Glazer Capital LLC Acquires 784,585 Shares of Webster Financial Corporation $WBS

Glazer Capital LLC increased its holdings in shares of Webster Financial Corporation (NYSE:WBS) by 646.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 905,957 shares of the financial services provider’s stock after purchasing an additional 784,585 shares during the period. Webster Financial accounts for 1.7% of Glazer Capital LLC’s holdings, making the stock its 12th biggest holding. Glazer Capital LLC’s holdings in Webster Financial were worth $69,233,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. BOKF NA bought a new position in Webster Financial in the third quarter worth approximately $26,000. New England Capital Financial Advisors LLC lifted its holdings in Webster Financial by 246.8% during the first quarter. New England Capital Financial Advisors LLC now owns 437 shares of the financial services provider’s stock worth $30,000 after buying an additional 311 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Webster Financial during the 3rd quarter valued at $29,000. Atlas Capital Advisors Inc. bought a new stake in Webster Financial during the 4th quarter valued at $31,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Webster Financial in the 3rd quarter valued at $33,000. 85.58% of the stock is owned by hedge funds and other institutional investors.

Webster Financial Price Performance

NYSE WBS opened at $77.57 on Friday. The firm’s fifty day simple moving average is $77.04 and its two-hundred day simple moving average is $73.44. The firm has a market capitalization of $12.57 billion, a P/E ratio of 12.61 and a beta of 1.01. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.46. Webster Financial Corporation has a 12-month low of $52.69 and a 12-month high of $79.74.

Webster Financial (NYSE:WBS) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $1.60 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.01). The business had revenue of $769.23 million for the quarter, compared to analysts’ expectations of $755.80 million. Webster Financial had a net margin of 22.78% and a return on equity of 11.23%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.52 EPS. Analysts forecast that Webster Financial Corporation will post 6.59 EPS for the current fiscal year.

Webster Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Monday, August 10th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Monday, August 10th. Webster Financial’s dividend payout ratio is currently 26.02%.

Analysts Set New Price Targets

Several research analysts have recently commented on WBS shares. Keefe, Bruyette & Woods reduced their price target on Webster Financial from $79.00 to $77.50 and set an “outperform” rating for the company in a research report on Friday, May 1st. Royal Bank Of Canada raised their price objective on Webster Financial from $75.00 to $76.00 and gave the company a “sector perform” rating in a research report on Wednesday, July 22nd. Barclays lifted their target price on Webster Financial from $75.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday, August 3rd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Webster Financial in a research report on Friday, June 12th. Four research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $74.25.

Webster Financial Profile

Webster Financial Corporation is a bank holding company headquartered in Waterbury, Connecticut. Through its principal subsidiary, Webster Bank, N.A., the company offers a broad range of banking products and financial services to individuals, small businesses, and middle-market commercial clients. Key offerings include deposit accounts, residential and commercial real estate lending, equipment finance, treasury management, and payment processing solutions.

In addition to traditional banking services, Webster Financial provides wealth management and insurance products designed to help clients plan for retirement, preserve assets, and manage risk.