Royal Bank of Canada Sells 66,909 Shares of WSFS Financial Corporation $WSFS

Key Points

• Royal Bank of Canada reduced its WSFS Financial stake by 51.1%, selling 66,909 shares and retaining 64,041 shares valued at approximately $4.19 million. Institutional investors collectively own 88.49% of the company.
• WSFS Financial reported stronger-than-expected quarterly results, with EPS of $1.66 versus the $1.50 consensus and revenue of $284.7 million, up 5.6% year over year.
• The company declared a quarterly dividend of $0.20, equal to an annualized $0.80 and a 1.0% yield. Analysts maintain a consensus “Hold” rating with an average price target of $83.07, slightly above the reported share price.

Royal Bank of Canada cut its holdings in WSFS Financial Corporation (NASDAQ:WSFS - Free Report) by 51.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,041 shares of the bank's stock after selling 66,909 shares during the quarter. Royal Bank of Canada owned 0.12% of WSFS Financial worth $4,192,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of WSFS. Root Financial Partners LLC boosted its position in shares of 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 purchasing an additional 207 shares in the last quarter. NewEdge Advisors LLC bought a new stake in WSFS Financial in the 4th quarter valued at about $33,000. Torren Management LLC acquired a new position in WSFS Financial during the 4th quarter worth approximately $35,000. Clearstead Advisors LLC raised its stake in WSFS Financial by 167.5% during the 4th quarter. Clearstead Advisors LLC now owns 781 shares of the bank's stock worth $43,000 after buying an additional 489 shares during the period. Finally, Quarry LP boosted its holdings in WSFS Financial by 159.7% in 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. 88.49% of the stock is currently owned by institutional investors.

Insider Activity at WSFS Financial

In related news, CEO Rodger Levenson sold 65,446 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 186,088 shares of the company's stock, valued at approximately $13,790,981.68. This trade represents a 26.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Shari Kruzinski sold 3,500 shares of WSFS Financial stock in a transaction that occurred 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 owned 15,207 shares of the company's stock, valued at $1,243,020.18. This represents a 18.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.10% of the company's stock.

WSFS Financial Stock Up 0.5%

Shares of NASDAQ WSFS opened at $81.56 on Friday. WSFS Financial Corporation has a one year low of $49.92 and a one year high of $82.94. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.84 and a quick ratio of 0.84. The business's fifty day moving average price is $77.81 and its 200-day moving average price is $71.23. The stock has a market capitalization of $4.17 billion, a PE ratio of 13.64 and a beta of 0.77.

WSFS Financial (NASDAQ:WSFS - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The bank reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.16. The company had revenue of $284.70 million during the quarter, compared to analyst estimates of $278.41 million. WSFS Financial had a return on equity of 11.71% and a net margin of 23.34%.The firm's revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.27 EPS. On average, equities research analysts anticipate that WSFS Financial Corporation will post 6.58 EPS for the current year.

WSFS Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Stockholders of record on Friday, August 7th will be paid a $0.20 dividend. The ex-dividend date is Friday, August 7th. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. WSFS Financial's dividend payout ratio (DPR) is presently 13.38%.

Analyst Ratings Changes

A number of equities research analysts have commented on WSFS shares. TD Cowen reissued a "buy" rating on shares of WSFS Financial in a research note on Wednesday, July 29th. UBS Group set a $76.00 price target on shares of WSFS Financial in a research report on Monday, April 27th. DA Davidson set a $83.00 price objective on shares of WSFS Financial and gave the stock a "neutral" rating in a report on Monday, July 27th. Weiss Ratings reiterated a "buy (b)" rating on shares of WSFS Financial in a report on Friday, June 12th. Finally, Stephens lowered shares of WSFS Financial from an "overweight" rating to an "equal weight" rating and set a $87.00 target price on the stock. in a report on Wednesday. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $83.07.

WSFS Financial Profile

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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