Hsbc Holdings PLC Invests $1.05 Million in WSFS Financial Corporation $WSFS

Key Points

• HSBC Holdings PLC disclosed a new fourth-quarter stake in WSFS Financial, buying 18,993 shares worth about $1.05 million.
• WSFS Financial recently raised its quarterly dividend to $0.20 per share from $0.17, putting the annualized dividend at $0.80 and the yield at about 1.0%.
• Analysts remain mixed but generally positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $77.07; meanwhile, CEO Rodger Levenson sold 65,446 shares in June.

Hsbc Holdings PLC acquired a new stake in shares of WSFS Financial Corporation (NASDAQ:WSFS - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 18,993 shares of the bank's stock, valued at approximately $1,050,000.

Other large investors have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC acquired a new stake in shares of WSFS Financial during the 4th quarter valued at $33,000. Torren Management LLC acquired a new position in shares of WSFS Financial in the fourth quarter worth $35,000. Clearstead Advisors LLC increased its stake in shares of WSFS Financial by 167.5% in the fourth quarter. Clearstead Advisors LLC now owns 781 shares of the bank's stock worth $43,000 after acquiring an additional 489 shares during the last quarter. Quarry LP raised its holdings in shares of WSFS Financial by 159.7% during the third 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, First Horizon Corp raised its holdings in shares of WSFS Financial by 40.1% during the fourth quarter. First Horizon Corp now owns 817 shares of the bank's stock worth $45,000 after acquiring an additional 234 shares in the last quarter. Institutional investors and hedge funds own 88.49% of the company's stock.

WSFS Financial Trading Up 0.2%

WSFS Financial stock opened at $77.79 on Tuesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $4.05 billion, a price-to-earnings ratio of 13.84 and a beta of 0.76. WSFS Financial Corporation has a one year low of $49.92 and a one year high of $79.13. The company's fifty day moving average price is $73.61 and its two-hundred day moving average price is $67.39.

WSFS Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 8th were issued a $0.20 dividend. This is an increase from WSFS Financial's previous quarterly dividend of $0.17. The ex-dividend date was Friday, May 8th. This represents a $0.80 annualized dividend and a yield of 1.0%. WSFS Financial's dividend payout ratio is presently 14.23%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Weiss Ratings restated a "buy (b)" rating on shares of WSFS Financial in a research note on Friday, June 12th. TD Cowen reiterated a "buy" rating and set a $82.00 price target (up from $77.00) on shares of WSFS Financial in a report on Wednesday, April 29th. Zacks Research cut WSFS Financial from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 30th. Stephens restated an "overweight" rating and issued a $81.00 price objective (up from $79.00) on shares of WSFS Financial in a report on Monday, April 27th. Finally, UBS Group set a $76.00 price objective on shares of WSFS Financial in a research report on Monday, April 27th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $77.07.

Insiders Place Their Bets

In other WSFS Financial news, CEO Rodger Levenson sold 65,446 shares of the company's stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 186,088 shares of the company's stock, valued at $13,790,981.68. This represents a 26.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.10% of the company's stock.

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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