Webster Financial (WBS)


Market Price (9/8/2026): $77.78 | Market Cap: $12.4 BilSector: Financials | Industry: Diversified Banks

Webster Financial (WBS)


Market Price (9/8/2026): $77.78
Market Cap: $12.4 Bil
Sector: Financials
Industry: Diversified Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0%, FCF Yield is 11%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45%

Low stock price volatility
Vol 12M is 23%

Uninsured deposits are low
Uninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 16%

Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more.

Moderate capital ratio
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 9.8%

Key risks
WBS key risks include [1] notable credit exposure to its commercial real estate (CRE) and multifamily loan portfolios and [2] heightened regulatory standards and compliance costs from approaching the $100 billion asset threshold.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 2.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.0%, FCF Yield is 11%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45%
2 Low stock price volatility
Vol 12M is 23%
3 Uninsured deposits are low
Uninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 16%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more.
5 Moderate capital ratio
Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 9.8%
6 Key risks
WBS key risks include [1] notable credit exposure to its commercial real estate (CRE) and multifamily loan portfolios and [2] heightened regulatory standards and compliance costs from approaching the $100 billion asset threshold.

WBS in ETFs

Weight = WBS's share of each fund

VTI0.02%
IJH0.34%
VYM0.05%
VB0.16%
IJJ0.72%
IVOO0.35%
VBR0.27%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Webster Financial (WBS) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Acquisition by Banco Santander drove valuation to deal price.

Webster Financial's stock performance was primarily influenced by its definitive merger agreement with Banco Santander, S.A., which was announced in February 2026 and completed on August 20, 2026. The transaction valued Webster at an implied equity valuation of $12.2 billion. Webster shareholders received $48.75 in cash and 2.0548 Banco Santander American Depositary Shares (ADSs) for each Webster share they held. Key regulatory approval from the Federal Reserve was received on August 4, 2026, solidifying the deal's imminent closure and causing the stock to trade closely to the agreed-upon acquisition price. This effectively set a floor and ceiling for the stock's movement, contributing to its approximately 5% gain in the specified period as it converged to the deal terms.

2. Fiscal Q2 2026 operational strength, despite slight earnings miss.

Webster Financial reported its fiscal Q2 2026 results (for the quarter ended June 30, 2026) on July 21, 2026. While the company's adjusted diluted EPS of $1.60 slightly missed the Zacks Consensus Estimate of $1.61 by 0.62%, and revenue of $740.0 million was 1.25% below estimates, the report highlighted operational growth. Specifically, loans and leases increased by 1.1% to $57.9 billion, and deposits grew by 1.8% to $70.3 billion sequentially from the prior quarter. This demonstrated the bank's underlying stability and continued execution even amidst the ongoing merger process, supporting investor confidence.

Show more
Updated on 9/1/2026

Webster Financial (WBS) stock has gained about 5% since 5/31/2026 because of the following key factors:

1. Acquisition by Banco Santander drove valuation to deal price.

Webster Financial's stock performance was primarily influenced by its definitive merger agreement with Banco Santander, S.A., which was announced in February 2026 and completed on August 20, 2026. The transaction valued Webster at an implied equity valuation of $12.2 billion. Webster shareholders received $48.75 in cash and 2.0548 Banco Santander American Depositary Shares (ADSs) for each Webster share they held. Key regulatory approval from the Federal Reserve was received on August 4, 2026, solidifying the deal's imminent closure and causing the stock to trade closely to the agreed-upon acquisition price. This effectively set a floor and ceiling for the stock's movement, contributing to its approximately 5% gain in the specified period as it converged to the deal terms.

2. Fiscal Q2 2026 operational strength, despite slight earnings miss.

Webster Financial reported its fiscal Q2 2026 results (for the quarter ended June 30, 2026) on July 21, 2026. While the company's adjusted diluted EPS of $1.60 slightly missed the Zacks Consensus Estimate of $1.61 by 0.62%, and revenue of $740.0 million was 1.25% below estimates, the report highlighted operational growth. Specifically, loans and leases increased by 1.1% to $57.9 billion, and deposits grew by 1.8% to $70.3 billion sequentially from the prior quarter. This demonstrated the bank's underlying stability and continued execution even amidst the ongoing merger process, supporting investor confidence.

