Webster Financial tops Street 1Q forecasts

Associated Press |

WATERBURY, Conn. (AP) _ Webster Financial Corp. (WBS) on Friday reported first-quarter profit of $59.5 million.

The bank, based in Waterbury, Connecticut, said it had earnings of 62 cents per share.

The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.



The holding company for Webster Bank posted revenue of $282.7 million in the period. Its adjusted revenue was $255.7 million, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $255.2 million.

Webster Financial shares have declined roughly 9 percent since the beginning of the year. The stock has risen 34 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WBS at https://www.zacks.com/ap/WBS

Keywords: Webster Financial, Earnings Report

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Comments

Emerging Growth

AfterMaster Inc

Studio One Media Inc is a diversified media and technology company. It is engaged in the development and commercialization of proprietary, edge audio and video technologies for professional and consumer…

Private Markets

GoCoin

Blockchain currencies (e.g. Bitcoin) provide a new disruptive way to transfer value between parties over the internet as opposed to going through banks. GoCoin provides online merchants with a suite…

Trustify

Trustify provides trust and safety in both the digital and physical worlds through our vast network of on-demand Private Investigators.By removing the large retainers and high hourly rates that traditional…