Webster Financial (NYSE:WBS) Price Target Cut to $65.00 by Analysts at JPMorgan Chase & Co.

Webster Financial (NYSE:WBS) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $67.00 to $65.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 18.46% from the company’s previous close.

Several other research analysts also recently issued reports on WBS. StockNews.com downgraded Webster Financial from a “hold” rating to a “sell” rating in a research report on Friday. Wells Fargo & Company upgraded Webster Financial from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $75.00 in a research report on Monday. Wedbush lifted their price objective on Webster Financial from $52.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Barclays upped their target price on shares of Webster Financial from $63.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, December 5th. Finally, Morgan Stanley cut their price objective on shares of Webster Financial from $57.00 to $54.00 and set an “equal weight” rating for the company in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.46.

Webster Financial Stock Performance

Shares of NYSE:WBS traded down $1.09 during midday trading on Tuesday, hitting $54.87. The stock had a trading volume of 386,706 shares, compared to its average volume of 772,423. Webster Financial has a 1 year low of $39.33 and a 1 year high of $63.99. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.45. The stock has a 50 day moving average price of $57.66 and a two-hundred day moving average price of $50.24. The company has a market capitalization of $9.41 billion, a PE ratio of 12.44, a P/E/G ratio of 0.87 and a beta of 1.30.

Webster Financial (NYSE:WBS) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.34 earnings per share 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 company had revenue of $647.62 million for the quarter, compared to analyst estimates of $677.72 million. During the same period last year, the company earned $1.55 earnings per share. As a group, equities analysts predict that Webster Financial will post 5.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Daniel Bley sold 500 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were 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 owns 17,279 shares of the company’s stock, valued at approximately $1,069,742.89. The trade was a 2.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Albert Jen-Wen Wang sold 4,000 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $52.43, for a total value of $209,720.00. Following the transaction, the chief accounting officer now directly owns 14,273 shares in the company, valued at approximately $748,333.39. This represents a 21.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,250 shares of company stock worth $2,105,322. 0.88% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Webster Financial

Several institutional investors have recently made changes to their positions in WBS. CIBC Asset Management Inc grew its stake in Webster Financial by 5.4% during the 2nd quarter. CIBC Asset Management Inc now owns 4,821 shares of the financial services provider’s stock worth $210,000 after buying an additional 248 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Webster Financial by 1.6% in the 2nd quarter. Arizona State Retirement System now owns 48,028 shares of the financial services provider’s stock worth $2,094,000 after acquiring an additional 749 shares during the period. Choreo LLC bought a new stake in Webster Financial in the 2nd quarter valued at about $334,000. United Services Automobile Association grew its position in Webster Financial by 7.3% in the 2nd quarter. United Services Automobile Association now owns 13,987 shares of the financial services provider’s stock worth $610,000 after purchasing an additional 950 shares during the last quarter. Finally, Texas Permanent School Fund Corp increased its stake in shares of Webster Financial by 13.5% in the second quarter. Texas Permanent School Fund Corp now owns 170,852 shares of the financial services provider’s stock valued at $7,447,000 after purchasing an additional 20,300 shares during the period. 85.58% of the stock is owned by institutional investors.

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.