Zacks Investment Research Lowers WSFS Financial (WSFS) to Hold
Zacks Investment Research cut shares of WSFS Financial (NASDAQ:WSFS) from a buy rating to a hold rating in a research note issued to investors on Wednesday.
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. “
Other analysts have also recently issued reports about the company. Stephens restated a buy rating and issued a $58.00 target price on shares of WSFS Financial in a report on Monday, August 13th. Sandler O’Neill reiterated a buy rating and set a $63.00 price target on shares of WSFS Financial in a report on Sunday, August 12th. Boenning Scattergood reiterated a buy rating on shares of WSFS Financial in a report on Thursday, August 9th. Finally, BidaskClub upgraded WSFS Financial from a hold rating to a buy rating in a report on Friday, August 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. WSFS Financial currently has an average rating of Hold and an average price target of $59.67.
WSFS Financial (NASDAQ:WSFS) last issued its earnings results on Monday, July 23rd. The bank reported $0.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.08. The company had revenue of $95.98 million during the quarter, compared to analysts’ expectations of $93.63 million. WSFS Financial had a return on equity of 13.02% and a net margin of 20.57%. equities analysts expect that WSFS Financial will post 3.6 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 24th. Stockholders of record on Friday, August 10th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Thursday, August 9th. WSFS Financial’s dividend payout ratio is presently 17.19%.
In other news, CEO Mark A. Turner sold 58,823 shares of the stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $53.05, for a total transaction of $3,120,560.15. Following the completion of the transaction, the chief executive officer now directly owns 136,436 shares in the company, valued at approximately $7,237,929.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Mark A. Turner sold 55,214 shares of the stock in a transaction on Thursday, June 7th. The stock was sold at an average price of $54.10, for a total value of $2,987,077.40. Following the transaction, the chief executive officer now owns 137,136 shares of the company’s stock, valued at $7,419,057.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 242,236 shares of company stock valued at $13,077,419. Company insiders own 5.73% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Fund Management S.A. acquired a new position in WSFS Financial during the 2nd quarter worth about $208,000. Tower Bridge Advisors acquired a new position in WSFS Financial during the 2nd quarter worth about $213,000. Amalgamated Bank acquired a new position in WSFS Financial during the 2nd quarter worth about $225,000. Engineers Gate Manager LP acquired a new position in WSFS Financial during the 2nd quarter worth about $252,000. Finally, Advisors Asset Management Inc. lifted its stake in WSFS Financial by 136.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 10,595 shares of the bank’s stock worth $255,000 after acquiring an additional 6,113 shares in the last quarter. Institutional investors and hedge funds own 79.67% of the company’s stock.
WSFS Financial Company Profile
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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