Zacks Investment Research Lowers WSFS Financial (NASDAQ:WSFS) to Hold

WSFS Financial (NASDAQ:WSFS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “WSFS Financial Corporation is a thrift holding company. WSFS provides residential and commercial real estate, commercial and consumer lending services, as well as cash management services funding these activities primarily with retail deposits and borrowings. “

WSFS has been the subject of several other reports. Boenning Scattergood reissued a “neutral” rating on shares of WSFS Financial in a research report on Wednesday, March 10th. DA Davidson reissued a “neutral” rating on shares of WSFS Financial in a research report on Wednesday, March 17th. Piper Sandler reissued a “neutral” rating and set a $55.00 target price (up from $50.00) on shares of WSFS Financial in a research report on Monday, March 8th. Finally, Keefe, Bruyette & Woods downgraded shares of WSFS Financial from an “outperform” rating to a “market perform” rating and set a $50.00 target price for the company. in a research report on Thursday, February 25th. Five investment analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and a consensus price target of $54.00.

WSFS opened at $50.00 on Thursday. WSFS Financial has a 1-year low of $21.00 and a 1-year high of $55.18. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.16. The company has a market cap of $2.38 billion, a P/E ratio of 25.38 and a beta of 1.36. The company has a fifty day moving average price of $50.56 and a two-hundred day moving average price of $41.66.

WSFS Financial (NASDAQ:WSFS) last posted its quarterly earnings results on Sunday, January 24th. The bank reported $1.16 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.25. WSFS Financial had a net margin of 13.83% and a return on equity of 4.91%. The firm had revenue of $169.63 million during the quarter, compared to the consensus estimate of $159.72 million. On average, research analysts forecast that WSFS Financial will post 1.06 EPS for the current fiscal year.

In related news, Director Mark A. Turner sold 40,415 shares of the business’s stock in a transaction dated Thursday, March 11th. The shares were sold at an average price of $52.22, for a total transaction of $2,110,471.30. Following the transaction, the director now directly owns 103,654 shares in the company, valued at $5,412,811.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Richard Wright sold 3,099 shares of the business’s stock in a transaction dated Friday, March 12th. The stock was sold at an average price of $52.00, for a total transaction of $161,148.00. Following the transaction, the executive vice president now owns 56,369 shares in the company, valued at $2,931,188. The disclosure for this sale can be found here. 1.85% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in WSFS Financial by 7.2% during the fourth quarter. BlackRock Inc. now owns 3,764,668 shares of the bank’s stock worth $168,959,000 after purchasing an additional 252,047 shares during the last quarter. Pzena Investment Management LLC boosted its stake in WSFS Financial by 14.0% in the fourth quarter. Pzena Investment Management LLC now owns 1,032,306 shares of the bank’s stock valued at $46,330,000 after acquiring an additional 127,037 shares during the last quarter. Jennison Associates LLC boosted its stake in WSFS Financial by 38.8% in the fourth quarter. Jennison Associates LLC now owns 1,011,167 shares of the bank’s stock valued at $45,381,000 after acquiring an additional 282,496 shares during the last quarter. Alliancebernstein L.P. boosted its stake in WSFS Financial by 6.1% in the fourth quarter. Alliancebernstein L.P. now owns 997,059 shares of the bank’s stock valued at $44,748,000 after acquiring an additional 57,125 shares during the last quarter. Finally, Frontier Capital Management Co. LLC boosted its stake in WSFS Financial by 2.5% in the fourth quarter. Frontier Capital Management Co. LLC now owns 921,103 shares of the bank’s stock valued at $41,339,000 after acquiring an additional 22,496 shares during the last quarter. Institutional investors and hedge funds own 83.76% of the company’s stock.

About WSFS Financial

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. The company offers various deposit products, including savings accounts, demand deposits, interest-bearing demand deposits, money market deposit accounts, and certificates of deposit, as well as jumbo certificates of deposit.

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