3. Favorable macroeconomic tailwinds for the regional banking sector.

The broader regional banking sector experienced a period of positive momentum, providing a supportive backdrop for Webster Financial's stock. The S&P Regional Banks Index recorded an 8.45% total return year-to-date through May 1, 2026. This positive sentiment in the sector was driven by expectations of stable Federal Reserve policy rates reinforcing banking sector profitability and improved net interest margins. For instance, net interest margin for FDIC-insured community banks surged to 3.65% in 2025, up from 3.34% in 2024. This general positive trend for regional banks contributed to the overall market conditions that allowed WBS to perform well ahead of its acquisition.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

5/31/2026 to 9/7/2026
ReturnCorrelation
WBS7.2% 
Market (SPY)1.8%63.6%
Sector (XLF)12.6%57.3%

Fundamental Drivers

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Market Drivers

2/28/2026 to 9/7/2026
ReturnCorrelation
WBS8.7% 
Market (SPY)12.6%67.4%
Sector (XLF)13.6%54.0%

Fundamental Drivers

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Market Drivers

8/31/2025 to 9/7/2026
ReturnCorrelation
WBS27.6% 
Market (SPY)20.4%44.1%
Sector (XLF)8.9%52.3%

Fundamental Drivers

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Market Drivers

8/31/2023 to 9/7/2026
ReturnCorrelation
WBS99.9% 
Market (SPY)77.1%55.9%
Sector (XLF)76.6%68.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WBS Return37%-13%11%12%17%25%120%
Peers Return33%2%-14%37%22%12%121%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
WBS Win Rate58%50%50%42%58%88% 
Peers Win Rate72%55%48%63%58%49% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
WBS Max Drawdown-26%-34%-42%-23%-32%-9% 
Peers Max Drawdown-21%-30%-47%-15%-26%-18% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: MTB, CFG, KEY, HBAN, FHN. See WBS Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)

How Low Can It Go

EventWBSS&P 500
2025 US Tariff Shock
  % Loss-28.8%-18.8%
  % Gain to Breakeven40.5%23.1%
  Time to Breakeven90 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-19.0%-9.5%
  % Gain to Breakeven23.4%10.5%
  Time to Breakeven35 days24 days
2023 SVB Regional Banking Crisis
  % Loss-42.0%-6.7%
  % Gain to Breakeven72.4%7.1%
  Time to Breakeven532 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-26.6%-24.5%
  % Gain to Breakeven36.2%32.4%
  Time to Breakeven208 days427 days
2020 COVID-19 Crash
  % Loss-60.6%-33.7%
  % Gain to Breakeven153.9%50.9%
  Time to Breakeven289 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.2%-19.2%
  % Gain to Breakeven31.9%23.8%
  Time to Breakeven792 days105 days

Compare to MTB, CFG, KEY, HBAN, FHN

In The Past

Webster Financial's stock fell -28.8% during the 2025 US Tariff Shock. Such a loss loss requires a 40.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventWBSS&P 500
2025 US Tariff Shock
  % Loss-28.8%-18.8%
  % Gain to Breakeven40.5%23.1%
  Time to Breakeven90 days79 days
2023 SVB Regional Banking Crisis
  % Loss-42.0%-6.7%
  % Gain to Breakeven72.4%7.1%
  Time to Breakeven532 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-26.6%-24.5%
  % Gain to Breakeven36.2%32.4%
  Time to Breakeven208 days427 days
2020 COVID-19 Crash
  % Loss-60.6%-33.7%
  % Gain to Breakeven153.9%50.9%
  Time to Breakeven289 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-24.2%-19.2%
  % Gain to Breakeven31.9%23.8%
  Time to Breakeven792 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-20.8%-12.2%
  % Gain to Breakeven26.2%13.9%
  Time to Breakeven120 days62 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-33.4%-17.9%
  % Gain to Breakeven50.0%21.8%
  Time to Breakeven114 days123 days
2008-2009 Global Financial Crisis
  % Loss-90.7%-53.4%
  % Gain to Breakeven969.6%114.4%
  Time to Breakeven1753 days1085 days

Compare to MTB, CFG, KEY, HBAN, FHN

In The Past

Webster Financial's stock fell -28.8% during the 2025 US Tariff Shock. Such a loss loss requires a 40.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Webster Financial (WBS)

Webster Financial Corporation (WBS) operates as the bank holding company for Webster Bank, National Association, offering a broad spectrum of banking, investment, and financial services across the United States. Established in 1935, the company serves individuals, families, and businesses through its diverse operations, which include traditional banking services, specialized health savings solutions, and wealth management.

The company's core business is segmented into three primary areas. Its Commercial Banking segment provides comprehensive lending (such as commercial real estate, equipment financing, and asset-based lending), deposit, cash management, treasury, and payment services, alongside wealth management solutions for businesses and their owners. The unique HSA Bank segment specializes in health savings accounts (HSAs), health reimbursement arrangements, flexible spending accounts, and commuter services, distributing these directly to employers, individual consumers, and through various financial intermediaries. Finally, the Retail Banking segment caters to consumers with deposit services, mortgages, home equity lines, various loans, and credit cards, complemented by robust online and mobile banking capabilities.

