Assenagon Asset Management S.A. Takes Position in WSFS Financial Corporation $WSFS

Key Points

• Assenagon Asset Management acquired 18,034 WSFS Financial shares worth approximately $1.38 million in the second quarter. Institutional investors collectively own 88.49% of the bank’s stock.
• 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 declared a quarterly dividend of $0.20 per share, representing a 1.0% yield.
• Analyst sentiment remains mixed, with an average “Hold” rating and an $83.07 target price. Shares opened at $81.66, near their 12-month high of $82.94, while CEO Rodger Levenson and EVP Shari Kruzinski recently reduced their holdings.

Assenagon Asset Management S.A. acquired a new stake in WSFS Financial Corporation (NASDAQ:WSFS - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 18,034 shares of the bank's stock, valued at approximately $1,384,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Baron Wealth Management LLC acquired a new position in WSFS Financial in the second quarter valued at $216,000. GAMMA Investing LLC increased its holdings in shares of WSFS Financial by 11.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,414 shares of the bank's stock worth $185,000 after buying an additional 256 shares during the last quarter. Stillwater Private Wealth LLC purchased a new position in shares of WSFS Financial in the 1st quarter worth $258,000. Glenmede Trust Co. NA boosted its holdings in WSFS Financial by 4.1% in the first quarter. Glenmede Trust Co. NA now owns 12,804 shares of the bank's stock valued at $838,000 after acquiring an additional 503 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in WSFS Financial by 11.4% in the first quarter. Bank of America Corp DE now owns 737,587 shares of the bank's stock valued at $48,282,000 after acquiring an additional 75,283 shares during the last quarter. Hedge funds and other institutional investors own 88.49% of the company's stock.

Insiders Place Their Bets

In other WSFS Financial news, CEO Rodger Levenson sold 65,446 shares of the stock in a transaction that occurred 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 $13,790,981.68. This trade represents a 26.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Shari Kruzinski sold 3,500 shares of WSFS Financial stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $81.74, for a total transaction of $286,090.00. Following the completion of the transaction, the executive vice president directly owned 15,207 shares in the company, valued at approximately $1,243,020.18. This represents a 18.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.10% of the company's stock.

Wall Street Analysts Forecast Growth

WSFS has been the subject of a number of research reports. Piper Sandler reissued a "neutral" rating and set a $90.00 price target (up from $80.00) on shares of WSFS Financial in a research report on Monday, August 3rd. UBS Group set a $76.00 price objective on WSFS Financial in a research note on Monday, April 27th. Keefe, Bruyette & Woods boosted their target price on WSFS Financial from $83.00 to $89.00 and gave the stock a "market perform" rating in a 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. Finally, Stephens lowered 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 report on Wednesday. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $83.07.

WSFS Financial Stock Performance

Shares of NASDAQ WSFS opened at $81.66 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.11. The stock has a 50 day simple moving average of $78.01 and a 200-day simple moving average of $71.30. The company has a market cap of $4.17 billion, a PE ratio of 13.66 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.

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

WSFS Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 7th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, August 7th. WSFS Financial's payout ratio is currently 13.38%.

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.

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