STAMFORD, Conn.—Mark Pettie, a director at Webster Financial Corp . (NYSE:WBS), recently sold 4,500 shares of the company's common stock. The transaction, which took place on October 22, 2024, was executed at an average price of $51.142 per share, amounting to a total value of $230,139.
Following this sale, Pettie retains ownership of 32,780 shares of Webster Financial. The sale was disclosed in a filing with the Securities and Exchange Commission, signed by an attorney-in-fact, Jennifer H. Daukas, on October 23, 2024.
In other recent news, Webster Financial Corporation has seen significant developments. The company recently declared its latest quarterly dividends, with a cash dividend of $0.40 per share on its common stock, and dividends on its preferred stock. Additionally, Webster Financial reported robust third-quarter earnings, with a notable increase in net interest income and margin trends. Total asset growth reached $79 billion, with deposits growing by 3.6% and loans increasing by 0.7%.
RBC Capital Markets has raised Webster Financial's price target to $62 from $57, maintaining an Outperform rating following the company's strong third-quarter results. In terms of future developments, the company anticipates a loan growth of 1% to 1.5% in Q4, and expects a 1% decline in deposits due to seasonal factors. Webster Financial also projects Q4 net interest income between $590 million and $600 million.
Looking forward to 2025, the company forecasts a loan growth around 5% and is preparing for its assets to grow to $100 billion over the next 3-4 years. These recent developments highlight Webster Financial's strategy and execution in the banking sector.
InvestingPro Insights
Following Mark Pettie's recent sale of Webster Financial Corp. (NYSE:WBS) shares, investors may be interested in additional context provided by InvestingPro data. Despite the director's sale, Webster Financial has demonstrated resilience in several key areas.
According to InvestingPro data, Webster Financial's stock has shown strong performance, with a 42.44% total return over the past year. This impressive gain suggests that the company has been weathering market challenges effectively. Moreover, the stock is currently trading at 94.69% of its 52-week high, indicating sustained investor confidence.
InvestingPro Tips highlight that Webster Financial has maintained dividend payments for 38 consecutive years, a testament to its financial stability and commitment to shareholder returns. This consistent dividend history may be particularly appealing to income-focused investors, especially given the current dividend yield of 3.08%.
However, it's worth noting that 8 analysts have revised their earnings downwards for the upcoming period, which could signal some caution. Despite this, the company's P/E ratio of 11.64 suggests that the stock may be reasonably valued compared to its earnings.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics that could provide deeper insights into Webster Financial's financial health and future prospects. The InvestingPro product includes over 10 additional tips for WBS, which could be valuable for making informed investment decisions.
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