FBR Capital Reiterates a 'Market Perform' on Webster Financial (WBS); Credit Drives 2Q11 Beat, "P260" Positions WBS for Stronger Profitability
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Price: $45.54 +1.47%
Rating Summary:
16 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
16 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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FBR Capital reiterates a 'Market Perform' on Webster Financial (NYSE: WBS), PT $24.
FBR analyst says, "WBS reported a strong quarter, and our view of its outlook is improving. Credit improvement is a reflection of management's focus over the past four years, and if the company is as successful with its new focus on efficiency, then consensus estimates may prove too low. In 2Q11, strong results reflected improving credit and efficiency. Webster announced "Pathway to 60%" or "P260," an initiative that targets an efficiency ratio at or below 60%. We believe that management's commitment is strong, and that the targets are achievable. We look forward to disclosure of additional details, which management plans to provide in coming quarters. We raise our 2011 operating EPS estimate to $1.57 (from $1.45) and our 2012 operating EPS estimate to $1.75 (from $1.55). Lower provision and noninterest expenses are the primary changes in our estimates."
For more ratings news on Webster Financial click here and for the rating history of Webster Financial click here.
Shares of Webster Financial closed at $21.00 yesterday.
FBR analyst says, "WBS reported a strong quarter, and our view of its outlook is improving. Credit improvement is a reflection of management's focus over the past four years, and if the company is as successful with its new focus on efficiency, then consensus estimates may prove too low. In 2Q11, strong results reflected improving credit and efficiency. Webster announced "Pathway to 60%" or "P260," an initiative that targets an efficiency ratio at or below 60%. We believe that management's commitment is strong, and that the targets are achievable. We look forward to disclosure of additional details, which management plans to provide in coming quarters. We raise our 2011 operating EPS estimate to $1.57 (from $1.45) and our 2012 operating EPS estimate to $1.75 (from $1.55). Lower provision and noninterest expenses are the primary changes in our estimates."
For more ratings news on Webster Financial click here and for the rating history of Webster Financial click here.
Shares of Webster Financial closed at $21.00 yesterday.
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