Lord Abbett & CO. LLC Grows Holdings in WSFS Financial Corporation $WSFS

Key Points

• Lord Abbett & CO. LLC increased its stake in WSFS Financial Corporation by 11.5%, acquiring 14,438 shares, bringing its total ownership to 140,177 shares valued at approximately $7.27 million.
• WSFS Financial recently reported earnings of $1.27 per share, exceeding analysts' expectations, with revenue reaching $267.50 million for the quarter, marking a 0.6% year-over-year increase.
• The company announced a quarterly dividend of $0.17 per share, with an ex-dividend date set for August 8th, resulting in an annualized dividend yield of 1.2%.

Lord Abbett & CO. LLC grew its holdings in WSFS Financial Corporation (NASDAQ:WSFS - Free Report) by 11.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,177 shares of the bank's stock after purchasing an additional 14,438 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.25% of WSFS Financial worth $7,271,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Versant Capital Management Inc grew its position in shares of WSFS Financial by 90.0% in the first quarter. Versant Capital Management Inc now owns 532 shares of the bank's stock valued at $28,000 after purchasing an additional 252 shares during the last quarter. CWM LLC boosted its position in WSFS Financial by 72.7% during the first quarter. CWM LLC now owns 701 shares of the bank's stock worth $36,000 after acquiring an additional 295 shares during the last quarter. Sterling Capital Management LLC boosted its position in WSFS Financial by 804.4% during the fourth quarter. Sterling Capital Management LLC now owns 1,863 shares of the bank's stock worth $99,000 after acquiring an additional 1,657 shares during the last quarter. GAMMA Investing LLC boosted its position in WSFS Financial by 37.0% during the first quarter. GAMMA Investing LLC now owns 2,038 shares of the bank's stock worth $106,000 after acquiring an additional 550 shares during the last quarter. Finally, KBC Group NV boosted its position in WSFS Financial by 6.8% during the first quarter. KBC Group NV now owns 3,081 shares of the bank's stock worth $160,000 after acquiring an additional 196 shares during the last quarter. 88.49% of the stock is currently owned by institutional investors and hedge funds.

WSFS Financial Trading Up 4.0%

Shares of WSFS stock traded up $2.2550 during mid-day trading on Friday, reaching $57.9350. The company's stock had a trading volume of 83,953 shares, compared to its average volume of 330,132. The company's 50 day simple moving average is $55.69 and its 200-day simple moving average is $53.61. WSFS Financial Corporation has a 12-month low of $42.44 and a 12-month high of $62.75. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $3.24 billion, a PE ratio of 12.74 and a beta of 0.89.

WSFS Financial (NASDAQ:WSFS - Get Free Report) last issued its earnings results on Thursday, July 24th. The bank reported $1.27 EPS for the quarter, beating analysts' consensus estimates of $1.13 by $0.14. WSFS Financial had a net margin of 19.29% and a return on equity of 10.15%. The business had revenue of $267.50 million for the quarter, compared to the consensus estimate of $221.93 million. During the same quarter last year, the firm posted $1.08 EPS. The business's revenue for the quarter was up .6% compared to the same quarter last year. On average, research analysts predict that WSFS Financial Corporation will post 4.47 EPS for the current fiscal year.

WSFS Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, August 8th. WSFS Financial's dividend payout ratio (DPR) is currently 14.91%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Wall Street Zen lowered shares of WSFS Financial from a "hold" rating to a "sell" rating in a research report on Friday, May 30th. Keefe, Bruyette & Woods decreased their target price on shares of WSFS Financial from $66.00 to $64.00 and set a "market perform" rating on the stock in a research report on Monday, April 28th. DA Davidson raised their target price on shares of WSFS Financial from $68.00 to $70.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Finally, Stephens restated an "overweight" rating and set a $64.00 target price on shares of WSFS Financial in a research report on Monday, April 28th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $66.00.

WSFS Financial Company Profile

WSFS Financial Corporation operates as the savings and loan holding company for the Wilmington Savings Fund Society, FSB that provides various banking services in the United States. It operates through three segments: WSFS Bank, Cash Connect, and Wealth Management. It offers various deposit products, including savings accounts, demand deposits, interest-bearing demand deposits, money market deposit accounts, and certificates of deposit, as well as accepts jumbo certificates of deposit from individuals, businesses, and municipalities.