WSFS Financial (NASDAQ:WSFS) Posts Earnings Results, Beats Expectations By $0.16 EPS

WSFS Financial (NASDAQ:WSFS) announced its quarterly earnings data on Thursday. The bank reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.16, FiscalAI reports. WSFS Financial had a return on equity of 11.23% and a net margin of 22.55%.The company had revenue of $284.70 million for the quarter, compared to analysts’ expectations of $278.41 million.

WSFS Financial Stock Performance

Shares of WSFS traded up $0.20 during trading hours on Thursday, hitting $79.06. The company had a trading volume of 687,986 shares, compared to its average volume of 446,301. The business has a fifty day moving average of $74.70 and a 200-day moving average of $68.51. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.11. The firm has a market cap of $4.11 billion, a price-to-earnings ratio of 14.07 and a beta of 0.76. WSFS Financial has a 12 month low of $49.92 and a 12 month high of $80.73.

Analyst Upgrades and Downgrades

A number of brokerages have commented on WSFS. UBS Group set a $76.00 price target on shares of WSFS Financial in a research note on Monday, April 27th. Zacks Research lowered shares of WSFS Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. DA Davidson upped their target price on shares of WSFS Financial from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Stephens reiterated an “overweight” rating and set a $81.00 price target (up from $79.00) on shares of WSFS Financial in a report on Monday, April 27th. Finally, TD Cowen reissued a “buy” rating and set a $82.00 price target (up from $77.00) on shares of WSFS Financial in a research report on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $77.07.

Insider Activity at WSFS Financial

In related news, CEO Rodger Levenson sold 65,446 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $74.11, for a total value of $4,850,203.06. Following the transaction, the chief executive officer owned 186,088 shares in the company, valued at approximately $13,790,981.68. This represents a 26.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.10% of the company’s stock.

Institutional Trading of WSFS Financial

Several institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in WSFS Financial by 6.1% in the 4th quarter. Invesco Ltd. now owns 1,066,591 shares of the bank’s stock valued at $58,918,000 after buying an additional 60,931 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of WSFS Financial by 71.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 470,191 shares of the bank’s stock worth $25,973,000 after buying an additional 195,979 shares in the last quarter. Raymond James Financial Inc. lifted its holdings in shares of WSFS Financial by 0.4% during the third quarter. Raymond James Financial Inc. now owns 443,465 shares of the bank’s stock worth $23,916,000 after buying an additional 1,794 shares in the last quarter. Millennium Management LLC boosted its position in shares of WSFS Financial by 22.4% in the third quarter. Millennium Management LLC now owns 381,060 shares of the bank’s stock valued at $20,551,000 after acquiring an additional 69,741 shares during the period. Finally, New York State Common Retirement Fund boosted its position in shares of WSFS Financial by 5.1% in the fourth quarter. New York State Common Retirement Fund now owns 244,671 shares of the bank’s stock valued at $13,516,000 after acquiring an additional 11,980 shares during the period. 88.49% of the stock is currently owned by institutional investors.

WSFS Financial Company Profile

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.