Hsbc Holdings PLC Invests $1.07 Million in WSFS Financial Corporation $WSFS

Key Points

• HSBC Holdings initiated a $1.07 million position in WSFS Financial during the second quarter by purchasing 13,898 shares. Hedge funds and other institutional investors collectively own 88.49% of the company.
• WSFS insiders recently sold shares, including CEO Rodger Levenson’s $4.85 million sale and EVP Shari Kruzinski’s $286,090 sale. Insiders retain a 1.10% ownership stake.
• WSFS exceeded quarterly earnings expectations, reporting $1.66 EPS and $284.7 million in revenue, while analysts maintain a consensus “Hold” rating with an $83.07 target price. The company also pays a quarterly dividend of $0.20, yielding approximately 1.0% annually.

Hsbc Holdings PLC bought a new stake in WSFS Financial Corporation (NASDAQ:WSFS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,898 shares of the bank's stock, valued at approximately $1,066,000.

A number of other hedge funds have also recently modified their holdings of WSFS. Root Financial Partners LLC raised its stake in WSFS Financial by 92.4% during the 1st quarter. Root Financial Partners LLC now owns 431 shares of the bank's stock worth $28,000 after acquiring an additional 207 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in WSFS Financial in the fourth quarter valued at $33,000. Clearstead Advisors LLC boosted its stake 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 acquiring an additional 489 shares in the last quarter. Quarry LP boosted its stake 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 acquiring an additional 500 shares in the last quarter. Finally, Allworth Financial LP acquired a new position in WSFS Financial in the second quarter valued at $47,000. 88.49% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Rodger Levenson sold 65,446 shares of WSFS Financial 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 transaction, the chief executive officer directly owned 186,088 shares in the company, valued at $13,790,981.68. This trade represents a 26.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Shari Kruzinski sold 3,500 shares of the business's stock in a transaction on 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 directly owned 15,207 shares in the company, valued at $1,243,020.18. This represents a 18.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on WSFS. DA Davidson set a $83.00 target price on WSFS Financial and gave the stock a "neutral" rating in a research report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of WSFS Financial in a report on Friday, June 12th. Piper Sandler reissued a "neutral" rating and issued a $90.00 target price (up from $80.00) on shares of WSFS Financial in a research report on Monday, August 3rd. Stephens downgraded WSFS Financial from an "overweight" rating to an "equal weight" rating and set a $87.00 price target on the stock. in a research note on Wednesday, August 12th. Finally, TD Cowen reaffirmed a "buy" rating on shares of WSFS Financial in a research report on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $83.07.

WSFS Financial Stock Performance

NASDAQ WSFS opened at $77.45 on Tuesday. The firm has a market cap of $3.96 billion, a P/E ratio of 12.95 and a beta of 0.76. WSFS Financial Corporation has a 52-week low of $49.92 and a 52-week high of $82.94. The business's 50-day moving average price is $79.20 and its 200 day moving average price is $72.37. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.11.

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, beating the consensus estimate of $1.50 by $0.16. WSFS Financial had a return on equity of 11.71% and a net margin of 23.34%.The firm had revenue of $284.70 million during the quarter, compared to the consensus estimate of $278.41 million. During the same period in the prior year, the business earned $1.27 EPS. The firm's revenue was up 5.6% compared to the same quarter last year. On average, equities research analysts expect that WSFS Financial Corporation will post 6.58 earnings per share for the current year.

WSFS Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 21st. Stockholders of record on Friday, August 7th were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. WSFS Financial's payout ratio is presently 13.38%.

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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