State of Alaska Department of Revenue increased its stake in Webster Financial Co. (NYSE:WBS – Get Rating) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,577 shares of the financial services provider's stock after buying an additional 280 shares during the quarter. State of Alaska Department of Revenue's holdings in Webster Financial were worth $1,078,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its holdings in shares of Webster Financial by 616.0% in the 1st quarter. Quadrant Capital Group LLC now owns 852 shares of the financial services provider's stock valued at $48,000 after buying an additional 733 shares during the last quarter. KBC Group NV boosted its holdings in shares of Webster Financial by 1,905.3% in the 1st quarter. KBC Group NV now owns 44,637 shares of the financial services provider's stock valued at $2,505,000 after buying an additional 42,411 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Webster Financial by 70.9% in the 1st quarter. Bank of New York Mellon Corp now owns 2,966,068 shares of the financial services provider's stock valued at $166,455,000 after acquiring an additional 1,230,828 shares during the period. Community Bank N.A. bought a new stake in Webster Financial in the 1st quarter valued at $39,000. Finally, Greenleaf Trust bought a new stake in Webster Financial in the 1st quarter valued at $274,000. Institutional investors and hedge funds own 85.98% of the company's stock.
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Insider Transactions at Webster Financial
In other Webster Financial news, COO Luis Massiani sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $47.35, for a total transaction of $947,000.00. Following the completion of the transaction, the chief operating officer now directly owns 132,910 shares in the company, valued at $6,293,288.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.85% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
WBS has been the topic of a number of research analyst reports. Jefferies Financial Group dropped their price target on Webster Financial from $62.00 to $55.00 in a research note on Monday, July 11th. StockNews.com upgraded Webster Financial from a "sell" rating to a "hold" rating in a research note on Wednesday, September 21st. Compass Point dropped their price target on Webster Financial to $77.00 in a research note on Friday, July 22nd. Raymond James dropped their price target on Webster Financial from $73.00 to $57.00 and set a "strong-buy" rating on the stock in a research note on Thursday, July 7th. Finally, JPMorgan Chase & Co. decreased their price objective on Webster Financial from $61.00 to $51.00 and set a "neutral" rating on the stock in a report on Friday, July 1st. Four research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $61.25.
Webster Financial Stock Performance
Shares of NYSE WBS opened at $44.67 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.85 and a quick ratio of 0.85. The stock's fifty day moving average price is $47.07 and its two-hundred day moving average price is $48.35. Webster Financial Co. has a one year low of $40.72 and a one year high of $65.00. The firm has a market cap of $7.85 billion, a price-to-earnings ratio of 14.46 and a beta of 1.27.
Webster Financial (NYSE:WBS – Get Rating) last released its earnings results on Thursday, July 21st. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.04. The company had revenue of $607.60 million for the quarter, compared to analyst estimates of $602.36 million. Webster Financial had a return on equity of 11.53% and a net margin of 20.70%. Webster Financial's quarterly revenue was up 106.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.21 EPS. On average, equities analysts forecast that Webster Financial Co. will post 5.48 EPS for the current year.
Webster Financial Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 17th. Stockholders of record on Tuesday, August 2nd were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.58%. The ex-dividend date was Monday, August 1st. Webster Financial's payout ratio is presently 51.78%.
About Webster Financial
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Webster Financial Corporation operates as the bank holding company for Webster Bank, National Association that provides a range of banking, investment, and financial services to individuals, families, and businesses in the United States. It operates through three segments: Commercial Banking, HSA Bank, and Retail Banking.
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