Bank of America Corp DE Increases Stock Position in WSFS Financial Corporation $WSFS

Key Points

• Bank of America increased its WSFS Financial stake by 11.4% in the first quarter, bringing its holdings to 737,587 shares worth approximately $48.3 million. Institutional investors and hedge funds collectively own 88.49% of the stock.
• WSFS Financial exceeded quarterly expectations, reporting $1.66 in EPS versus the $1.50 consensus and $284.7 million in revenue, up 5.6% year over year. The company also declared a quarterly dividend of $0.20 per share, representing a 1.0% yield.
• Analyst sentiment remains mixed, with three Buy ratings and five Holds; the stock has an average rating of “Hold” and a consensus price target of $83.07. WSFS shares opened at $81.14, near their 52-week high of $82.94.

Bank of America Corp DE raised its stake in shares of WSFS Financial Corporation (NASDAQ:WSFS - Free Report) by 11.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 737,587 shares of the bank's stock after acquiring an additional 75,283 shares during the period. Bank of America Corp DE owned approximately 1.42% of WSFS Financial worth $48,282,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Denali Advisors LLC acquired a new position in shares of WSFS Financial in the 4th quarter valued at $2,425,000. Hsbc Holdings PLC acquired a new stake in shares of WSFS Financial during the 4th quarter worth about $1,050,000. California State Teachers Retirement System raised its holdings in WSFS Financial by 25.5% in the 1st quarter. California State Teachers Retirement System now owns 66,481 shares of the bank's stock valued at $4,352,000 after buying an additional 13,525 shares during the period. Fifth Third Bancorp raised its holdings in WSFS Financial by 11,821.6% in 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 during the period. Finally, UBS Group AG lifted its position in WSFS Financial by 31.3% in the fourth quarter. UBS Group AG now owns 214,753 shares of the bank's stock valued at $11,863,000 after buying an additional 51,234 shares during the last quarter. 88.49% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other WSFS Financial news, CEO Rodger Levenson sold 65,446 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $74.11, for a total value of $4,850,203.06. Following the sale, the chief executive officer owned 186,088 shares of the company's stock, valued at $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 available at 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 transaction, 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 position. The SEC filing for this sale provides additional information. 1.10% of the stock is owned by corporate insiders.

WSFS Financial Price Performance

WSFS Financial stock opened at $81.14 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.11. WSFS Financial Corporation has a 52-week low of $49.92 and a 52-week high of $82.94. The firm has a market cap of $4.15 billion, a PE ratio of 13.57 and a beta of 0.77. The company's 50 day moving average is $77.60 and its two-hundred day moving average is $71.06.

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

WSFS Financial Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Stephens lowered shares of WSFS Financial from an "overweight" rating to an "equal weight" rating and set a $87.00 target price for the company. in a research note on Wednesday. UBS Group set a $76.00 price objective on shares of WSFS Financial in a report on Monday, April 27th. TD Cowen reaffirmed a "buy" rating on shares of WSFS Financial in a research report on Wednesday, July 29th. DA Davidson set a $83.00 target price on WSFS Financial and gave the company a "neutral" rating in a research report on Monday, July 27th. Finally, Piper Sandler restated a "neutral" rating and set a $90.00 price target (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 company's stock. According to MarketBeat.com, WSFS Financial currently has an average rating of "Hold" and a consensus price target of $83.07.

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.

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