WSFS Financial (NASDAQ:WSFS) Downgraded by Zacks Investment Research to “Sell”
According to Zacks, “WSFS Financial Corporation is a thrift holding company. WSFS provides residential and commercial real estate, commercial and consumer lending services, as well as cash management services funding these activities primarily with retail deposits and borrowings. “
Several other equities analysts also recently commented on the company. BidaskClub upgraded WSFS Financial from a strong sell rating to a sell rating in a research note on Tuesday, July 30th. Piper Jaffray Companies started coverage on WSFS Financial in a research report on Monday, July 15th. They issued a neutral rating for the company. Finally, Boenning Scattergood restated an outperform rating and issued a $47.75 target price on shares of WSFS Financial in a research note on Thursday, June 20th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $49.38.
WSFS Financial (NASDAQ:WSFS) last issued its quarterly earnings results on Monday, July 22nd. The bank reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.75 by $0.13. The company had revenue of $166.10 million during the quarter, compared to analyst estimates of $157.52 million. WSFS Financial had a net margin of 21.06% and a return on equity of 10.98%. As a group, sell-side analysts anticipate that WSFS Financial will post 3.63 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.07%. The ex-dividend date was Wednesday, August 7th. WSFS Financial’s dividend payout ratio is currently 13.52%.
In other news, EVP Patrick Joseph Ward sold 15,962 shares of WSFS Financial stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $41.95, for a total value of $669,605.90. Following the completion of the transaction, the executive vice president now owns 115,729 shares in the company, valued at $4,854,831.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark A. Turner sold 124,177 shares of WSFS Financial stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $41.31, for a total transaction of $5,129,751.87. Following the completion of the transaction, the director now owns 161,779 shares of the company’s stock, valued at approximately $6,683,090.49. The disclosure for this sale can be found here. 2.42% of the stock is owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. Chatham Capital Group Inc. grew its stake in WSFS Financial by 0.8% in the 1st quarter. Chatham Capital Group Inc. now owns 32,348 shares of the bank’s stock valued at $1,249,000 after buying an additional 243 shares in the last quarter. Jennison Associates LLC lifted its position in shares of WSFS Financial by 1.0% during the second quarter. Jennison Associates LLC now owns 26,650 shares of the bank’s stock worth $1,101,000 after acquiring an additional 252 shares in the last quarter. US Bancorp DE lifted its position in shares of WSFS Financial by 9.4% during the second quarter. US Bancorp DE now owns 3,381 shares of the bank’s stock worth $139,000 after acquiring an additional 291 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of WSFS Financial by 18.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,894 shares of the bank’s stock worth $112,000 after acquiring an additional 444 shares during the period. Finally, Swiss National Bank boosted its holdings in shares of WSFS Financial by 0.5% in the second quarter. Swiss National Bank now owns 95,340 shares of the bank’s stock worth $3,938,000 after acquiring an additional 500 shares during the period. Institutional investors own 82.93% of the company’s stock.
About WSFS Financial
WSFS Financial Corporation operates as the savings and loan holding company for the Wilmington Savings Fund Society, FSB that provides various banking services in the United States. It operates through three segments: WSFS Bank, Cash Connect, and Wealth Management. The company offers various deposit products, including savings accounts, demand deposits, interest-bearing demand deposits, money market deposit accounts, and certificates of deposit, as well as jumbo certificates of deposit.
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