Bank of Montreal Can Buys 317,814 Shares of Webster Financial Co. (NYSE:WBS)

Bank of Montreal Can raised its stake in shares of Webster Financial Co. (NYSE:WBS) by 1,482.9% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 339,246 shares of the financial services provider’s stock after purchasing an additional 317,814 shares during the period. Bank of Montreal Can’s holdings in Webster Financial were worth $14,801,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Evergreen Capital Management LLC boosted its stake in Webster Financial by 78.9% during the second quarter. Evergreen Capital Management LLC now owns 8,466 shares of the financial services provider’s stock valued at $369,000 after buying an additional 3,733 shares during the last quarter. Magnetar Financial LLC bought a new position in shares of Webster Financial during the 2nd quarter valued at approximately $1,669,000. Ensign Peak Advisors Inc boosted its position in shares of Webster Financial by 21.0% during the 2nd quarter. Ensign Peak Advisors Inc now owns 81,641 shares of the financial services provider’s stock valued at $3,559,000 after acquiring an additional 14,145 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Webster Financial by 65.2% in the second quarter. Thrivent Financial for Lutherans now owns 168,272 shares of the financial services provider’s stock valued at $7,335,000 after purchasing an additional 66,418 shares in the last quarter. Finally, Sei Investments Co. increased its position in Webster Financial by 8.1% in the second quarter. Sei Investments Co. now owns 1,833,761 shares of the financial services provider’s stock worth $79,934,000 after purchasing an additional 137,242 shares during the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Webster Financial Stock Performance

Shares of Webster Financial stock opened at $46.39 on Friday. Webster Financial Co. has a 12 month low of $36.36 and a 12 month high of $53.39. The stock’s fifty day moving average price is $45.90 and its 200-day moving average price is $45.56. The firm has a market cap of $7.96 billion, a P/E ratio of 9.51, a P/E/G ratio of 0.69 and a beta of 1.28. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.44.

Webster Financial (NYSE:WBS) last posted its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $1.26 EPS for the quarter, missing the consensus estimate of $1.34 by ($0.08). Webster Financial had a net margin of 19.81% and a return on equity of 11.81%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $671.91 million. During the same quarter in the prior year, the firm posted $1.50 EPS. On average, equities research analysts expect that Webster Financial Co. will post 5.27 earnings per share for the current fiscal year.

Webster Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 8th. Shareholders of record on Monday, July 29th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, July 29th. This represents a $1.60 annualized dividend and a yield of 3.45%. Webster Financial’s dividend payout ratio (DPR) is presently 32.79%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on WBS. Morgan Stanley cut shares of Webster Financial from an “overweight” rating to an “equal weight” rating and lifted their price objective for the stock from $54.00 to $57.00 in a research note on Monday, August 5th. Keefe, Bruyette & Woods reduced their price objective on Webster Financial from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 9th. Barclays dropped their target price on Webster Financial from $65.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, June 24th. JPMorgan Chase & Co. decreased their price target on Webster Financial from $63.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, June 27th. Finally, Jefferies Financial Group dropped their price target on shares of Webster Financial from $56.00 to $51.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Three analysts have rated the stock with a hold rating and nine have assigned 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 $55.36.

Insider Activity

In related news, CEO John R. Ciulla sold 8,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.04, for a total transaction of $384,320.00. Following the sale, the chief executive officer now owns 237,049 shares of the company’s stock, valued at $11,387,833.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO John R. Ciulla sold 8,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.04, for a total value of $384,320.00. Following the sale, the chief executive officer now directly owns 237,049 shares in the company, valued at approximately $11,387,833.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jason A. Soto sold 1,650 shares of Webster Financial stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.32, for a total transaction of $76,428.00. Following the completion of the transaction, the insider now directly owns 20,539 shares in the company, valued at approximately $951,366.48. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,650 shares of company stock worth $706,098. 0.88% of the stock is currently 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.