WSFS Financial (NASDAQ:WSFS) Issues Quarterly Earnings Results

Key Points

• WSFS Financial reported earnings of $1.27 per share for the quarter, exceeding analyst expectations of $1.13, alongside a revenue of $267.50 million, significantly above the estimated $221.93 million.
• The company declared a quarterly dividend of $0.17 per share, with a current dividend yield of 1.21% and a dividend payout ratio of 15.28%.
• WSFS Financial's stock has recently experienced a target price reduction, with analysts providing a consensus rating of "Hold" and a target price of $62.75.

WSFS Financial (NASDAQ:WSFS - Get Free Report) issued its earnings results on Thursday. The bank reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.14, Zacks reports. WSFS Financial had a return on equity of 10.19% and a net margin of 19.29%. The firm had revenue of $267.50 million for the quarter, compared to analyst estimates of $221.93 million. During the same period last year, the company earned $1.08 earnings per share. The firm's revenue for the quarter was up .6% on a year-over-year basis.

WSFS Financial Stock Performance

Shares of WSFS traded down $0.25 during trading hours on Friday, reaching $56.36. 491,632 shares of the company's stock traded hands, compared to its average volume of 309,987. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of 12.36 and a beta of 0.87. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.83 and a quick ratio of 0.83. WSFS Financial has a twelve month low of $42.44 and a twelve month high of $62.75. The business's fifty day simple moving average is $54.98 and its two-hundred day simple moving average is $53.47.

WSFS Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Friday, August 8th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, August 8th. WSFS Financial's dividend payout ratio (DPR) is 15.28%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Jane Street Group LLC boosted its stake in WSFS Financial by 579.0% during the first quarter. Jane Street Group LLC now owns 117,472 shares of the bank's stock valued at $6,093,000 after buying an additional 100,171 shares in the last quarter. Millennium Management LLC boosted its position in shares of WSFS Financial by 230.4% in the 1st quarter. Millennium Management LLC now owns 72,726 shares of the bank's stock valued at $3,772,000 after purchasing an additional 50,717 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of WSFS Financial by 3.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 34,835 shares of the bank's stock valued at $1,807,000 after purchasing an additional 1,176 shares during the period. Intech Investment Management LLC boosted its position in shares of WSFS Financial by 21.8% in the 1st quarter. Intech Investment Management LLC now owns 31,594 shares of the bank's stock valued at $1,639,000 after purchasing an additional 5,649 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of WSFS Financial by 102.6% in the 1st quarter. AQR Capital Management LLC now owns 10,347 shares of the bank's stock valued at $537,000 after purchasing an additional 5,240 shares during the period. 88.49% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

WSFS has been the topic of several analyst reports. Keefe, Bruyette & Woods dropped their target price on 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. Stephens reaffirmed an "overweight" rating and issued a $64.00 target price on shares of WSFS Financial in a research report on Monday, April 28th. Finally, Wall Street Zen lowered WSFS Financial from a "hold" rating to a "sell" rating in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, WSFS Financial has a consensus rating of "Hold" and a consensus target price of $62.75.

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.

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