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Stock Market & Financial Investment News

News Breaks
November 19, 2012
07:21 EDTWBSWebster Financial upgraded to Buy from Neutral at Guggenheim
Guggenheim upgraded Webster Financial based on valuation and improving business momentum. Price target is $25.
News For WBS From The Last 14 Days
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September 23, 2014
10:33 EDTWBSWebster Financial to acquire HSA business from JPMorgan
Webster Financial (WBS), the holding company for Webster Bank, N.A., said that it had signed a definitive agreement to acquire the health savings account, or HSA, business from JPMorgan Chase Bank, N.A., a subsidiary of JPMorgan Chase (JPM). Under the agreement, approximately 700,000 accounts, including an estimated $1.3B in deposits and $175M in investments, will migrate from JPMorgan Chase Bank to HSA Bank, a division of Webster Bank, over a transitional period. In the near term, Webster will use approximately 60% of the deposits to pay down short-term borrowings with the remaining funds invested in securities. Transaction consideration will be all cash; the purchase price was not disclosed. Webster expects the transaction to be modestly accretive to earnings per share and return on equity in the first year following closing. The transaction is expected to improve Webster's loan-to-deposit ratio to approximately 80% from 87% pro forma at June 30. The company estimates the transaction will have tangible book value dilution of approximately 3%. JPMorgan Chase has advised Webster that the transaction is not expected to have a material impact on JPMorgan Chase's earnings.
10:02 EDTWBSOn The Fly: Analyst Initiation Summary
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09:25 EDTWBSWebster Financial trading halted, pending news
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September 22, 2014
18:28 EDTWBSWebster Financial initiated with an Outperform at Wells Fargo
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