WSFS Financial (NASDAQ:WSFS) Issues Earnings Results

WSFS Financial (NASDAQ:WSFS) issued its quarterly earnings results on Thursday. The bank reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.13, FiscalAI reports. WSFS Financial had a return on equity of 12.14% and a net margin of 24.10%. The firm had revenue of $287.57 million during the quarter, compared to analyst estimates of $289.82 million. During the same period last year, the company posted $1.37 EPS. The firm’s quarterly revenue was up 6.3% on a year-over-year basis.

WSFS Financial Trading Up 1.9%

WSFS Financial stock opened at $79.02 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 12.32 and a beta of 0.84. WSFS Financial has a 1 year low of $50.79 and a 1 year high of $82.94. The firm’s 50 day moving average price is $77.95 and its two-hundred day moving average price is $75.78.

WSFS Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Friday, November 6th. WSFS Financial’s dividend payout ratio (DPR) is presently 13.38%.

More WSFS Financial News

Here are the key news stories impacting WSFS Financial this week:

• Positive Sentiment: Quarterly earnings beat expectations: WSFS reported third-quarter EPS of $1.75, above the $1.61–$1.62 consensus range and up from $1.37 a year earlier. Net income rose to $89.3 million, while revenue increased 6.3% year over year to $287.6 million. WSFS Financial GAAP EPS and revenue report
• Positive Sentiment: Underlying banking trends were healthy: Net interest income reached $196.6 million, net interest margin was 3.88%, loans and leases grew 5% year over year to $13.7 billion, and total deposits reached $18.4 billion. Wealth and Trust fee revenue also climbed 30% year over year. WSFS third-quarter operating results
• Positive Sentiment: Capital returns remain supportive: WSFS repurchased $59.6 million of common stock during the quarter and declared a quarterly dividend of $0.20 per share, payable November 20 to shareholders of record on November 6. The dividend implies an annualized payout of $0.80 and a yield of approximately 1%. WSFS third-quarter earnings and buybacks
• Neutral Sentiment: Revenue fell modestly short of forecasts: Quarterly revenue of $287.6 million missed the consensus estimate by roughly $1.0 million, partially offsetting the stronger-than-expected EPS result. WSFS revenue expectations report
• Negative Sentiment: Insider selling is a potential overhang: Company insiders reported four open-market sales over the past six months and no purchases, including sales by the CEO and other executives. The transactions may weigh on sentiment, though they do not necessarily indicate a change in business outlook.

Analysts Set New Price Targets

WSFS has been the topic of a number of research reports. Keefe, Bruyette & Woods boosted their price objective on WSFS Financial from $83.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Piper Sandler reaffirmed a “neutral” rating and set a $90.00 target price (up from $80.00) on shares of WSFS Financial in a research note on Monday, August 3rd. DA Davidson set a $83.00 target price on WSFS Financial and gave the stock a “neutral” rating in a report on Monday, July 27th. Weiss Ratings raised WSFS Financial from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, August 31st. Finally, Stephens cut shares of WSFS Financial from an “overweight” rating to an “equal weight” rating and set a $87.00 price target on the stock. in a research report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $84.07.

Insider Buying and Selling at WSFS Financial

In other news, Director Michael J. Donahue sold 3,247 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $79.46, for a total transaction of $258,006.62. Following the completion of the sale, the director directly owned 11,495 shares of the company’s stock, valued at $913,392.70. This trade represents a 22.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Shari Kruzinski sold 3,500 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $81.74, for a total value of $286,090.00. Following the sale, the executive vice president directly owned 15,207 shares of the company’s stock, valued at approximately $1,243,020.18. This represents a 18.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.10% of the stock is currently owned by corporate insiders.

WSFS Financial Company Profile

WSFS Financial Corporation is the financial holding company for WSFS Bank, a full-service community banking institution headquartered in Wilmington, Delaware. Founded in 1832, WSFS is one of the oldest and largest locally managed banks in the Delaware Valley.

WSFS Bank provides a range of banking services for individuals, families, businesses and institutions. Its offerings include checking and savings accounts, consumer lending, residential mortgages, commercial loans, treasury and cash-management services, and online and mobile banking.