Webster Financial Corp (NYSE:WBS) recently saw its Chief Risk Officer, Daniel Bley, sell a portion of his holdings in the company. According to a recent SEC filing, Bley sold 3,463 shares of Webster Financial's common stock on October 21, 2024. The shares were sold at an average price of $52.105, resulting in a total transaction value of approximately $180,439.
Following this sale, Bley retains ownership of 19,529 shares in the company. The transaction was reported under direct ownership, indicating that the shares were personally held by Bley.
This sale is part of routine financial disclosures and provides investors with insight into the trading activities of Webster Financial's executives.
In other recent news, Webster Financial has been the subject of several noteworthy developments. Following the bank's third-quarter earnings, which exceeded expectations with robust core results, RBC Capital Markets reaffirmed its Outperform rating and increased the bank's price target to $62 from $57. The bank's net interest income and margin trends were particularly strong, and operational costs were effectively managed.
Webster Financial also reported a growth in deposits by 3.6% and loans by 0.7% in the third quarter. The bank's total assets reached $79 billion, with an adjusted EPS standing at $1.34. Furthermore, RBC Capital's analysts noted Webster's ability to maintain a stable credit environment.
Looking ahead, Webster Financial anticipates a loan growth of 1% to 1.5% in Q4, and a projected net interest income between $590 million and $600 million. The bank also forecasts a loan growth around 5% for 2025 and is preparing for its assets to grow to $100 billion over the next 3-4 years. Despite a slight increase in non-accrual loans, the company expects an improvement in credit quality by the first half of 2025.
InvestingPro Insights
To provide additional context to Daniel Bley's recent stock sale, let's examine some key financial metrics and insights for Webster Financial Corp (NYSE:WBS).
According to InvestingPro data, Webster Financial currently has a market capitalization of $8.91 billion and a P/E ratio of 11.8, suggesting the stock may be reasonably valued compared to its earnings. The company's revenue for the last twelve months as of Q3 2024 stood at $2.37 billion, with an operating income margin of 47.59%, indicating strong profitability.
One InvestingPro Tip highlights that Webster Financial has maintained dividend payments for 38 consecutive years, which may be appealing to income-focused investors. The current dividend yield is 3.11%, offering a steady income stream to shareholders.
Another InvestingPro Tip notes that analysts predict the company will be profitable this year, aligning with the reported operating income and positive earnings per share. This profitability outlook could provide some context for why an executive might choose to realize gains through a stock sale.
It's worth noting that Webster Financial's stock has shown strong performance, with a 39.8% total return over the past year. The stock is currently trading at 95.51% of its 52-week high, which could suggest investor confidence in the company's prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond what's mentioned here. In fact, there are 13 more InvestingPro Tips available for Webster Financial, providing a deeper dive into the company's financial health and market position.
Webster Financial Corp (NYSE:WBS) recently saw its Chief Risk Officer, Daniel Bley, sell a portion of his holdings in the company. According to a recent SEC filing, Bley sold 3,463 shares of Webster Financial's common stock on October 21, 2024. The shares were sold at an average price of $52.105, resulting in a total transaction value of approximately $180,439.
Following this sale, Bley retains ownership of 19,529 shares in the company. The transaction was reported under direct ownership, indicating that the shares were personally held by Bley.
This sale is part of routine financial disclosures and provides investors with insight into the trading activities of Webster Financial's executives.
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