WSFS Financial (NASDAQ:WSFS) Reaches New 52-Week High After Strong Earnings

WSFS Financial Corporation (NASDAQ:WSFS)’s share price hit a new 52-week high during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $82.30 and last traded at $80.9140, with a volume of 30812 shares trading hands. The stock had previously closed at $78.96.

The bank reported $1.66 EPS for the quarter, topping the consensus estimate of $1.50 by $0.16. WSFS Financial had a return on equity of 11.23% and a net margin of 22.55%.The firm had revenue of $284.70 million for the quarter, compared to analysts’ expectations of $278.41 million. During the same quarter in the previous year, the company earned $1.27 earnings per share. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year.

Analyst Ratings Changes

Several equities analysts have weighed in on WSFS shares. TD Cowen reaffirmed a “buy” rating and set a $82.00 target price (up from $77.00) on shares of WSFS Financial in a research note on Wednesday, April 29th. Zacks Research downgraded shares of WSFS Financial from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. UBS Group set a $76.00 target price on WSFS Financial in a research note on Monday, April 27th. Stephens reissued an “overweight” rating and issued 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 reaffirmed a “neutral” rating and set a $80.00 price objective (up from $72.00) on shares of WSFS Financial in a research report on Wednesday, May 6th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.07.

Insider Buying and Selling at WSFS Financial

In other news, CEO Rodger Levenson sold 65,446 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was 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 represents a 26.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in WSFS Financial in the 4th quarter worth approximately $39,193,000. Vaughan Nelson Investment Management L.P. acquired a new position in WSFS Financial in the first quarter valued at about $34,313,000. Goldman Sachs Group Inc. grew its position in shares of WSFS Financial by 71.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 470,191 shares of the bank’s stock worth $25,973,000 after buying an additional 195,979 shares during the period. Principal Financial Group Inc. increased its stake in shares of WSFS Financial by 64.0% in the 1st quarter. Principal Financial Group Inc. now owns 427,481 shares of the bank’s stock valued at $27,983,000 after acquiring an additional 166,837 shares during the last quarter. Finally, Citadel Advisors LLC raised its position in shares of WSFS Financial by 1,190.1% in the 3rd quarter. Citadel Advisors LLC now owns 153,234 shares of the bank’s stock valued at $8,264,000 after acquiring an additional 141,356 shares during the period. Institutional investors and hedge funds own 88.49% of the company’s stock.

WSFS Financial Stock Up 2.1%

The firm has a market cap of $4.19 billion, a P/E ratio of 14.31 and a beta of 0.76. The firm’s 50 day moving average is $74.87 and its two-hundred day moving average is $68.68. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11.

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.