Palisade Capital Management LP Has $38.80 Million Stock Position in WSFS Financial Corporation (NASDAQ:WSFS)

Palisade Capital Management LP trimmed its stake in WSFS Financial Corporation (NASDAQ:WSFS - Free Report) by 3.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 748,002 shares of the bank's stock after selling 24,697 shares during the quarter. WSFS Financial makes up about 1.1% of Palisade Capital Management LP's investment portfolio, making the stock its 15th largest holding. Palisade Capital Management LP owned about 1.29% of WSFS Financial worth $38,799,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of WSFS. Versant Capital Management Inc grew its holdings in WSFS Financial by 90.0% in the 1st quarter. Versant Capital Management Inc now owns 532 shares of the bank's stock worth $28,000 after buying an additional 252 shares in the last quarter. Farther Finance Advisors LLC boosted its position in WSFS Financial by 2,500.0% during the 4th quarter. Farther Finance Advisors LLC now owns 572 shares of the bank's stock worth $30,000 after acquiring an additional 550 shares during the period. Crowley Wealth Management Inc. bought a new position in shares of WSFS Financial in the fourth quarter worth $32,000. VSM Wealth Advisory LLC bought a new position in shares of WSFS Financial in the fourth quarter worth $40,000. Finally, AlphaQuest LLC acquired a new position in shares of WSFS Financial during the fourth quarter valued at $84,000. Institutional investors and hedge funds own 88.49% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on WSFS shares. Wall Street Zen downgraded shares of WSFS Financial from a "hold" rating to a "sell" rating in a report on Friday, May 30th. Stephens reaffirmed an "overweight" rating and issued a $64.00 price target on shares of WSFS Financial in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of WSFS Financial from $66.00 to $64.00 and set a "market perform" rating for the company in a report on Monday, April 28th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, WSFS Financial presently has a consensus rating of "Hold" and an average price target of $62.75.

WSFS Financial Price Performance

WSFS stock traded up $0.82 during trading hours on Friday, hitting $59.05. 233,303 shares of the stock traded hands, compared to its average volume of 313,064. The stock has a 50-day simple moving average of $53.51 and a 200 day simple moving average of $52.96. The company has a market cap of $3.35 billion, a P/E ratio of 13.27 and a beta of 0.87. WSFS Financial Corporation has a one year low of $42.44 and a one year high of $62.75. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.12.

WSFS Financial (NASDAQ:WSFS - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The bank reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.09. The company had revenue of $256.11 million during the quarter, compared to the consensus estimate of $235.44 million. WSFS Financial had a net margin of 18.86% and a return on equity of 10.06%. WSFS Financial's revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.11 EPS. Equities analysts forecast that WSFS Financial Corporation will post 4.47 earnings per share for the current year.

WSFS Financial Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, May 9th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.15%. This is a boost from WSFS Financial's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Friday, May 9th. WSFS Financial's dividend payout ratio (DPR) is presently 15.28%.

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.