Wells Fargo & Co restated their market perform rating on shares of Webster Financial (NYSE:WBS) in a report published on Tuesday morning, The Fly reports. Wells Fargo & Co currently has a $60.00 price objective on the financial services provider’s stock, up from their previous price objective of $55.00.
Several other equities research analysts also recently weighed in on WBS. Zacks Investment Research downgraded Webster Financial from a hold rating to a sell rating in a report on Monday, September 25th. ValuEngine downgraded Webster Financial from a buy rating to a hold rating in a report on Monday, October 2nd. Boenning Scattergood reissued a hold rating on shares of Webster Financial in a report on Friday, October 20th. Barclays set a $55.00 price target on Webster Financial and gave the stock a hold rating in a report on Friday, October 20th. Finally, Keefe, Bruyette & Woods reissued a buy rating and issued a $63.00 price target on shares of Webster Financial in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. Webster Financial has a consensus rating of Hold and an average price target of $58.67.
Shares of Webster Financial (NYSE:WBS) traded up $1.01 during midday trading on Tuesday, reaching $59.00. The company’s stock had a trading volume of 576,300 shares, compared to its average volume of 518,688. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $5,560.00, a P/E ratio of 23.23, a PEG ratio of 2.43 and a beta of 1.22. Webster Financial has a fifty-two week low of $44.04 and a fifty-two week high of $59.26.
In other news, Chairman James Copenhaver Smith sold 8,943 shares of the firm’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $55.93, for a total value of $500,181.99. Following the completion of the transaction, the chairman now directly owns 316,103 shares in the company, valued at $17,679,640.79. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Daniel Bley sold 1,486 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,398,442.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,107 shares of company stock valued at $1,988,452. Company insiders own 2.20% of the company’s stock.
Several large investors have recently made changes to their positions in WBS. American Century Companies Inc. purchased a new position in shares of Webster Financial in the third quarter worth about $87,888,000. Koch Industries Inc. purchased a new position in shares of Webster Financial in the second quarter worth about $1,387,000. Janus Henderson Group PLC purchased a new position in shares of Webster Financial in the third quarter worth about $54,672,000. Brown Advisory Inc. purchased a new position in shares of Webster Financial in the third quarter worth about $29,151,000. Finally, Wells Fargo & Company MN raised its position in Webster Financial by 27.8% during the third quarter. Wells Fargo & Company MN now owns 1,186,320 shares of the financial services provider’s stock valued at $62,342,000 after acquiring an additional 258,311 shares in the last quarter. Hedge funds and other institutional investors own 86.77% of the company’s stock.
Webster Financial Company 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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