYSE:WBS) last posted its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.03. Webster Financial had a return on equity of 9.89% and a net margin of 21.09%. The firm had revenue of $266.75 million for the quarter, compared to analysts’ expectations of $269.03 million. During the same quarter last year, the business earned $0.54 EPS. sell-side analysts forecast that Webster Financial Co. will post 2.6 earnings per share for the current fiscal year.
In related news, Director Karen R. Osar sold 12,923 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $54.70, for a total value of $706,888.10. Following the transaction, the director now owns 36,984 shares in the company, valued at $2,023,024.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Daniel Bley sold 1,486 shares of the firm’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $54.74, for a total value of $81,343.64. Following the completion of the transaction, the executive vice president now owns 25,547 shares in the company, valued at approximately $1,398,442.78. The disclosure for this sale can be found here. Insiders sold 36,107 shares of company stock worth $1,988,452 in the last 90 days. 2.20% of the stock is owned by company insiders.
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Webster Financial Profile
Webster Financial Corporation is a bank and financial holding company. The Company’s segments include Commercial Banking, Community Banking, HSA Bank, Private Banking, and Corporate and Reconciling. The Commercial Banking segment includes middle-market, asset-based lending, commercial real estate, equipment finance, and treasury and payment solutions, which includes government and institutional banking.
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