WSFS Financial (NASDAQ:WSFS) Cut to “Equal Weight” at Stephens

WSFS Financial (NASDAQ:WSFS) was downgraded by research analysts at Stephens from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday, MarketBeat.com reports. They currently have a $87.00 price objective on the bank’s stock. Stephens’ price objective would indicate a potential upside of 7.26% from the company’s previous close.

Several other research analysts also recently commented on the stock. TD Cowen reaffirmed a “buy” rating on shares of WSFS Financial in a research note on Wednesday, July 29th. Piper Sandler reaffirmed a “neutral” rating and set a $90.00 price target (up from $80.00) on shares of WSFS Financial in a research report on Monday, August 3rd. Keefe, Bruyette & Woods upped their target price on WSFS Financial from $83.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Weiss Ratings restated a “buy (b)” rating on shares of WSFS Financial in a report on Friday, June 12th. Finally, UBS Group set a $76.00 price target on shares of WSFS Financial in a research report on Monday, April 27th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, WSFS Financial currently has a consensus rating of “Hold” and a consensus target price of $83.07.

WSFS Financial Stock Performance

NASDAQ WSFS opened at $81.11 on Wednesday. The company has a 50-day simple moving average of $77.38 and a two-hundred day simple moving average of $70.91. WSFS Financial has a 12-month low of $49.92 and a 12-month high of $82.94. The firm has a market cap of $4.14 billion, a price-to-earnings ratio of 13.56 and a beta of 0.77. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.11.

WSFS Financial (NASDAQ:WSFS) last issued its earnings results on Thursday, July 23rd. The bank reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.16. The company had revenue of $284.70 million during the quarter, compared to analysts’ expectations of $278.41 million. WSFS Financial had a return on equity of 11.71% and a net margin of 23.34%.WSFS Financial’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.27 EPS. On average, equities analysts forecast that WSFS Financial will post 6.58 EPS for the current year.

Insider Buying and Selling

In other WSFS Financial news, EVP Shari Kruzinski sold 3,500 shares of WSFS Financial stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $81.74, for a total transaction of $286,090.00. Following the completion of the transaction, the executive vice president owned 15,207 shares in the company, valued at approximately $1,243,020.18. The trade was a 18.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Rodger Levenson sold 65,446 shares of the business’s stock in a transaction 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 sale, the chief executive officer directly owned 186,088 shares in the company, valued at $13,790,981.68. This trade represents a 26.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.10% of the stock is currently owned by company insiders.

Institutional Trading of WSFS Financial

Several institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in shares of WSFS Financial by 102.6% in the first quarter. AQR Capital Management LLC now owns 10,347 shares of the bank’s stock worth $537,000 after buying an additional 5,240 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 acquiring an additional 1,176 shares in the last quarter. Millennium Management LLC lifted its position in 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 acquiring an additional 50,717 shares in the last quarter. United Services Automobile Association bought a new stake in shares of WSFS Financial in the 1st quarter worth $204,000. Finally, Jane Street Group LLC boosted its position in shares of 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 during the last quarter. 88.49% of the stock is owned by hedge funds and other institutional investors.

WSFS Financial Company Profile

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.