Barclays Cuts Webster Financial (NYSE:WBS) Price Target to $60.00

Webster Financial (NYSE:WBS) had its price objective cut by equities research analysts at Barclays from $65.00 to $60.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective would indicate a potential upside of 42.55% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. Keefe, Bruyette & Woods decreased their price target on shares of Webster Financial from $64.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 24th. StockNews.com raised shares of Webster Financial from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Royal Bank of Canada decreased their price target on shares of Webster Financial from $57.00 to $54.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 24th. Raymond James reaffirmed an “outperform” rating and set a $60.00 price target on shares of Webster Financial in a research note on Tuesday, March 26th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Webster Financial from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 24th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.58.

Webster Financial Price Performance

Shares of WBS traded up $1.23 during trading hours on Monday, reaching $42.09. The company had a trading volume of 299,876 shares, compared to its average volume of 1,155,759. The firm has a 50 day simple moving average of $44.00 and a 200-day simple moving average of $47.29. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $7.22 billion, a price-to-earnings ratio of 8.61, a PEG ratio of 0.50 and a beta of 1.31. Webster Financial has a 12-month low of $36.36 and a 12-month high of $53.39.

Webster Financial (NYSE:WBS) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $1.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.02). The company had revenue of $667.10 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.49 EPS. Research analysts expect that Webster Financial will post 5.57 earnings per share for the current year.

Insider Activity

In other news, insider Daniel Bley sold 2,280 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $44.80, for a total transaction of $102,144.00. Following the completion of the sale, the insider now owns 28,693 shares of the company’s stock, valued at $1,285,446.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Webster Financial

A number of hedge funds have recently added to or reduced their stakes in WBS. Rise Advisors LLC acquired a new position in Webster Financial in the first quarter worth $29,000. Spire Wealth Management boosted its holdings in Webster Financial by 79.1% in the fourth quarter. Spire Wealth Management now owns 607 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 268 shares during the period. Bruce G. Allen Investments LLC acquired a new position in Webster Financial in the fourth quarter worth $42,000. Principal Securities Inc. acquired a new position in shares of Webster Financial during the fourth quarter valued at $45,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Webster Financial by 29.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,114 shares of the financial services provider’s stock valued at $57,000 after acquiring an additional 255 shares during the period. 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.