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 released 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. “

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

WSFS stock opened at $50.00 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.92 and a current ratio of 0.93. WSFS Financial has a 52 week low of $21.00 and a 52 week high of $55.18. The firm’s fifty day moving average is $50.56 and its 200 day moving average is $41.66. The firm has a market cap of $2.38 billion, a P/E ratio of 25.38 and a beta of 1.36.

WSFS Financial (NASDAQ:WSFS) last released its earnings results on Sunday, January 24th. The bank reported $1.16 EPS for the quarter, beating the Thomson Reuters’ 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 company had revenue of $169.63 million for the quarter, compared to analyst estimates of $159.72 million. As a group, analysts forecast that WSFS Financial will post 1.06 EPS for the current year.

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

A number of large investors have recently added to or reduced their stakes in WSFS. Norges Bank bought a new stake in WSFS Financial during the 4th quarter valued at about $23,374,000. Rothschild & Co. Asset Management US Inc. grew its stake in shares of WSFS Financial by 110.3% in the fourth quarter. Rothschild & Co. Asset Management US Inc. now owns 706,502 shares of the bank’s stock worth $31,708,000 after acquiring an additional 370,504 shares during the period. Jennison Associates LLC grew its stake in shares of WSFS Financial by 38.8% in the fourth quarter. Jennison Associates LLC now owns 1,011,167 shares of the bank’s stock worth $45,381,000 after acquiring an additional 282,496 shares during the period. BlackRock Inc. grew its stake in shares of WSFS Financial by 7.2% in the fourth quarter. BlackRock Inc. now owns 3,764,668 shares of the bank’s stock worth $168,959,000 after acquiring an additional 252,047 shares during the period. Finally, Sei Investments Co. grew its stake in shares of WSFS Financial by 115.8% in the fourth quarter. Sei Investments Co. now owns 249,851 shares of the bank’s stock worth $11,213,000 after acquiring an additional 134,094 shares during the period. 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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