Webster Financial Analysts Raise Their Forecasts After Q4 Results

Author: Avi Kapoor | January 24, 2024 08:05am

Webster Financial Corporation (NYSE:WBS) posted in-line earnings for the fourth quarter on Tuesday.

Webster Finl posted adjusted earnings of $1.46 per share, in-line with market estimates of $1.46 per share. The company’s quarterly sales came in at $571.02 million versus expectations of $602.807 million, according to data from Benzinga Pro.

"In addition to our strong financial performance for the quarter and full-year 2023, we realized several meaningful strategic accomplishments," said John R. Ciulla, president and chief executive officer. "Our strong financial position and proactive actions position us well for continued success in 2024."

"We continue to invest in our businesses, including the recently announced acquisition of Ametros Financial, which will provide further diversification of funding sources," said Glenn MacInnes, executive vice president and chief financial officer. "At the same time, we are consistently improving our existing operations to maximize financial performance."

Webster Financial shares fell 2.3% to close at $49.96 on Tuesday.

These analysts made changes to their price targets on Webster Financial after the company reported quarterly results.

• Raymond James raised the price target on Webster Financial from $57 to $60. Raymond James analyst Daniel Tamayo maintained an Outperform rating.
• JP Morgan boosted Webster Financial price target from $60 to $65. JP Morgan analyst Steven Alexopoulos upgraded the stock from Neutral to Overweight.

 

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Posted In: WBS