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


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

Trump is the unsung hero of the world economy
5 things investors should do now before the next downturn
John Bolton warns of interference from China, Iran and North Korea
This source of tax-free cash can sweeten or ruin your retirement 
Tesla could produce a $25,000 car in 3 years  

Leave a Reply

Your email address will not be published.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