AI Analysis | Feedback

Here are a few brief analogies for Webster Financial (WBS):

  • A regional bank much like KeyCorp or PNC Bank.
  • It's like a regional bank that also operates a major national platform for health savings accounts, similar to a blend of M&T Bank and a specialized provider like HealthEquity.

AI Analysis | Feedback

  • Commercial Lending & Leasing: Provides financing for businesses, including commercial real estate, equipment, asset-based lending, and commercial & industrial loans.
  • Commercial Deposit & Cash Management Services: Offers deposit accounts, treasury services, and payment solutions for businesses.
  • Health Savings Accounts (HSAs): Provides tax-advantaged savings accounts specifically for healthcare expenses to individuals and employers.
  • Employer Benefit Accounts: Manages health reimbursement arrangements (HRAs), flexible spending accounts (FSAs), and commuter services for employers and their employees.
  • Residential Mortgages & Home Equity Lines: Offers loans for home purchases and lines of credit secured by home equity to consumers.
  • Consumer Loans & Credit Cards: Provides secured and unsecured personal loans and credit card services to individuals.
  • Consumer Deposit Services: Offers various deposit and fee-based accounts for individual consumers.
  • Wealth Management Solutions: Delivers trust, asset management, financial planning, insurance, retirement, and investment products to individuals and business owners.
  • Online & Mobile Banking: Provides digital platforms for customers to manage their accounts and conduct banking transactions remotely.

AI Analysis | Feedback

Webster Financial Corporation (WBS) serves a diverse customer base, primarily categorized as follows:

  • Individual Consumers and Families: This category includes individuals and families who utilize Webster Bank's Retail Banking services for deposit accounts, residential mortgages, home equity loans, secured and unsecured loans, and credit cards. They also serve individuals directly through their HSA Bank segment for health savings accounts and wealth management solutions.

  • Commercial and Business Entities: Webster Bank's Commercial Banking segment serves a wide range of businesses, from small to large enterprises. These customers utilize services such as commercial and industrial lending and leasing, commercial real estate lending, equipment financing, asset-based lending, treasury and payment services, and cash management. This category also includes employers who utilize HSA Bank for health savings accounts and related services for their employees.

  • Intermediaries (Insurance Carriers, Consultants, and Financial Advisors): Through its HSA Bank segment, Webster Financial partners with national and regional insurance carriers, consultants, and financial advisors. These entities act as distribution channels for HSA Bank's health savings accounts, health reimbursement arrangements, flexible spending accounts, and commuter services, reaching a broader base of employers and individual consumers.

AI Analysis | Feedback

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AI Analysis | Feedback

John R. Ciulla, Chairman, President and Chief Executive Officer

Mr. Ciulla joined Webster in 2004 and has held various executive management positions, including Chief Credit Risk Officer from 2008 to 2010. He became CEO of Webster in 2018 and was elected Chairman in 2020. Prior to joining Webster, he served as a managing director at The Bank of New York. He also practiced law as an associate with McDermott Will & Emery and Hughes Hubbard & Reed.

Neal Holland, Senior Executive Vice President, Chief Financial Officer

Mr. Holland joined Webster Bank in 2024 and is responsible for the overall financial management of the company. Before joining Webster, he served as the Chief Financial Officer for First Republic Bank.

Luis R. Massiani, President and Chief Operating Officer

Mr. Massiani was appointed President and Chief Operating Officer of Webster Financial Corporation, effective February 1, 2024. He also serves as Senior Executive Vice President, Chief Operating Officer of Webster Bank. His responsibilities include the operating infrastructure across all lines of business, digital banking, technology, and the Business Credit Center. Prior to Webster, Mr. Massiani served as Chief Operating Officer of Sterling Bancorp and President of Sterling National Bank, and previously as Chief Financial Officer of Sterling Bancorp and Sterling National Bank. He also held positions as a Director in the Investment Banking department of Credit Suisse Securities, LLC, and Citadel Securities, LLC.

Kristy Berner, Executive Vice President, General Counsel and Corporate Secretary

Ms. Berner was appointed Executive Vice President, General Counsel and Corporate Secretary of Webster Financial Corporation and Webster Bank in September 2023. She has over two decades of experience in the financial services industry, having most recently served as Executive Vice President, Deputy General Counsel and Assistant Corporate Secretary at M&T Bank Corporation. Before M&T, she was General Counsel and Corporate Secretary at People's United Bank and First Niagara Bank, and Deputy General Counsel at KeyBank.

Elzbieta Cieslik, Executive Vice President, Chief Accounting Officer

Ms. Cieslik serves as the Executive Vice President and Chief Accounting Officer of Webster Financial Corporation.

