Ieq Capital LLC Takes $576,000 Position in WSFS Financial Corporation $WSFS

Ieq Capital LLC purchased a new position in shares of WSFS Financial Corporation (NASDAQ:WSFS) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,504 shares of the bank’s stock, valued at approximately $576,000.

Several other hedge funds have also recently bought and sold shares of WSFS. BlackRock Inc. bought a new position in WSFS Financial in the 2nd quarter worth about $576,695,000. Pzena Investment Management LLC acquired a new position in shares of WSFS Financial during the second quarter worth approximately $68,174,000. Norges Bank acquired a new position in shares of WSFS Financial during the fourth quarter worth approximately $39,193,000. Vaughan Nelson Investment Management L.P. bought a new position in WSFS Financial in the 1st quarter worth approximately $34,313,000. Finally, Bank of New York Mellon Corp bought a new position in WSFS Financial in the 2nd quarter worth approximately $29,722,000. 88.49% of the stock is currently owned by institutional investors.

WSFS Financial Stock Performance

WSFS opened at $78.30 on Friday. The business has a 50 day moving average price of $79.15 and a two-hundred day moving average price of $72.29. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.84 and a quick ratio of 0.84. The company has a market capitalization of $4.00 billion, a price-to-earnings ratio of 13.09 and a beta of 0.77. WSFS Financial Corporation has a 1-year low of $49.92 and a 1-year high of $82.94.

WSFS Financial (NASDAQ:WSFS) last issued its quarterly earnings results on Thursday, July 23rd. The bank reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.16. WSFS Financial had a return on equity of 11.71% and a net margin of 23.34%.The company had revenue of $284.70 million for the quarter, compared to analysts’ expectations of $278.41 million. During the same period last year, the firm earned $1.27 EPS. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. Research analysts predict that WSFS Financial Corporation will post 6.58 EPS for the current fiscal year.

WSFS Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, August 7th. WSFS Financial’s payout ratio is presently 13.38%.

Wall Street Analyst Weigh In

Several analysts have weighed in on WSFS shares. Piper Sandler reaffirmed a “neutral” rating and set a $90.00 target price (up from $80.00) on shares of WSFS Financial in a research note on Monday, August 3rd. Keefe, Bruyette & Woods increased their price target on WSFS Financial from $83.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Stephens lowered 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 restated a “buy (b)” rating on shares of WSFS Financial in a research note on Friday, June 12th. Finally, TD Cowen reaffirmed a “buy” rating on shares of WSFS Financial in a report on Wednesday, July 29th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $83.07.

Insider Activity

In other WSFS Financial news, CEO Rodger Levenson sold 65,446 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $74.11, for a total value of $4,850,203.06. Following the sale, the chief executive officer directly owned 186,088 shares in the company, valued at approximately $13,790,981.68. The trade was a 26.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Shari Kruzinski sold 3,500 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $81.74, for a total transaction of $286,090.00. Following the completion of the sale, the executive vice president directly owned 15,207 shares of the company’s stock, valued at $1,243,020.18. The trade was a 18.71% 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 insiders.

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.