Franklin Resources Inc. Trims Stock Position in Webster Financial Co. (NYSE:WBS)

Franklin Resources Inc. reduced its stake in Webster Financial Co. (NYSE:WBS) by 14.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 171,986 shares of the financial services provider’s stock after selling 29,940 shares during the quarter. Franklin Resources Inc. owned 0.10% of Webster Financial worth $8,273,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its stake in shares of Webster Financial by 6.2% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,682,750 shares of the financial services provider’s stock worth $73,351,000 after acquiring an additional 98,571 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Webster Financial by 2.1% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,198 shares of the financial services provider’s stock worth $1,578,000 after purchasing an additional 736 shares during the period. Panagora Asset Management Inc. raised its stake in shares of Webster Financial by 27.7% during the 2nd quarter. Panagora Asset Management Inc. now owns 6,767 shares of the financial services provider’s stock worth $295,000 after buying an additional 1,467 shares in the last quarter. F M Investments LLC acquired a new stake in shares of Webster Financial in the 2nd quarter valued at approximately $2,985,000. Finally, Innealta Capital LLC purchased a new stake in shares of Webster Financial in the second quarter valued at approximately $215,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

Insider Transactions at Webster Financial

In related news, insider Daniel Bley sold 500 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $61.91, for a total value of $30,955.00. Following the completion of the sale, the insider now directly owns 17,279 shares in the company, valued at approximately $1,069,742.89. This represents a 2.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Javier L. Evans sold 10,137 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $57.41, for a total value of $581,965.17. Following the completion of the sale, the insider now directly owns 22,657 shares of the company’s stock, valued at $1,300,738.37. The trade was a 30.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,250 shares of company stock worth $2,105,322 in the last ninety days. Insiders own 0.88% of the company’s stock.

Webster Financial Trading Up 1.6 %

Shares of Webster Financial stock opened at $54.99 on Monday. Webster Financial Co. has a fifty-two week low of $39.33 and a fifty-two week high of $63.99. The business’s fifty day moving average is $56.74 and its two-hundred day moving average is $49.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.45. The firm has a market cap of $9.43 billion, a PE ratio of 12.47, a P/E/G ratio of 0.87 and a beta of 1.29.

Webster Financial (NYSE:WBS) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.01). Webster Financial had a return on equity of 11.03% and a net margin of 18.80%. The business had revenue of $647.62 million during the quarter, compared to analyst estimates of $677.72 million. During the same period in the previous year, the business posted $1.55 earnings per share. Analysts anticipate that Webster Financial Co. will post 5.24 earnings per share for the current year.

Webster Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 12th. Stockholders of record on Friday, November 1st were paid a dividend of $0.40 per share. The ex-dividend date was Friday, November 1st. This represents a $1.60 annualized dividend and a dividend yield of 2.91%. Webster Financial’s dividend payout ratio is presently 36.28%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Stephens set a $58.00 price objective on Webster Financial in a research report on Thursday, October 17th. Royal Bank of Canada raised their price objective on shares of Webster Financial from $57.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Morgan Stanley lowered their target price on shares of Webster Financial from $57.00 to $54.00 and set an “equal weight” rating on the stock in a research report on Monday, September 30th. UBS Group assumed coverage on shares of Webster Financial in a research report on Tuesday, December 17th. They set a “buy” rating and a $76.00 price target for the company. Finally, StockNews.com upgraded Webster Financial from a “sell” rating to a “hold” rating in a report on Friday, December 6th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Webster Financial currently has an average rating of “Moderate Buy” and an average target price of $60.31.

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.