AI Analysis | Feedback

The key risks to Webster Financial's business are:
  1. Interest Rate and Market Volatility: Webster Financial operates in an environment where changes in interest rates and market volatility can significantly impact its net interest income and the value of its investment portfolio. Adverse movements in rates could affect the company's profitability, and market volatility may lead to unrealized losses in its investment securities, threatening financial stability.
  2. Regulatory and Compliance Risks: As a financial institution, Webster Financial is subject to stringent and evolving regulatory requirements. Compliance with these regulations can impose additional costs and operational limitations. The company also faces increased scrutiny and potential additional costs as it approaches the $100 billion asset threshold, which subjects it to more rigorous regulatory standards.
  3. Credit Risk, Particularly Commercial Real Estate (CRE) Exposure: Webster Financial faces the risk of insufficient allowance for credit losses, especially during economic downturns or if there's an increase in defaults within its commercial real estate and industrial loan portfolios. Many regional banks, including Webster, have elevated exposure to commercial real estate, which presents a significant credit risk.

AI Analysis | Feedback

The rise of digital-first financial technology (Fintech) companies and neobanks represents a clear emerging threat. These agile, technology-driven entities often provide banking, lending, and specialized financial services (including health savings accounts) with lower overhead, superior digital user experiences, and faster innovation cycles, directly challenging the traditional branch-based and legacy system models of established banks like Webster Financial.

AI Analysis | Feedback

Webster Financial Corporation operates in a variety of financial service sectors across the United States. The addressable markets for its main products and services in the U.S. are substantial:

Commercial Banking Segment

  • Commercial Banking: The U.S. commercial banking market was valued at approximately $1.6 trillion in 2025 and 2026. Other estimates place the market size at $226.44 billion in 2024, projected to reach $269.28 billion by 2029, with another source reporting $231.9 billion in 2024, expected to grow to $351.8 billion by 2033.
  • Commercial Lending: The U.S. commercial lending market can be approximated at around $2,399.44 billion in 2025. Separately, U.S. banks had $2,785 billion in commercial loans outstanding as of February 25, 2026. The global commercial lending market was valued at $10.68 trillion in 2024 and is projected to grow to $25.39 trillion by 2033.
  • Commercial Real Estate Lending: The U.S. commercial real estate (CRE) mortgage market comprises $4.5 trillion backed by income-producing properties and $470 billion in construction loans. Total CRE mortgage borrowing and lending was estimated at $498 billion in 2024. The broader U.S. Real Estate Loan Market reached a valuation of $3.5 trillion in 2024.
  • Equipment Financing: The U.S. equipment finance industry expanded to an estimated $1.34 trillion in 2023. The U.S. market for equipment finance is estimated at $371.7 billion in 2024.
  • Wealth Management: The wealth management industry in the U.S. is "extraordinarily vast", representing $62 trillion in assets under management (AUM) and is expected to grow to $85 trillion in AUM by 2028. North America's wealth management platform market had a valuation of $1.26 billion in 2025 and $1.4 billion in 2026.

HSA Bank Segment

  • Health Savings Accounts (HSAs): In the U.S., HSA assets reached almost $147 billion in 2024 across more than 39 million accounts. By midyear 2025, HSA assets grew to $159 billion across 40 million accounts. The market is projected to surpass 47 million accounts and exceed $208 billion in total assets by the end of 2027.

Retail Banking Segment

  • Retail Banking: The U.S. retail banking market generated $454.3 billion in revenue in 2024 and is expected to reach $678.3 billion by 2033. Other estimates indicate a market size of $0.87 trillion in 2025, projected to reach $1.08 trillion by 2030, and was valued at $1.28 trillion in 2025.
  • Residential Mortgages: Total single-family mortgage origination volume in the U.S. is expected to increase to $2.2 trillion in 2026 from $2.0 trillion in 2025. The dollar volume of new mortgages originated in July 2025 was $159.2 billion.
  • Home Equity Lines (HELOCs): The U.S. home equity lending market was valued at $179.21 billion in 2025 and is estimated to grow to $228.25 billion by 2031, with Home Equity Lines of Credit (HELOCs) holding 68.52% of this market share in 2025. Banks hold roughly $276 billion of HELOC volume.
  • Credit Cards: The U.S. credit card issuing market size was $178.3 billion in 2025 and $178.9 billion in 2026. The U.S. credit card market size stood at $190 billion in 2024 and is expected to reach $388.4 billion by 2032. Americans were carrying a total balance of $1.12 trillion across their credit cards in the first quarter of 2024.

