Bank of America Corp DE Purchases Shares of 646,080 WSFS Financial Corporation $WSFS

Key Points

• Bank of America acquired 646,080 WSFS Financial shares during the second quarter, worth approximately $49.6 million and representing about 1.26% of the company. Institutional investors collectively own 88.49% of WSFS.
• WSFS Financial exceeded quarterly expectations, reporting EPS of $1.66 versus the $1.50 consensus and revenue of $284.7 million, up 5.6% year over year.
• The company maintains a $0.20 quarterly dividend, or $0.80 annually, yielding about 1.0%. Analysts have an overall “Hold” rating, with an average price target of $83.07 versus the reported share price of $78.80.

Bank of America Corp DE acquired a new position in WSFS Financial Corporation (NASDAQ:WSFS - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 646,080 shares of the bank's stock, valued at approximately $49,574,000. Bank of America Corp DE owned about 1.26% of WSFS Financial as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of WSFS. Root Financial Partners LLC boosted its position in shares of WSFS Financial by 92.4% in the 1st quarter. Root Financial Partners LLC now owns 431 shares of the bank's stock worth $28,000 after purchasing an additional 207 shares in the last quarter. Clearstead Advisors LLC boosted its position in WSFS Financial by 167.5% in the fourth quarter. Clearstead Advisors LLC now owns 781 shares of the bank's stock valued at $43,000 after buying an additional 489 shares during the last quarter. Allworth Financial LP acquired a new stake in shares of WSFS Financial in the second quarter worth $47,000. EverSource Wealth Advisors LLC raised its holdings in shares of WSFS Financial by 23.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the bank's stock worth $63,000 after purchasing an additional 221 shares during the last quarter. Finally, New Age Alpha Advisors LLC acquired a new position in WSFS Financial during the fourth quarter valued at $74,000. Institutional investors own 88.49% of the company's stock.

WSFS Financial Price Performance

NASDAQ WSFS opened at $78.80 on Monday. The business has a fifty day moving average price of $79.83 and a 200 day moving average price of $73.66. The company has a market cap of $4.03 billion, a P/E ratio of 13.18 and a beta of 0.76. 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 Corporation has a one year low of $49.92 and a one year high of $82.94.

WSFS Financial (NASDAQ:WSFS - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $1.66 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $278.41 million. During the same period in the previous year, the business posted $1.27 earnings per share. WSFS Financial's quarterly revenue was up 5.6% on a year-over-year basis. Research analysts anticipate that WSFS Financial Corporation will post 6.58 EPS for the current fiscal year.

WSFS Financial Announces Dividend

The business 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 yield of 1.0%. The ex-dividend date was Friday, August 7th. WSFS Financial's dividend payout ratio is presently 13.38%.

Insiders Place Their Bets

In other WSFS Financial news, Director Michael Donahue sold 3,247 shares of WSFS Financial stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $79.46, for a total transaction of $258,006.62. Following the transaction, the director directly owned 11,495 shares of the company's stock, valued at $913,392.70. The trade was a 22.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Shari Kruzinski sold 3,500 shares of the business's stock in a transaction dated 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 owned 15,207 shares in the company, valued at $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 company insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on WSFS. Weiss Ratings raised WSFS Financial from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday, August 31st. TD Cowen reissued a "buy" rating on shares of WSFS Financial in a report on Wednesday, July 29th. Keefe, Bruyette & Woods upped their target price on WSFS Financial from $83.00 to $89.00 and gave the stock a "market perform" rating in a research note on Monday, July 27th. Piper Sandler reaffirmed a "neutral" rating and set a $90.00 target price (up from $80.00) on shares of WSFS Financial in a report on Monday, August 3rd. Finally, DA Davidson set a $83.00 price target on WSFS Financial and gave the company a "neutral" rating in a research report on Monday, July 27th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $83.07.

About WSFS Financial

WSFS Financial Corporation is the parent company of WSFS Bank, a community-focused financial institution headquartered in Wilmington, Delaware. Founded in 1832 as the Wilmington Savings Fund Society, WSFS is one of the oldest locally managed banks in the United States.

WSFS Bank provides consumer and commercial banking services, including checking and savings accounts, residential and commercial lending, mortgages, credit and debit cards, treasury management, and other deposit and credit products.

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