BlackRock Inc. Purchases New Shares in WSFS Financial Corporation $WSFS

Key Points

• BlackRock acquired 7.52 million WSFS Financial shares worth approximately $576.7 million, giving it a 14.44% stake. Institutional investors collectively own 88.49% of the company.
• WSFS exceeded quarterly earnings expectations, reporting $1.66 EPS versus the $1.50 consensus and revenue of $284.7 million, up 5.6% year over year.
• The company maintains a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 payout and a 1.0% yield. Analysts hold a consensus “Hold” rating with an average price target of $83.07.

BlackRock Inc. acquired a new position in WSFS Financial Corporation (NASDAQ:WSFS - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 7,515,901 shares of the bank's stock, valued at approximately $576,695,000. BlackRock Inc. owned 14.44% of WSFS Financial as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Root Financial Partners LLC raised its holdings in 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 during the period. NewEdge Advisors LLC purchased a new position in WSFS Financial during the fourth quarter worth approximately $33,000. Torren Management LLC purchased a new position in WSFS Financial during the fourth quarter worth approximately $35,000. Clearstead Advisors LLC grew its holdings 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 purchasing an additional 489 shares during the period. Finally, Quarry LP grew its holdings in WSFS Financial by 159.7% in the third quarter. Quarry LP now owns 813 shares of the bank's stock valued at $44,000 after purchasing an additional 500 shares during the period. 88.49% of the stock is owned by hedge funds and other institutional investors.

WSFS Financial Stock Performance

WSFS stock opened at $79.88 on Monday. WSFS Financial Corporation has a 12-month low of $49.92 and a 12-month high of $82.94. The business's 50-day moving average is $78.69 and its 200 day moving average is $71.98. 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 market cap of $4.08 billion, a price-to-earnings ratio of 13.36 and a beta of 0.76.

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

WSFS Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were given 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 was Friday, August 7th. WSFS Financial's payout ratio is presently 13.38%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WSFS. UBS Group set a $76.00 target price on WSFS Financial in a research note on Monday, April 27th. Weiss Ratings reissued a "buy (b)" rating on shares of WSFS Financial in a research note on Friday, June 12th. Stephens lowered shares of WSFS Financial from an "overweight" rating to an "equal weight" rating and set a $87.00 price target for the company. in a report on Wednesday, August 12th. Keefe, Bruyette & Woods boosted their price target on shares of WSFS Financial from $83.00 to $89.00 and gave the stock a "market perform" rating in a report on Monday, July 27th. Finally, DA Davidson set a $83.00 price objective on shares of WSFS Financial and gave the stock a "neutral" rating in a research report on Monday, July 27th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $83.07.

Insider Activity at WSFS Financial

In other WSFS Financial news, EVP Shari Kruzinski sold 3,500 shares of the firm's stock in a transaction 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. This trade represents a 18.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Rodger Levenson sold 65,446 shares of WSFS Financial 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 sale, the chief executive officer directly owned 186,088 shares in the company, valued at approximately $13,790,981.68. This trade represents a 26.02% decrease in their position. The SEC filing for this sale provides additional information. 1.10% of the stock is currently owned by insiders.

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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