Canada Pension Plan Investment Board Purchases New Shares in WSFS Financial Corporation $WSFS

Key Points

• Institutional investment increased: The Canada Pension Plan Investment Board purchased 22,600 WSFS Financial shares worth approximately $1.73 million. Institutional investors collectively own 88.49% of the company.
• Analyst sentiment remains cautious: Analysts have an average “Hold” rating and a consensus price target of $83.07, despite three Buy ratings and recent target increases from several firms.
• Quarterly results exceeded expectations: WSFS reported earnings of $1.66 per share and revenue of $284.7 million, surpassing estimates while revenue rose 5.6% year over year. The company also pays a quarterly dividend of $0.20 per share, yielding about 1.0% annually.

Canada Pension Plan Investment Board purchased a new position in WSFS Financial Corporation (NASDAQ:WSFS - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,600 shares of the bank's stock, valued at approximately $1,734,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Root Financial Partners LLC lifted its position in WSFS Financial by 92.4% during the first quarter. Root Financial Partners LLC now owns 431 shares of the bank's stock valued at $28,000 after buying an additional 207 shares during the period. NewEdge Advisors LLC purchased a new stake in shares of WSFS Financial in the 4th quarter worth about $33,000. Clearstead Advisors LLC grew its position in shares of WSFS Financial by 167.5% in the 4th quarter. Clearstead Advisors LLC now owns 781 shares of the bank's stock worth $43,000 after buying an additional 489 shares during the period. Quarry LP increased its stake in shares of WSFS Financial by 159.7% in the 3rd quarter. Quarry LP now owns 813 shares of the bank's stock worth $44,000 after acquiring an additional 500 shares in the last quarter. Finally, Allworth Financial LP bought a new position in shares of WSFS Financial in the 2nd quarter worth about $47,000. Institutional investors own 88.49% of the company's stock.

Wall Street Analysts Forecast Growth

WSFS has been the topic of several recent research reports. Keefe, Bruyette & Woods upped their price target 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. DA Davidson set a $83.00 target price on WSFS Financial and gave the stock a "neutral" rating in a research note on Monday, July 27th. Piper Sandler reaffirmed a "neutral" rating and issued a $90.00 price target (up from $80.00) on shares of WSFS Financial in a research report on Monday, August 3rd. TD Cowen reissued a "buy" rating on shares of WSFS Financial in a research report on Wednesday, July 29th. Finally, Stephens downgraded shares of WSFS Financial from an "overweight" rating to an "equal weight" rating and set a $87.00 price objective on the stock. in a research report on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $83.07.

Insider Activity

In other news, CEO Rodger Levenson sold 65,446 shares of the firm's stock in a transaction dated 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 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Shari Kruzinski sold 3,500 shares of the firm'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 sale, the executive vice president directly owned 15,207 shares in the company, valued at approximately $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 currently owned by company insiders.

WSFS Financial Stock Performance

WSFS stock opened at $77.45 on Tuesday. The stock's 50 day simple moving average is $79.20 and its 200 day simple moving average is $72.37. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.11. WSFS Financial Corporation has a 12-month low of $49.92 and a 12-month high of $82.94. The stock has a market capitalization of $3.96 billion, a PE ratio of 12.95 and a beta of 0.76.

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

WSFS Financial Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. WSFS Financial's dividend payout ratio (DPR) is 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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