Lauren States, a director at Webster Financial Corp (NYSE:WBS), recently sold 1,650 shares of the company's common stock. The transaction, dated November 18, 2024, was executed at an average price of $60.605 per share, totaling $99,998. Following this sale, States retains ownership of 15,023 shares in the company. This transaction was officially filed with the Securities and Exchange Commission on November 19, 2024.
In other recent news, Webster Financial Corporation disclosed robust third-quarter earnings, with net interest income and margin trends surpassing expectations. The company's total asset growth reached $79 billion, with deposits growing by 3.6% and loans increasing by 0.7%. Webster Financial also declared its latest quarterly dividends for common and preferred stockholders, with the Board of Directors announcing a cash dividend of $0.40 per share on its common stock. RBC Capital Markets raised Webster Financial's price target to $62 from $57, maintaining an Outperform rating. This adjustment follows Webster's strong third-quarter results and reflects confidence in the bank's strategy and execution. Looking ahead, the company anticipates a loan growth of 1% to 1.5% in Q4 and expects a 1% decline in deposits due to seasonal factors. Furthermore, Webster Financial projects Q4 net interest income between $590 million and $600 million. By 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 are the latest developments from Webster Financial.
InvestingPro Insights
As Lauren States reduces her stake in Webster Financial Corp (NYSE:WBS), investors may find additional context in recent market data and analyst insights. According to InvestingPro, Webster Financial's stock is currently trading near its 52-week high, with a strong return of 15.29% over the last month and an impressive 32.96% over the past three months. This performance aligns with the director's decision to sell shares, potentially capitalizing on the stock's recent strength.
The company's financial health appears robust, with InvestingPro data showing a market capitalization of $10.27 billion and a P/E ratio of 13.56, suggesting a relatively attractive valuation compared to industry peers. Webster Financial has also demonstrated its commitment to shareholder returns, maintaining dividend payments for 38 consecutive years, as highlighted by an InvestingPro Tip.
While the company faces challenges such as weak gross profit margins, another InvestingPro Tip notes that analysts predict profitability for the current year, which could provide some reassurance to investors following the insider sale. For those seeking a more comprehensive analysis, InvestingPro offers 9 additional tips that could provide deeper insights into Webster Financial's prospects.
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