AI Analysis | Feedback

Webster Financial (WBS) is expected to drive future revenue growth over the next 2-3 years through several key areas:

  1. Commercial Loan Growth: The company anticipates mid-single-digit loan growth, specifically projecting 5-7% for 2026, with a strong focus on its commercial banking franchise. This growth is expected to be fueled by specialty verticals such as sponsor finance and healthcare financial services.
  2. HSA Bank Expansion and Deposit Growth: A significant driver of future revenue is the continued expansion of HSA Bank. New eligibility rules under the Affordable Care Act (ACA) for Bronze and Catastrophic plans are projected to generate an additional $1 billion to $2.5 billion in incremental deposit growth for HSA Bank over the next five years, with $50 million to $100 million anticipated in 2026.
  3. Overall Deposit Growth: Beyond the specific tailwinds for HSA Bank, Webster Financial generally forecasts overall deposit growth of 4-6% for 2026. This consistent growth in deposits provides a stable funding base for the bank's lending activities.
  4. Increase in Fee Income: The company expects a rise in fee income, driven by contributions from HSA fees and treasury management services. For 2026, fee income is projected to be between $390 million and $410 million.
  5. Strategic Initiatives and Partnerships: Webster Financial is investing in and benefiting from "nontraditional banking verticals" like Ametros and interSYNC, which fortify strategic advantages. Additionally, a joint venture with Marathon Asset Management is operational and is expected to contribute to fee income starting in 2026, potentially providing upside in sponsor lending.

AI Analysis | Feedback

Capital Allocation Decisions for Webster Financial (WBS)

Share Repurchases

  • Webster Financial increased its share repurchase authority by $700 million on May 1, 2025.
  • The company repurchased 10.9 million shares during the full year 2025.
  • In the fourth quarter of 2025, Webster repurchased 3.6 million shares under its repurchase program.

Share Issuance

  • Webster Financial issued approximately 90 million shares of common stock to Sterling Bancorp shareholders as part of the all-stock merger, which closed on January 31, 2022.
  • Each share of Sterling common stock was converted into 0.4630 of a Webster common stock share.
  • Following the merger, former Sterling common stock holders owned approximately 49.6% of the combined company.

Inbound Investments

  • Banco Santander, S.A. announced on February 3, 2026, an agreement to acquire Webster Financial Corporation in a cash-and-stock transaction valued at approximately $12.3 billion.
  • Under the terms of the agreement, Webster stockholders are to receive $48.75 in cash and 2.0548 Santander American Depository Shares for each Webster common share.
  • The transaction is expected to close in the second half of 2026.

Outbound Investments

  • Webster Financial merged with Sterling Bancorp in an all-stock deal valued at $5.1 billion, completed on January 31, 2022, creating a combined entity with approximately $65 billion in assets.
  • In January 2024, Webster acquired Ametros Financial Corp., a leading administrator of medical claim settlements, for $350 million in cash.

Capital Expenditures

  • Webster Financial invested $15.8 million in capital expenditures in Q4 2025, primarily for funding long-term assets and infrastructure.
  • The latest reported capital expenditure for the last twelve months (LTM) as of November 19, 2025, was $10.3 million.
  • The company continues to invest in its non-traditional banking verticals, including HSA Bank, Ametros, and interSYNC, to fortify strategic advantages.

Peer Outperformance in Diversified Banks

WBS has trailed 67% of its 12 Diversified Banks peers over 5Y. Among the peers that beat it are C and WFC. Diversified Banks ranks 3rd of 18 industries in Financials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Diversified Banks constituents that WBS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
33%
of 12 industry peers · 28.0% return
3Y
17%
of 12 industry peers · 104.3% return
5Y
33%
of 12 industry peers · 86.1% return
Diversified Banks peers with revenue growth within 4pp of WBS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
WBS Webster Financial 2.9% 12.2x 28.0%104.3%86.1% —
C Citigroup 6.5% 13.1x 47.4%271.9%133.2% +47pp
WFC Wells Fargo 2.4% 12.1x 16.4%136.0%131.9% +46pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Diversified Banks is WBS's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Investment Banking & Brokerage 13 9.8%133.2%146.5% IBKR 503% · SNEX 243% · HOOD 205%
Reinsurance 6 22.3%79.1%126.4% SPNT 167% · RGA 140% · MTG 130%
Diversified Banks ← 13 35.0%137.5%114.2% CM 159% · JPM 156% · RY 147%
Life & Health Insurance 20 17.1%58.5%100.6% JXN 511% · UNM 327% · FG 229%
Multi-Sector Holdings 6 4.2%43.1%80.4% JONE 361% · JEF 84% · BRK-B 81%
Regional Banks 265 27.6%88.1%69.5% GCBC 376% · ESQ 349% · VBNK 328%
Property & Casualty Insurance 42 11.5%75.5%68.2% ASIC 2739900% · HRTG 422% · UVE 303%
Multi-line Insurance 9 13.4%87.8%56.7% GNW 184% · L 101% · SLF 94%
Consumer Finance 30 10.1%90.6%37.6% ENVA 609% · EZPW 406% · FCFS 168%
Financial Exchanges & Data 15 -0.2%22.4%32.4% VIRT 222% · CBOE 155% · CME 79%
Insurance Brokers 16 -11.4%2.0%26.3% LIFE 652% · AJG 91% · ARX 89%
Asset Management & Custody Banks 82 -9.8%21.6%22.8% WT 344% · VCTR 295% · SII 294%
Diversified Financial Services 4 -0.5%7.9%16.0% FRHC 165% · EQH 97% · TMS -65%
Commercial & Residential Mortgage Finance 12 -39.6%30.5%8.2% FNMA 514% · FMCC 497% · ESNT 66%
Specialized Finance 3 15.7%48.8%-7.0% EFC 37% · CACC -7% · HASI -16%
Mortgage REITs 33 -10.9%11.0%-11.5% NREF 59% · RITM 53% · DX 41%
Diversified Capital Markets 21 -20.0%-0.7%-42.3% BTCS 629% · OPY 209% · LPLA 151%
Transaction & Payment Processing Services 15 3.6%0.7%-42.9% V 70% · MA 70% · CPAY 58%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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Peer Comparisons

