Webster Financial Up 9.4% On Earnings Beat (WBS)

Shares of Webster Financial Corporation WBS are trading up 9.4% at $21.56 per share during the Friday afternoon trading session. The company announced on Friday before the market opened 4th quarter net income of $25.0 million, or 30 cents per share, which was much better than the 20 cents per share consensus Wall Street forecast. Chairman and chief executive officer James C. Smith said, "We are pleased to report that credit metrics, profitability and other key performance metrics showed meaningful improvement in the fourth quarter. The growth in loans in the quarter, most particularly middle market and commercial real estate originations, is a positive sign of quality financing opportunities in our core lines of business, and reflects a gradually improving regional economy." The day's range for shares of Webster Financial Corporation has been between $20.20 and $21.75 per share. The average price target of analysts who cover Webster Financial Corporation (WBS) is $21.17 per share. Volume of 2.5 million shares is already more than 4 times the daily average volume of 602,000 shares. Webster Financial Corporation is the holding company for Webster Bank, National Association. With $18.0 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 497 ATMs, telephone banking and the Internet. Read more from Benzinga's Company news.