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

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