Retirement Systems of Alabama Sells 2,989 Shares of Webster Financial Corporation $WBS

Retirement Systems of Alabama cut its position in Webster Financial Corporation (NYSE:WBS) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 457,682 shares of the financial services provider’s stock after selling 2,989 shares during the quarter. Retirement Systems of Alabama’s holdings in Webster Financial were worth $24,989,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Webster Financial by 48.3% in the first quarter. GAMMA Investing LLC now owns 3,032 shares of the financial services provider’s stock valued at $156,000 after acquiring an additional 987 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Webster Financial by 42.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,517 shares of the financial services provider’s stock valued at $800,000 after purchasing an additional 4,653 shares during the last quarter. Bessemer Group Inc. grew its holdings in Webster Financial by 166.1% during the first quarter. Bessemer Group Inc. now owns 1,027 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 641 shares during the period. New York State Teachers Retirement System increased its position in Webster Financial by 5.5% during the first quarter. New York State Teachers Retirement System now owns 268,580 shares of the financial services provider’s stock worth $13,845,000 after buying an additional 13,951 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its stake in Webster Financial by 26.1% in the first quarter. First Horizon Advisors Inc. now owns 1,486 shares of the financial services provider’s stock valued at $77,000 after buying an additional 308 shares during the period. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Elzbieta Cieslik sold 2,000 shares of the stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $61.58, for a total transaction of $123,160.00. Following the sale, the chief accounting officer owned 14,894 shares in the company, valued at approximately $917,172.52. This trade represents a 11.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Mi Griffin sold 807 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $62.14, for a total transaction of $50,146.98. Following the transaction, the insider owned 12,556 shares of the company’s stock, valued at approximately $780,229.84. This represents a 6.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 11,807 shares of company stock worth $698,527 over the last ninety days. Corporate insiders own 0.54% of the company’s stock.

Webster Financial Trading Up 0.7%

Shares of NYSE:WBS opened at $56.55 on Friday. The business’s 50 day simple moving average is $59.54 and its 200 day simple moving average is $55.77. Webster Financial Corporation has a 1 year low of $39.43 and a 1 year high of $63.99. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $9.40 billion, a P/E ratio of 10.53, a P/E/G ratio of 0.50 and a beta of 1.05.

Webster Financial (NYSE:WBS) last announced its quarterly earnings data on Friday, October 17th. The financial services provider reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.02. The firm had revenue of $732.60 million during the quarter, compared to analysts’ expectations of $725.22 million. Webster Financial had a return on equity of 11.07% and a net margin of 21.32%.During the same period in the previous year, the firm earned $1.34 EPS. On average, research analysts anticipate that Webster Financial Corporation will post 5.88 EPS for the current fiscal year.

Webster Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Monday, November 10th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, November 10th. This represents a $1.60 annualized dividend and a yield of 2.8%. Webster Financial’s dividend payout ratio is currently 29.80%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on WBS shares. JPMorgan Chase & Co. decreased their target price on Webster Financial from $70.00 to $68.00 and set an “overweight” rating on the stock in a report on Wednesday, October 1st. Wells Fargo & Company dropped their price objective on shares of Webster Financial from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Monday, October 20th. Cantor Fitzgerald started coverage on shares of Webster Financial in a research note on Wednesday, September 10th. They set an “overweight” rating and a $70.00 target price for the company. Cowen started coverage on shares of Webster Financial in a report on Wednesday, September 24th. They issued a “buy” rating on the stock. Finally, Citigroup upped their target price on Webster Financial from $65.00 to $71.00 and gave the company a “buy” rating in a research report on Friday, July 18th. Thirteen research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.69.

About Webster Financial

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.