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STAMFORD, Conn. - Webster Financial Corporation (NYSE: WBS), a financial institution with a market capitalization of $8.69 billion and a solid P/E ratio of 11.5, has announced the upcoming retirement of Executive Vice President and Chief Risk Officer (CRO) Dan Bley after a 14-year tenure. According to InvestingPro data, the company maintains a GOOD overall financial health score, suggesting strong operational stability. Bley will remain in his current role until a successor is appointed and will subsequently provide advisory services to facilitate a smooth transition.
During his time with Webster, Bley has been credited with enhancing the bank’s risk management capabilities and supporting its growth. "Dan has been instrumental in driving a strong risk culture at Webster and significantly advancing the risk management programs and capabilities across the company," stated John Ciulla, Chairman and Chief Executive Officer of Webster Financial Corporation.
"It has been my privilege to work with the Webster Board and executive management team that has always been committed to ensuring a strong risk culture at the bank and investing in risk management personnel, processes and technology necessary to support our growth," Bley remarked on his service at Webster.
The company has commenced a comprehensive search for Bley’s successor, engaging Russell Reynolds, a renowned executive search firm, to assist in the process.
Webster Bank, headquartered in Stamford, CT, is a prominent commercial bank in the Northeast, offering a broad spectrum of financial services, including Commercial Banking, Consumer Banking, and Healthcare Financial Services. With $79 billion in assets, Webster operates a core footprint in the northeastern United States, extending from New York to Massachusetts, and conducts certain business activities in larger geographies. InvestingPro analysis reveals the company has maintained dividend payments for 39 consecutive years, currently offering a 3.1% yield. The stock appears undervalued according to InvestingPro’s Fair Value model, with analysts setting price targets ranging from $59 to $80 per share. Get access to additional ProTips and comprehensive analysis with an InvestingPro subscription, including the detailed Pro Research Report available for Webster Financial Corporation.
This announcement is based on a press release statement from Webster Financial Corporation.
In other recent news, Webster Financial Corporation reported its fourth-quarter earnings, surpassing analyst expectations with adjusted earnings per share of $1.43 compared to the projected $1.35. However, the company’s revenue fell short, reaching $661 million against the anticipated $687.1 million. Despite the revenue miss, net interest income showed growth, increasing to $608.5 million from $571 million in the previous year, with a slight expansion in net interest margin. Total loans and leases rose by 3.5% year-over-year, while deposits grew by 6.5%. Piper Sandler reaffirmed its Overweight rating for Webster Financial, maintaining a price target of $66.00, indicating confidence in the company’s potential for stock performance. RBC Capital Markets raised its price target for Webster Financial from $66.00 to $68.00, maintaining an Outperform rating, following the company’s strong margin and net interest income results. Raymond James also increased its price target to $65.00 from $61.00, highlighting robust net interest income and fee growth. UBS revised its earnings estimates for Webster Financial, noting the bank’s conservative approach and attractive valuation, suggesting potential for a higher stock rating.
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