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Financials

WBSMTBCFGKEYHBANFHNMedian
NameWebster .M&T Bank Citizens.KeyCorp Huntingt.First Ho. 
Mkt Price-239.8470.7822.1817.0324.9424.94
Mkt Cap12.435.029.923.834.411.826.8
Rev LTM2,9419,8238,7267,5979,6833,4268,162
Op Inc LTM-------
FCF LTM1,3143,5952,3741,1992,6831,0171,844
FCF 3Y Avg1,1743,4942,1611,4652,3831,2321,813
CFO LTM1,3673,8042,5011,3113,0621,0591,934
CFO 3Y Avg1,2173,7042,2871,5572,6211,2741,922

Growth & Margins

WBSMTBCFGKEYHBANFHNMedian
NameWebster .M&T Bank Citizens.KeyCorp Huntingt.First Ho. 
Rev Chg LTM7.8%4.7%11.0%53.6%26.1%10.5%10.8%
Rev Chg 3Y Avg2.9%0.9%0.7%7.8%9.1%1.2%2.1%
Rev Chg Q3.4%4.1%12.1%7.1%46.4%6.7%6.9%
QoQ Delta Rev Chg LTM0.8%1.0%2.9%1.7%10.2%1.6%1.7%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM46.5%38.7%28.7%17.3%31.6%30.9%31.3%
CFO/Rev 3Y Avg44.0%39.2%27.9%26.4%32.1%39.9%35.7%
FCF/Rev LTM44.7%36.6%27.2%15.8%27.7%29.7%28.7%
FCF/Rev 3Y Avg42.5%37.0%26.4%24.9%29.3%38.5%33.2%

Valuation

WBSMTBCFGKEYHBANFHNMedian
NameWebster .M&T Bank Citizens.KeyCorp Huntingt.First Ho. 
Mkt Cap12.435.029.923.834.411.826.8
P/S4.23.63.43.13.63.53.5
P/Op Inc-------
P/EBIT-------
P/E12.211.514.111.714.411.211.9
P/CFO9.19.212.018.111.211.211.2
Total Yield10.3%11.3%9.7%12.9%9.9%11.6%10.8%
Dividend Yield2.1%2.6%2.6%4.4%3.0%2.6%2.6%
FCF Yield 3Y Avg12.5%11.8%10.7%8.5%9.5%12.4%11.2%
D/E0.40.50.50.60.60.20.5
Net D/E0.1-0.7-1.2-0.10.0-0.5-0.3

Returns

WBSMTBCFGKEYHBANFHNMedian
NameWebster .M&T Bank Citizens.KeyCorp Huntingt.First Ho. 
1M Rtn-1.3%-3.6%-2.6%-1.5%-3.0%-2.0%-2.3%
3M Rtn7.8%8.4%10.7%2.8%4.2%3.5%6.0%
6M Rtn14.3%16.5%23.1%14.9%7.7%10.8%14.6%
12M Rtn28.0%23.6%41.0%21.9%0.2%15.3%22.8%
3Y Rtn104.3%116.1%191.7%128.0%78.0%134.1%122.0%
1M Excs Rtn-1.1%-3.6%-2.4%-1.3%-2.0%-2.3%-2.1%
3M Excs Rtn3.3%4.0%6.8%-1.6%-0.5%-0.6%1.4%
6M Excs Rtn-0.1%1.0%9.1%-0.7%-8.1%-3.6%-0.4%
12M Excs Rtn7.4%3.2%20.1%1.7%-19.9%-6.2%2.4%
3Y Excs Rtn28.8%39.3%114.3%59.5%5.0%51.3%45.3%

Comparison Analyses

null

FDIC Bank Data

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Commercial Banking1,4261,4911,5621,416669
Consumer banking9409261,014942 
Healthcare Financial Services505477391323271
Corporate and Reconciling28-305-315-206-187
Community Banking    471
Total2,8992,5902,6522,4751,224


