Webster Financial Stock Price, News & Analysis

Webster Financial Corporation (NYSE:WBS) has declared a quarterly cash dividend of $0.40 per share on common stock, payable on May 22, 2023, to shareholders of record as of May 8, 2023.

Additionally, the company announced dividends on Series F and Series G Preferred Stock. The Series F dividend is $328.125 per share, payable on June 15, 2023, to shareholders of record on June 1, 2023. The Series G dividend is $16.25 per share, payable on July 15, 2023, to shareholders of record on June 30, 2023.

Webster Financial, headquartered in Stamford, CT, has approximately $75 billion in assets and serves the northeastern U.S. market.

Webster Financial Corporation (NYSE: WBS) reported a net income of $216.8 million, or $1.24 per diluted share, for Q1 2023, a significant recovery from a net loss of $(20.2) million, or $(0.14) per diluted share, in Q1 2022. The results include $56.6 million in pre-tax charges related to the merger with Sterling Bancorp. Adjusted earnings per diluted share, excluding these charges, were $1.491. The company achieved a revenue of $666.0 million, with loans and leases totaling $50.9 billion and deposits reaching $55.3 billion, both reflecting a 2.3% increase from the prior quarter. The provision for credit losses was $46.7 million, with net charge-offs of $24.5 million. Key metrics include a return on average assets of 1.22% and a common equity tier 1 ratio of 10.40%. Overall, Webster's performance showcases strong growth and solid risk management in a challenging banking environment.

Webster Financial Corporation (NYSE: WBS) has announced its first quarter 2023 earnings release and conference call scheduled for April 20, 2023. The earnings release is set for 7:30 a.m. (Eastern), followed by a conference call at 9:00 a.m. (Eastern). Interested participants can dial in at 888-330-2446 for toll-free calls or 240-789-2732 for international calls, using the passcode 8607257. A webcast will be available on Webster's Investor Relations website, with a replay accessible shortly after the call. The company, headquartered in Stamford, CT, operates as a leading commercial bank in the Northeast with over $70 billion in assets.

Webster Bank announces the promotion of Luis Massiani to Senior Executive Vice President and President, while Chris Motl is elevated to Senior Executive Vice President. Massiani, who joined Sterling in 2012, was previously Chief Operating Officer and played a key role in the merger with Sterling Bancorp in January 2022. Motl continues to lead Webster's broad Commercial Banking verticals, having joined the bank in 2004. Both leaders are recognized for their contributions to the organization, according to CEO John R. Ciulla.

Webster Bank, in partnership with Career Resources, Inc., has launched 'The Bridge on Main' initiative aimed at providing tailored banking services and job training for vulnerable populations in Bridgeport, CT. The program, set to launch in mid-2024, will focus on addressing barriers to employment and enhancing economic equity. Webster Bank is investing $750,000 as part of its Community Investment Strategy, promoting financial education and volunteer opportunities for employees. This initiative underscores Webster's commitment to community development and support, aligning with its core values.