JP Morgan makes small bank Webster Financial a top pick after CEO meeting

Investing


Source: John Phelan | Wikimedia Commons

Webster Bank branch in Hamden, CT

Webster Financial shares will thrive due to strong growth from its commercial banking and health savings account businesses, according to J.P. Morgan.

The firm reiterated its overweight rating for Webster Financial’s stock and added it to J.P. Morgan’s focus list, predicting the bank will generate earnings per share above expectations next year.

“We recently held investor meetings with Webster’s senior management team including CEO John Ciulla … Overall, we found the tone from the meetings to be very positive,” analyst Steven Alexopoulos said in a note to clients Friday. “With the company having the unique ability to fund high yielding commercial loans with low-cost HSA deposits, we see WBS pulling further ahead of the pack.”



Source link

Products You May Like

Articles You May Like

JP Morgan says prices are only supported in the near term
As financial advisor shortage looms, colleges look to fill talent gap
Emerging markets are bearing the brunt of the trade war. But they will fight back
Layaway loans are back, with a new look
Advisors create game plan to ready clients for this retirement expense

Leave a Reply

Your email address will not be published. Required fields are marked *