Operating Income by Segment
$ Mil20152014201320122011
Commercial Banking154160130127123
Community Banking113108106  
Healthcare Financial Services57    
Private Banking-1    
Corporate & Reconciling Amounts-23-4-4  
Other 2624188
Consumer Finance   3622
Reconciling Amounts   1141
Retail Banking   5614
Total300291256248207


Net Income by Segment
$ Mil20232022202120202019
Commercial Banking853636392145192
Community Banking351309135 102
Healthcare Financial Services1641251019099
Corporate and Reconciling-500-427-219-95-10
Retail Banking   81 
Total868644409221383


Assets by Segment
$ Mil20252024202320222021
Commercial Banking46,16943,01143,38144,38115,401
Corporate and Reconciling23,49822,59420,65216,14911,778
Consumer banking13,87112,932   
Healthcare Financial Services53548812212374
Community Banking  10,78910,625 
Retail Banking    7,663
Total84,07479,02574,94571,27834,916


Price Behavior

Price Behavior
Market Price$77.57 
Market Cap ($ Bil)12.4 
First Trading Date12/12/1986 
Distance from 52W High-1.9% 
   50 Days200 Days
DMA Price$76.19$68.93
DMA Trendupup
Distance from DMA1.8%12.5%
 3M1YR
Volatility13.2%23.1%
Downside Capture47.5756.12
Upside Capture77.2973.50
Correlation (SPY)59.7%43.7%
WBS Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta0.230.700.550.710.781.22
Up Beta0.280.460.500.911.031.32
Down Beta0.921.050.520.580.891.43
Up Capture17%69%71%63%63%120%
Bmk +ve Days10213268138427
Stock +ve Days7183464129379
Down Capture3%73%46%71%64%101%
Bmk -ve Days11213259113324
Stock -ve Days6162254113360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WBS
WBS26.3%23.1%0.99-
Sector ETF (XLF)8.8%14.6%0.3552.0%
Equity (SPY)19.7%12.8%1.1344.0%
Gold (GLD)24.6%29.2%0.7521.2%
Commodities (DBC)43.8%20.3%1.67-12.1%
Real Estate (VNQ)9.1%13.6%0.3929.0%
Bitcoin (BTCUSD)-28.1%43.8%-0.6319.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WBS
WBS12.0%35.7%0.39-
Sector ETF (XLF)10.1%18.4%0.4172.7%
Equity (SPY)12.8%17.2%0.5757.6%
Gold (GLD)19.1%18.8%0.82-0.5%
Commodities (DBC)10.7%19.5%0.4313.4%
Real Estate (VNQ)1.7%18.9%-0.0145.5%
Bitcoin (BTCUSD)10.2%52.6%0.3822.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WBS
WBS10.8%39.6%0.39-
Sector ETF (XLF)13.6%22.1%0.5679.5%
Equity (SPY)15.3%17.9%0.7261.5%
Gold (GLD)12.4%16.3%0.62-5.7%
Commodities (DBC)7.9%18.1%0.3523.8%
Real Estate (VNQ)4.8%20.7%0.1951.5%
Bitcoin (BTCUSD)63.7%66.2%1.0316.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity14.5 Mil
Short Interest: % Change Since 731202625.6%
Average Daily Volume5.9 Mil
Days-to-Cover Short Interest2.4 days
Basic Shares Quantity160.0 Mil
Short % of Basic Shares9.1%

