State of Michigan Retirement System Has $2.15 Million Position in Webster Financial Co. (NYSE:WBS)

State of Michigan Retirement System increased its holdings in shares of Webster Financial Co. (NYSE:WBS) by 2.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,244 shares of the financial services provider’s stock after buying an additional 1,000 shares during the period. State of Michigan Retirement System’s holdings in Webster Financial were worth $2,145,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in WBS. Rise Advisors LLC bought a new position in shares of Webster Financial during the first quarter valued at $29,000. Spire Wealth Management raised its position in Webster Financial by 79.1% during the 4th 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 last quarter. Bruce G. Allen Investments LLC acquired a new position in Webster Financial during the 4th quarter worth about $42,000. Principal Securities Inc. bought a new stake in shares of Webster Financial in the 4th quarter valued at about $45,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Webster Financial by 29.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,114 shares of the financial services provider’s stock valued at $57,000 after buying an additional 255 shares during the period. 85.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on WBS. Raymond James reiterated an “outperform” rating and issued a $60.00 target price on shares of Webster Financial in a report on Tuesday, March 26th. Jefferies Financial Group dropped their price target on shares of Webster Financial from $56.00 to $51.00 and set a “buy” rating on the stock in a research report on Wednesday. Keefe, Bruyette & Woods decreased their price objective on shares of Webster Financial from $64.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, April 24th. Citigroup dropped their target price on shares of Webster Financial from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, April 24th. Finally, JPMorgan Chase & Co. cut their price target on shares of Webster Financial from $63.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, June 27th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.75.

Webster Financial Trading Down 3.7 %

WBS opened at $43.45 on Friday. The company has a fifty day moving average price of $43.51 and a two-hundred day moving average price of $46.93. Webster Financial Co. has a 1-year low of $36.36 and a 1-year high of $53.39. The company has a market cap of $7.45 billion, a P/E ratio of 8.90, a price-to-earnings-growth ratio of 0.53 and a beta of 1.30. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.54.

Webster Financial (NYSE:WBS) last issued its earnings results on Tuesday, April 23rd. The financial services provider reported $1.35 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.02). The firm had revenue of $667.10 million during the quarter, compared to the consensus estimate of $680.72 million. Webster Financial had a net margin of 21.09% and a return on equity of 12.55%. The business’s quarterly revenue was up .2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.49 earnings per share. Analysts predict that Webster Financial Co. will post 5.54 EPS for the current fiscal year.

Webster Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 6th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date was Friday, May 3rd. Webster Financial’s payout ratio is 32.79%.

Insider Buying and Selling

In other Webster Financial news, insider Daniel Bley sold 2,280 shares of the business’s stock in a transaction 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 in the company, valued at approximately $1,285,446.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.72% of the stock is owned by company insiders.

Webster Financial 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.