Deutsche Bank AG Makes New Investment in WSFS Financial Corporation $WSFS

Key Points

• Deutsche Bank initiated a new WSFS Financial position, purchasing 55,456 shares worth approximately $4.26 million. Institutional investors collectively own 88.49% of the bank’s stock.
• WSFS Financial exceeded quarterly expectations, reporting $1.66 in EPS versus the $1.50 consensus estimate and $284.7 million in revenue, up 5.6% year over year.
• Shares opened at $78.58, near their 52-week high, while analysts maintained a consensus “Hold” rating with an average price target of $83.07. The company also paid a quarterly dividend of $0.20 per share.

Deutsche Bank AG purchased a new stake in shares of WSFS Financial Corporation (NASDAQ:WSFS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 55,456 shares of the bank's stock, valued at approximately $4,255,000. Deutsche Bank AG owned approximately 0.11% of WSFS Financial at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Franklin Resources Inc. increased its stake in WSFS Financial by 1.3% during the fourth quarter. Franklin Resources Inc. now owns 2,465,792 shares of the bank's stock worth $136,210,000 after acquiring an additional 32,423 shares during the last quarter. Invesco Ltd. raised its holdings in WSFS Financial by 6.1% during the 4th quarter. Invesco Ltd. now owns 1,066,591 shares of the bank's stock valued at $58,918,000 after buying an additional 60,931 shares during the period. Cooke & Bieler LP raised its holdings in WSFS Financial by 2.3% during the 4th quarter. Cooke & Bieler LP now owns 1,055,902 shares of the bank's stock valued at $58,328,000 after buying an additional 23,946 shares during the period. Bank of America Corp DE lifted its position 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 worth $48,282,000 after buying an additional 75,283 shares during the last quarter. Finally, Norges Bank bought a new stake in WSFS Financial in the fourth quarter worth $39,193,000. Hedge funds and other institutional investors own 88.49% of the company's stock.

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Insiders Place Their Bets

In other news, EVP Shari Kruzinski sold 3,500 shares of the company's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $81.74, for a total transaction of $286,090.00. Following the transaction, the executive vice president directly owned 15,207 shares of the company's stock, valued at approximately $1,243,020.18. This represents a 18.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Rodger Levenson sold 65,446 shares of the stock in a transaction on Wednesday, June 10th. The shares were 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 approximately $13,790,981.68. This represents a 26.02% 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.

WSFS Financial Stock Down 1.1%

NASDAQ:WSFS opened at $78.58 on Wednesday. WSFS Financial Corporation has a fifty-two week low of $49.92 and a fifty-two week high of $82.94. The stock has a market capitalization of $4.01 billion, a P/E ratio of 13.14 and a beta of 0.77. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.84 and a current ratio of 0.84. The company's 50-day simple moving average is $78.88 and its 200-day simple moving average is $72.14.

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

WSFS Financial Announces Dividend

The company also recently declared 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 of this dividend was Friday, August 7th. WSFS Financial's payout ratio is currently 13.38%.

Analyst Ratings Changes

WSFS has been the topic of a number of analyst reports. TD Cowen reiterated a "buy" rating on shares of WSFS Financial in a research report on Wednesday, July 29th. 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 report on Wednesday, August 12th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of WSFS Financial in a research note on Friday, June 12th. Piper Sandler reiterated a "neutral" rating and set a $90.00 price target (up from $80.00) on shares of WSFS Financial in a report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods increased their price objective on shares of WSFS Financial from $83.00 to $89.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, WSFS Financial presently has an average rating of "Hold" and a consensus price target of $83.07.

About WSFS Financial

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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