Algert Global LLC Buys 96,831 Shares of WSFS Financial Corporation $WSFS

Key Points

• Algert Global more than doubled its WSFS Financial stake in the second quarter, purchasing 96,831 additional shares and bringing its holdings to 183,668 shares worth approximately $14.1 million. Institutional investors collectively own 88.49% of the company.
• WSFS Financial exceeded quarterly expectations, reporting $1.66 in earnings per share versus the $1.50 consensus estimate, while revenue rose 5.6% year over year to $284.7 million.
• Analysts hold a mixed but overall cautious view, with a consensus “Hold” rating and an average price target of $83.07. The company also pays a quarterly dividend of $0.20 per share, yielding about 1.0% annually.

Algert Global LLC grew its position in WSFS Financial Corporation (NASDAQ:WSFS - Free Report) by 111.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 183,668 shares of the bank's stock after acquiring an additional 96,831 shares during the period. Algert Global LLC owned 0.36% of WSFS Financial worth $14,093,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its stake in shares of WSFS Financial by 102.6% during the first quarter. AQR Capital Management LLC now owns 10,347 shares of the bank's stock worth $537,000 after buying an additional 5,240 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of WSFS Financial by 3.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,835 shares of the bank's stock valued at $1,807,000 after buying an additional 1,176 shares during the period. Millennium Management LLC increased its holdings in WSFS Financial by 230.4% during the 1st quarter. Millennium Management LLC now owns 72,726 shares of the bank's stock worth $3,772,000 after purchasing an additional 50,717 shares in the last quarter. United Services Automobile Association bought a new position in shares of WSFS Financial during the first quarter worth about $204,000. Finally, Jane Street Group LLC raised its holdings in shares of WSFS Financial by 579.0% in the first quarter. Jane Street Group LLC now owns 117,472 shares of the bank's stock valued at $6,093,000 after purchasing an additional 100,171 shares during the last quarter. Institutional investors own 88.49% of the company's stock.

WSFS Financial Price Performance

Shares of NASDAQ:WSFS opened at $78.58 on Wednesday. WSFS Financial Corporation has a fifty-two week low of $49.92 and a fifty-two week high of $82.94. The company's 50-day moving average is $78.88 and its 200 day moving average is $72.14. The company has a market capitalization of $4.01 billion, a P/E ratio of 13.14 and a beta of 0.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.84 and a current ratio of 0.84.

WSFS Financial (NASDAQ:WSFS - Get Free Report) last posted its earnings results on Thursday, July 23rd. The bank reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.16. WSFS Financial had a net margin of 23.34% and a return on equity of 11.71%. The firm had revenue of $284.70 million during the quarter, compared to the consensus estimate of $278.41 million. During the same quarter last year, the company earned $1.27 earnings per share. The company's revenue was up 5.6% on a year-over-year basis. On average, 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 declared a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Friday, August 7th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.80 annualized dividend and a yield of 1.0%. WSFS Financial's payout ratio is 13.38%.

Insider Activity at WSFS Financial

In related news, CEO Rodger Levenson sold 65,446 shares of the stock in a transaction on Wednesday, June 10th. The shares were 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 of the company's stock, valued at approximately $13,790,981.68. This trade represents a 26.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Shari Kruzinski sold 3,500 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president owned 15,207 shares in the company, valued at approximately $1,243,020.18. The trade was a 18.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. TD Cowen reiterated a "buy" rating on shares of WSFS Financial in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of WSFS Financial in a report on Friday, June 12th. DA Davidson set a $83.00 price target on shares of WSFS Financial and gave the company a "neutral" rating in a research note on Monday, July 27th. Piper Sandler restated a "neutral" rating and issued a $90.00 target price (up from $80.00) on shares of WSFS Financial in a report on Monday, August 3rd. Finally, Stephens cut WSFS Financial from an "overweight" rating to an "equal weight" rating and set a $87.00 price target on the stock. in a report on Wednesday, August 12th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, WSFS Financial presently has a consensus rating of "Hold" and a consensus target price of $83.07.

WSFS Financial 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.

Want to see what other hedge funds are holding WSFS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for WSFS Financial Corporation (NASDAQ:WSFS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source