WSFS Financial (NASDAQ:WSFS) Posts Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Key Points

• WSFS Financial reported earnings of $1.40 per share for the quarter, exceeding estimates by $0.15 per share.
• The company's stock price rose 0.1% to $52.80, with a market cap of $2.96 billion.
• Analysts have mixed views on the stock, with ratings ranging from buy to hold, and an average price target of $66.25.

WSFS Financial (NASDAQ:WSFS - Get Free Report) posted its quarterly earnings results on Thursday. The bank reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.13, Zacks reports. The business had revenue of $270.50 million for the quarter, compared to analyst estimates of $269.04 million. WSFS Financial had a return on equity of 10.15% and a net margin of 19.29%.The business's revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.08 EPS.

WSFS Financial Stock Up 0.1%

Shares of WSFS Financial stock opened at $52.80 on Friday. The stock has a 50-day moving average price of $55.22 and a 200 day moving average price of $54.16. The company has a market cap of $2.96 billion, a P/E ratio of 11.58 and a beta of 0.86. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 0.11. WSFS Financial has a 1 year low of $42.44 and a 1 year high of $62.75.

WSFS Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 21st. Investors of record on Friday, November 7th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, November 7th. WSFS Financial's dividend payout ratio is currently 14.91%.

Institutional Investors Weigh In On WSFS Financial

Hedge funds have recently bought and sold shares of the business. Squarepoint Ops LLC purchased a new stake in WSFS Financial in the 2nd quarter worth about $1,028,000. Cerity Partners LLC raised its stake in shares of WSFS Financial by 32.6% during the 2nd quarter. Cerity Partners LLC now owns 16,890 shares of the bank's stock worth $929,000 after purchasing an additional 4,155 shares in the last quarter. Gamco Investors INC. ET AL acquired a new stake in shares of WSFS Financial during the 2nd quarter valued at about $875,000. Brevan Howard Capital Management LP lifted its holdings in shares of WSFS Financial by 144.2% during the 2nd quarter. Brevan Howard Capital Management LP now owns 10,653 shares of the bank's stock valued at $586,000 after buying an additional 6,290 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of WSFS Financial by 102.6% during the 1st quarter. AQR Capital Management LLC now owns 10,347 shares of the bank's stock valued at $537,000 after buying an additional 5,240 shares during the last quarter. 88.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WSFS has been the topic of several research reports. Weiss Ratings reissued a "buy (b-)" rating on shares of WSFS Financial in a research report on Wednesday, October 8th. TD Cowen began coverage on WSFS Financial in a research report on Thursday, September 25th. They issued a "buy" rating and a $67.00 target price on the stock. Finally, DA Davidson lowered WSFS Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $66.25.

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.