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7 Defensive Bank Stock Plays From FBR

Webster Financial
Shares of Webster Financial (WBS - Get Report) of Waterbury, Conn., closed at $19.20 Friday, down 5% year-to-date, following a 4% return during 2011.

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Based on a quarterly payout of 10 cents, the shares have a dividend yield of 2.08%.

The shares trade for 1.3 times tangible book value, and for 11 times the consensus 2013 earnings estimate of $1.82. The consensus 2013 EPS estimate is $1.74.

FBR analyst Bob Ramsey on Monday lowered his 2012 EPS estimate for Webster by a penny to $1.74 and his 2013 estimate by a nickel to $1.90, "based on a lower margin assumption."

After Webster Financial reported its first-quarter results in late April, Ramsey reiterated his $27 price target for the shares, saying that the stock's valuation at 11 times his 2013 EPS estimate was "an unjustified discount to peers, in our opinion, given the company's sound capital position, good credit quality, and growing balance sheet."

Interested in more on Webster Financial? See TheStreet Ratings' report card for this stock.

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