Principal Financial Group Inc. Increases Stake in WSFS Financial Corporation $WSFS

Principal Financial Group Inc. raised its position in WSFS Financial Corporation (NASDAQ:WSFS) by 64.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 427,481 shares of the bank’s stock after acquiring an additional 166,837 shares during the period. Principal Financial Group Inc.’s holdings in WSFS Financial were worth $27,983,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Root Financial Partners LLC increased its stake in shares of WSFS Financial by 92.4% during the first quarter. Root Financial Partners LLC now owns 431 shares of the bank’s stock worth $28,000 after acquiring an additional 207 shares during the period. NewEdge Advisors LLC acquired a new stake in WSFS Financial in the fourth quarter valued at about $33,000. Torren Management LLC acquired a new stake in WSFS Financial in the fourth quarter valued at about $35,000. Clearstead Advisors LLC boosted its holdings in WSFS Financial by 167.5% in the 4th quarter. Clearstead Advisors LLC now owns 781 shares of the bank’s stock valued at $43,000 after purchasing an additional 489 shares in the last quarter. Finally, Quarry LP boosted its holdings in WSFS Financial by 159.7% in the 3rd quarter. Quarry LP now owns 813 shares of the bank’s stock valued at $44,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.

WSFS Financial Stock Performance

Shares of WSFS opened at $79.84 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11. The stock has a market cap of $4.15 billion, a P/E ratio of 14.21 and a beta of 0.76. The company has a 50-day moving average of $74.18 and a two-hundred day moving average of $68.01. WSFS Financial Corporation has a 12-month low of $49.92 and a 12-month high of $80.73.

WSFS Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were given a dividend of $0.20 per share. The ex-dividend date was Friday, May 8th. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. This is an increase from WSFS Financial’s previous quarterly dividend of $0.17. WSFS Financial’s payout ratio is presently 14.23%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. TD Cowen reissued a “buy” rating and set a $82.00 target price (up from $77.00) on shares of WSFS Financial in a research note on Wednesday, April 29th. Stephens restated an “overweight” rating and issued a $81.00 price target (up from $79.00) on shares of WSFS Financial in a research note on Monday, April 27th. Piper Sandler reaffirmed a “neutral” rating and set a $80.00 price objective (up from $72.00) on shares of WSFS Financial in a report on Wednesday, May 6th. Weiss Ratings reissued a “buy (b)” rating on shares of WSFS Financial in a report on Friday, June 12th. Finally, DA Davidson boosted their target price on shares of WSFS Financial from $70.00 to $76.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, WSFS Financial presently has a consensus rating of “Moderate Buy” and an average price target of $77.07.

Insider Activity

In related news, CEO Rodger Levenson sold 65,446 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $74.11, for a total value of $4,850,203.06. Following the sale, the chief executive officer owned 186,088 shares of the company’s stock, valued at approximately $13,790,981.68. This represents a 26.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.10% of the stock is owned by corporate insiders.

About WSFS Financial

WSFS Financial Corporation is the bank holding company for WSFS Bank, a regional financial institution headquartered in Wilmington, Delaware. The company traces its roots to the Safe Deposit & Trust Company, founded in 1832, and formally organized as WSFS Financial in the mid-1980s. Over its long history, WSFS has grown through a combination of organic expansion and selective acquisitions to serve a broad base of individual, commercial and institutional clients.

WSFS Bank offers a full suite of banking and financial services, including retail and commercial deposit accounts, commercial and industrial lending, real estate financing, and treasury management solutions.