387,352 Shares in WSFS Financial Corporation $WSFS Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 387,352 WSFS Financial shares worth approximately $29.7 million, giving it a 0.74% stake. Institutional investors collectively owned 88.49% of the company.
• WSFS reported quarterly EPS of $1.66, exceeding the $1.50 consensus estimate, while revenue rose 5.6% year over year to $284.7 million. The company also paid a quarterly dividend of $0.20 per share, representing a 1.0% yield.
• WSFS shares opened at $78.30, near their 12-month high of $82.94. Analysts maintained a generally neutral outlook, with an average “Hold” rating and a consensus price target of $83.07.

Bank of New York Mellon Corp bought a new stake in shares of WSFS Financial Corporation (NASDAQ:WSFS - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 387,352 shares of the bank's stock, valued at approximately $29,722,000. Bank of New York Mellon Corp owned 0.74% of WSFS Financial at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in WSFS. Hsbc Holdings PLC purchased a new stake in WSFS Financial in the 4th quarter worth $1,050,000. Denali Advisors LLC bought a new stake in shares of WSFS Financial in the fourth quarter worth about $2,425,000. Assenagon Asset Management S.A. bought a new stake in shares of WSFS Financial in the second quarter worth about $1,384,000. California State Teachers Retirement System lifted its position in shares of WSFS Financial by 25.5% in the first quarter. California State Teachers Retirement System now owns 66,481 shares of the bank's stock worth $4,352,000 after buying an additional 13,525 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in WSFS Financial by 11,821.6% during the 1st quarter. Fifth Third Bancorp now owns 28,731 shares of the bank's stock valued at $1,881,000 after buying an additional 28,490 shares in the last quarter. 88.49% of the stock is owned by hedge funds and other institutional investors.

WSFS Financial Trading Down 0.1%

NASDAQ WSFS opened at $78.30 on Friday. The stock has a market cap of $4.00 billion, a PE ratio of 13.09 and a beta of 0.77. WSFS Financial Corporation has a 12 month low of $49.92 and a 12 month high of $82.94. The company's 50-day moving average price is $79.15 and its 200-day moving average price is $72.29. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.11.

WSFS Financial (NASDAQ:WSFS - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The bank reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.16. The company had revenue of $284.70 million during the quarter, compared to analysts' expectations of $278.41 million. WSFS Financial had a net margin of 23.34% and a return on equity of 11.71%. The firm's quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.27 EPS. Equities research analysts forecast that WSFS Financial Corporation will post 6.58 earnings per share for the current year.

WSFS Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, August 7th. WSFS Financial's dividend payout ratio is currently 13.38%.

Wall Street Analyst Weigh In

WSFS has been the subject of a number of research reports. Keefe, Bruyette & Woods increased their target price on WSFS Financial from $83.00 to $89.00 and gave the company a "market perform" rating in a research report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of WSFS Financial in a research report on Friday, June 12th. DA Davidson set a $83.00 price target on WSFS Financial and gave the company a "neutral" rating in a report on Monday, July 27th. TD Cowen reaffirmed a "buy" rating on shares of WSFS Financial in a research note on Wednesday, July 29th. Finally, Piper Sandler reissued a "neutral" rating and issued a $90.00 target price (up from $80.00) on shares of WSFS Financial in a research note on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, WSFS Financial presently has an average rating of "Hold" and a consensus target price of $83.07.

Insiders Place Their Bets

In other news, CEO Rodger Levenson sold 65,446 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $74.11, for a total transaction 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 trade represents a 26.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Shari Kruzinski sold 3,500 shares of WSFS Financial stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $81.74, for a total value of $286,090.00. Following the completion of the sale, the executive vice president owned 15,207 shares of the company's stock, valued at $1,243,020.18. The trade was 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.

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.

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