Vanguard Group Inc. Cuts Holdings in WSFS Financial Corporation $WSFS

Key Points

• Vanguard Group Inc. reduced its holdings in WSFS Financial Corporation by 5.3%, selling 370,916 shares in the first quarter, now owning 6,630,107 shares worth approximately $343.9 million.
• WSFS Financial posted an earnings per share (EPS) of $1.27 for the last quarter, exceeding the expected $1.13, with a revenue of $267.5 million, up 0.6% year-over-year.
• The company announced a quarterly dividend of $0.17 per share, with an annualized dividend yield of 1.2% and a payout ratio of 14.91%.

Vanguard Group Inc. decreased its stake in WSFS Financial Corporation (NASDAQ:WSFS - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,630,107 shares of the bank's stock after selling 370,916 shares during the period. Vanguard Group Inc. owned 11.43% of WSFS Financial worth $343,904,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in WSFS. LPL Financial LLC raised its position in shares of WSFS Financial by 1.2% in the fourth quarter. LPL Financial LLC now owns 21,060 shares of the bank's stock valued at $1,119,000 after purchasing an additional 257 shares during the period. Envestnet Asset Management Inc. raised its position in shares of WSFS Financial by 0.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 178,962 shares of the bank's stock valued at $9,508,000 after purchasing an additional 648 shares during the period. Bank of Montreal Can raised its position in shares of WSFS Financial by 11.5% in the fourth quarter. Bank of Montreal Can now owns 6,959 shares of the bank's stock valued at $370,000 after purchasing an additional 720 shares during the period. Raymond James Financial Inc. bought a new stake in shares of WSFS Financial in the fourth quarter valued at approximately $18,167,000. Finally, Sterling Capital Management LLC raised its position in shares of WSFS Financial by 804.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,863 shares of the bank's stock valued at $99,000 after purchasing an additional 1,657 shares during the period. Institutional investors own 88.49% of the company's stock.

WSFS Financial Price Performance

NASDAQ:WSFS traded down $0.08 during mid-day trading on Thursday, hitting $55.68. 167,277 shares of the stock traded hands, compared to its average volume of 349,408. The business's 50-day moving average price is $55.69 and its 200 day moving average price is $53.61. The company has a market cap of $3.12 billion, a PE ratio of 12.21 and a beta of 0.89. 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.

WSFS Financial (NASDAQ:WSFS - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The bank reported $1.27 EPS for the quarter, beating the consensus estimate of $1.13 by $0.14. The company had revenue of $267.50 million during the quarter, compared to analysts' expectations of $221.93 million. WSFS Financial had a net margin of 19.29% and a return on equity of 10.15%. WSFS Financial's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.08 earnings per share. On average, analysts expect that WSFS Financial Corporation will post 4.47 EPS for the current fiscal year.

WSFS Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders 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 yield of 1.2%. The ex-dividend date of this dividend is Friday, August 8th. WSFS Financial's payout ratio is currently 14.91%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on WSFS. Wall Street Zen lowered shares of WSFS Financial from a "hold" rating to a "sell" rating in a research report on Friday, May 30th. Stephens reissued an "overweight" rating and issued a $64.00 price target on shares of WSFS Financial in a research report on Monday, April 28th. Keefe, Bruyette & Woods lowered their price target 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. Finally, DA Davidson boosted their price target on shares of WSFS Financial from $68.00 to $70.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, WSFS Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.00.

WSFS Financial 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.