Webster Shares Rise After Q3 Earnings Beat View

Shares of Webster Financial Corporation (WBS) are rising more than 4% Thursday morning after reporting better-than-expected third-quarter results.

Net income in the third quarter increased to $222.31 million or $1.28 per share from $229.81 million or $1.31 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.55 per share, that beat the consensus estimate analysts polled by Thomson-Reuters of $1.49 per share.

Revenue for the quarter was $677.5 million, above analysts’ estimate of $614.53 million. Net interest income was $587.1 million compared with $551.0 million a year ago.

WBS, currently at $41.15, has traded in the range of $31.03 – $56.46 in the last 1 year.

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