Earnings Returns History

Updated 8/20/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/21/20260.7%1.3%2.5%
4/28/2026-0.2%0.2%1.5%
1/23/2026-3.2%-0.9%10.5%
10/17/20250.3%3.2%5.0%
7/17/20252.8%5.8%0.7%
4/24/20251.6%0.3%9.7%
1/17/20253.0%1.8%2.6%
10/17/202411.6%5.9%23.7%
...
SUMMARY STATS   
# Positive121315
# Negative12119
Median Positive2.8%4.0%7.9%
Median Negative-2.5%-4.8%-1.6%
Max Positive11.6%13.7%33.7%
Max Negative-5.7%-7.5%-7.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/21/20260.7%1.3%2.5%
4/28/2026-0.2%0.2%1.5%
1/23/2026-3.2%-0.9%10.5%
10/17/20250.3%3.2%5.0%
7/17/20252.8%5.8%0.7%
4/24/20251.6%0.3%9.7%
1/17/20253.0%1.8%2.6%
10/17/202411.6%5.9%23.7%
7/23/2024-5.7%-0.2%-6.9%
4/23/2024-4.9%-4.8%-1.6%
1/23/2024-2.3%2.8%-7.0%
10/19/20232.1%-6.0%9.5%
7/20/20232.8%6.2%-5.2%
4/20/2023-2.7%-7.4%-7.3%
1/26/20238.2%13.7%13.6%
10/20/20222.0%8.7%7.9%
7/21/2022-1.2%-0.8%8.5%
4/28/20225.3%5.7%-1.2%
1/20/2022-0.2%-2.3%-1.4%
10/21/2021-2.0%-5.8%-0.1%
7/22/2021-2.1%-0.3%-1.2%
4/19/2021-5.7%-7.1%1.2%
1/21/2021-5.2%-7.5%0.9%
10/22/202011.2%4.0%33.7%
SUMMARY STATS   
# Positive121315
# Negative12119
Median Positive2.8%4.0%7.9%
Median Negative-2.5%-4.8%-1.6%
Max Positive11.6%13.7%33.7%
Max Negative-5.7%-7.5%-7.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/27/202610-Q
03/31/202604/30/202610-Q
12/31/202502/27/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/09/202510-Q
12/31/202403/03/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/10/202410-Q
12/31/202302/27/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/08/202310-Q
12/31/202203/10/202310-K
09/30/202211/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/27/202610-Q
03/31/202604/30/202610-Q
12/31/202502/27/202610-K
09/30/202511/10/202510-Q
06/30/202508/11/202510-Q
03/31/202505/09/202510-Q
12/31/202403/03/202510-K
09/30/202411/08/202410-Q
06/30/202408/08/202410-Q
03/31/202405/10/202410-Q
12/31/202302/27/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/08/202310-Q
12/31/202203/10/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/13/202210-Q
12/31/202102/25/202210-K
09/30/202111/03/202110-Q
06/30/202108/04/202110-Q
03/31/202105/06/202110-Q
12/31/202002/26/202110-K
09/30/202011/04/202010-Q
06/30/202008/05/202010-Q
03/31/202005/08/202010-Q
12/31/201902/28/202010-K
09/30/201911/01/201910-Q

Insider Activity

Updated 6/9/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Ciulla, John RChairman and CEODirectSell520202671.678,000573,37620,773,269Form
2Ciulla, John RChairman and CEODirectSell218202671.918,000575,26116,098,098Form
3Madar, GregoryChief Accounting OfficerDirectSell1209202562.6365440,960477,277Form
4Weidner, MarissaChief Corp. Resp. OfficerDirectSell1209202562.982,500157,454827,640Form
5Ciulla, John RChairman and CEODirectSell1119202555.458,000443,58212,856,792Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Ciulla, John RChairman and CEODirectSell520202671.678,000573,37620,773,269Form
2Ciulla, John RChairman and CEODirectSell218202671.918,000575,26116,098,098Form
3Madar, GregoryChief Accounting OfficerDirectSell1209202562.6365440,960477,277Form
4Weidner, MarissaChief Corp. Resp. OfficerDirectSell1209202562.982,500157,454827,640Form
5Ciulla, John RChairman and CEODirectSell1119202555.458,000443,58212,856,792Form
6Cieslik, ElzbietaEVP & CAO of BankDirectSell915202561.582,000123,160917,173Form
7Cieslik, ElzbietaEVP & CAO of BankDirectSell915202561.621,00061,6151,040,924Form
8Hayles, Carol DirectSell909202561.584,841298,085762,853Form
9Griffin, James MIHead of Consumer BankingDirectSell829202562.1480750,147780,230Form
10Ciulla, John RChairman and CEODirectSell815202557.958,000463,59713,900,486Form
11Atwell, William L DirectSell729202559.2016,823995,8521,830,039Form
12Wang, Albert Jen-WenChief Accounting OfficerDirectSell723202560.313,250196,008950,184Form
13Soto, Jason AChief Credit OfficerDirectSell722202561.212,500153,0171,156,135Form
14Griffin, James MIHead of Consumer BankingDirectSell722202560.562,065125,056809,263Form
15Wilkins, Charles LHead of HSA BankDirectSell609202553.255,000266,2501,679,186Form

Investor Activity (13F)

Updated Sep 8, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sand Grove Capital Management LLP$39.3 Mil9.2%18New13F
Slotnik Capital, LLC$18.9 Mil5.6%24New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sand Grove Capital Management LLP$39.3 Mil9.2%18New13F
Slotnik Capital, LLC$18.9 Mil5.6%24New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Davis Asset Management, L.P.$125.9 Mil4.5%30Exited13F
140 Summer Partners LP$85.6 Mil6.7%19Exited13F
Azora Capital LP$48.1 Mil3.0%47Exited13F
Stieven Capital Advisors, L.P.$35.8 Mil6.6%38Exited13F
Nitorum Capital, L.P.$9.3 Mil2.0%25Exited13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sand Grove Capital Management LLP$39.3 Mil9.2%18New13F
Slotnik Capital, LLC$18.9 Mil5.6%24New13F
Core Cache Last Updated: 9/7/2026