WSFS Financial (NASDAQ:WSFS) Reaches New 1-Year High – Here’s Why

WSFS Financial Corporation (NASDAQ:WSFS)’s stock price hit a new 52-week high during mid-day trading on Thursday. The stock traded as high as $83.30 and last traded at $82.2190, with a volume of 13,536 shares changing hands. The stock had previously closed at $81.08.

Wall Street Analysts Forecast Growth

WSFS has been the topic of a number of research analyst reports. Stephens lowered shares of WSFS Financial from an “overweight” rating to an “equal weight” rating and set a $87.00 price target on the stock. in a report on Wednesday, August 12th. Weiss Ratings upgraded WSFS Financial from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday, October 26th. TD Cowen reaffirmed a “buy” rating and issued a $90.00 price objective (up from $89.00) on shares of WSFS Financial in a research note on Monday, October 26th. Piper Sandler restated a “neutral” rating and issued a $90.00 target price (up from $80.00) on shares of WSFS Financial in a report on Monday, August 3rd. Finally, DA Davidson set a $83.00 price objective on shares of WSFS Financial and gave the stock a “neutral” rating in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $84.21.

WSFS Financial Stock Down 0.3%

The firm has a fifty day moving average price of $77.86 and a 200 day moving average price of $72.92. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $4.13 billion, a price-to-earnings ratio of 12.70 and a beta of 0.85.

WSFS Financial (NASDAQ:WSFS) last issued its quarterly earnings results on Thursday, October 22nd. The bank reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.13. WSFS Financial had a net margin of 24.10% and a return on equity of 12.27%. The business had revenue of $287.57 million for the quarter, compared to the consensus estimate of $289.82 million. During the same quarter in the prior year, the company earned $1.37 EPS. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. Sell-side analysts anticipate that WSFS Financial Corporation will post 6.62 EPS for the current fiscal year.

WSFS Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 20th. Investors of record on Friday, November 6th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, November 6th. WSFS Financial’s dividend payout ratio (DPR) is currently 12.58%.

Insider Activity at WSFS Financial

In related news, Director Michael Donahue sold 3,247 shares of the business’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $79.46, for a total value of $258,006.62. Following the sale, the director directly owned 11,495 shares of the company’s stock, valued at approximately $913,392.70. The trade was a 22.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of WSFS Financial in the 2nd quarter valued at about $576,695,000. Pzena Investment Management LLC bought a new stake in WSFS Financial in the second quarter valued at approximately $68,174,000. Bank of America Corp DE raised its stake in WSFS Financial by 11.4% in the 1st quarter. Bank of America Corp DE now owns 737,587 shares of the bank’s stock valued at $48,282,000 after acquiring an additional 75,283 shares during the period. The Manufacturers Life Insurance Company bought a new stake in WSFS Financial in the 2nd quarter valued at $40,024,000. Finally, Principal Financial Group Inc. boosted its position in WSFS Financial by 64.0% during the first quarter. Principal Financial Group Inc. now owns 427,481 shares of the bank’s stock worth $27,983,000 after purchasing an additional 166,837 shares during the period. 88.49% of the stock is owned by institutional investors and hedge funds.

About WSFS Financial

WSFS Financial Corporation is the financial holding company for WSFS Bank, a full-service community banking institution headquartered in Wilmington, Delaware. Founded in 1832, WSFS is one of the oldest and largest locally managed banks in the Delaware Valley.

WSFS Bank provides a range of banking services for individuals, families, businesses and institutions. Its offerings include checking and savings accounts, consumer lending, residential mortgages, commercial loans, treasury and cash-management services, and online and mobile banking.