UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on Webster Financial

In a report published Monday, Jefferies & Company reiterated its Hold rating on Webster Financial Corporation

, and slightly raised its price target from $22.00 to $23.00. Jefferies noted, “Fundamentals are in solid shape with loan pipelines full, credit still recovering, P260 within spitting distance, and capital return chatter heating up. That said, WBS is over-earning on mortgage banking and reserve bleed, which should moderate going forward and keep EPS growth capped at current level over the next year.” Webster Financial Corporation closed on Friday at $22.00.