STAMFORD, Conn. - Webster Financial Corporation (NYSE:WBS), the parent company of Webster Bank, N.A., has declared quarterly cash dividends for its common stock and preferred shares. Shareholders of the common stock are set to receive a dividend of $0.40 per share, payable on May 16, 2024, to those on record as of May 6, 2024.
In addition to the common stock dividend, the company has announced dividends on its preferred stock. The Series F Preferred Stock dividend is $328.125 per share, which equates to $0.328125 per depositary share, with 1,000 depositary shares representing one Series F Preferred Stock share. This will be paid on June 15, 2024, to shareholders of record as of June 1, 2024.
Furthermore, holders of the Series G Preferred Stock will receive a quarterly cash dividend of $16.25 per share or $0.40625 per each depositary share, where 40 depositary shares represent one Series G Preferred Stock share. This dividend is scheduled for payment on July 15, 2024, for shareholders on record by June 30, 2024.
Webster Financial Corporation, headquartered in Stamford, Connecticut, has a reported asset base of $76 billion. The company operates as a leading commercial bank in the Northeast, offering a variety of digital and traditional financial services.
It operates across three main lines of business: Commercial Banking, Consumer Banking, and Healthcare Financial Services. Webster Bank, a member of the FDIC and an equal housing lender, has a core footprint that extends from New York to Massachusetts, with certain businesses operating in broader geographies.
InvestingPro Insights
Webster Financial Corporation (NYSE:WBS) continues to demonstrate its commitment to shareholder returns, having maintained dividend payments for an impressive 38 consecutive years. This consistency is a testament to the company's stable financial position, which is further underscored by a solid market capitalization of $7.82 billion. Despite some analysts revising their earnings estimates downwards for the upcoming period, the company is still expected to remain profitable this year, as indicated by the basic and diluted EPS of $4.9 for the last twelve months as of Q1 2024.
The company's ability to sustain profitability is also reflected in its attractive price-to-earnings (P/E) ratio. With an adjusted P/E ratio of 9.37, the company presents itself as a potentially undervalued opportunity when considering its long history of profitability and dividend reliability. Moreover, the dividend yield as of the most recent data stands at 3.57%, which could be appealing for income-focused investors.
For those looking for further insights and analysis, there are additional InvestingPro Tips available that delve deeper into the financial health and future prospects of Webster Financial Corporation. For example, while the company suffers from weak gross profit margins, it has been profitable over the last twelve months. Interested readers can find more comprehensive tips and metrics on the InvestingPro platform. Plus, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of financial data and expert analysis to inform your investment decisions. In total, there are 5 additional InvestingPro Tips available for Webster Financial Corporation that can provide investors with a deeper understanding of the company's financial landscape.
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