WSFS Financial (NASDAQ:WSFS) Announces Earnings Results

Key Points

• WSFS Financial beat earnings expectations, reporting quarterly EPS of $1.66 versus the consensus estimate of $1.50. Revenue also came in above forecasts at $284.7 million compared with expected $278.41 million.
• The stock was modestly higher after the report, trading up about 0.3% to $79.06 in mid-day trading. Shares have been near their 12-month high of $80.73.
• Analyst sentiment remains mixed but constructive, with the stock carrying a Moderate Buy rating and an average price target of $77.07. Several firms recently reiterated buy/overweight views, though some maintained neutral or hold ratings.

WSFS Financial (NASDAQ:WSFS - Get Free Report) announced its earnings results on Thursday. The bank reported $1.66 EPS for the quarter, topping the consensus estimate of $1.50 by $0.16, FiscalAI reports. WSFS Financial had a return on equity of 11.23% and a net margin of 22.55%.The company had revenue of $284.70 million for the quarter, compared to analysts' expectations of $278.41 million.

WSFS Financial Stock Up 0.3%

Shares of NASDAQ WSFS traded up $0.20 during mid-day trading on Thursday, reaching $79.06. 687,986 shares of the company's stock were exchanged, compared to its average volume of 446,301. WSFS Financial has a twelve month low of $49.92 and a twelve month high of $80.73. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of 14.07 and a beta of 0.76. The business has a fifty day simple moving average of $74.70 and a 200 day simple moving average of $68.51.

Insider Transactions at WSFS Financial

In other WSFS Financial 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 transaction of $4,850,203.06. Following the sale, the chief executive officer directly owned 186,088 shares in the company, valued at approximately $13,790,981.68. This trade represents a 26.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.10% of the company's stock.

Hedge Funds Weigh In On WSFS Financial

Large investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC acquired a new position in shares of WSFS Financial during the fourth quarter worth about $33,000. Quarry LP boosted its position in WSFS Financial by 159.7% during the 3rd quarter. Quarry LP now owns 813 shares of the bank's stock worth $44,000 after acquiring an additional 500 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of WSFS Financial by 265.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 972 shares of the bank's stock worth $53,000 after acquiring an additional 706 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of WSFS Financial by 11.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,598 shares of the bank's stock valued at $88,000 after purchasing an additional 163 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of WSFS Financial in the fourth quarter worth $100,000. Institutional investors own 88.49% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on WSFS. Weiss Ratings restated a "buy (b)" rating on shares of WSFS Financial in a research report on Friday, June 12th. TD Cowen reissued a "buy" rating and set a $82.00 price objective (up from $77.00) on shares of WSFS Financial in a report on Wednesday, April 29th. UBS Group set a $76.00 target price on shares of WSFS Financial in a research note on Monday, April 27th. Stephens reissued an "overweight" rating and set a $81.00 price target (up from $79.00) on shares of WSFS Financial in a research note on Monday, April 27th. Finally, Piper Sandler restated a "neutral" rating and issued a $80.00 price objective (up from $72.00) on shares of WSFS Financial in a report on Wednesday, May 6th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, WSFS Financial currently has an average rating of "Moderate Buy" and an average price target of $77.07.

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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