WSFS Financial (NASDAQ:WSFS) Shares Gap Down Following Weak Earnings

Posted by on Apr 26th, 2023

WSFS Financial Co. (NASDAQ:WSFS – Get Rating)’s stock price gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $37.25, but opened at $35.00. WSFS Financial shares last traded at $36.13, with a volume of 19,217 shares changing hands.

The bank reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.26). The firm had revenue of $245.66 million during the quarter, compared to the consensus estimate of $253.30 million. WSFS Financial had a net margin of 23.07% and a return on equity of 11.89%. The business’s revenue was up 23.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share.

WSFS Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 24th. Stockholders of record on Friday, February 10th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, February 9th. This represents a $0.60 annualized dividend and a dividend yield of 1.75%. WSFS Financial’s dividend payout ratio (DPR) is currently 17.00%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Stephens assumed coverage on shares of WSFS Financial in a report on Monday, April 3rd. They set an “overweight” rating and a $47.00 price objective on the stock. Piper Sandler lowered WSFS Financial from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $53.00 to $52.00 in a report on Wednesday, February 1st. StockNews.com began coverage on shares of WSFS Financial in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Keefe, Bruyette & Woods decreased their price target on WSFS Financial from $54.00 to $48.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, WSFS Financial has a consensus rating of “Hold” and an average target price of $51.20.

Institutional Trading of WSFS Financial

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in WSFS Financial by 34.8% in the first quarter. BlackRock Inc. now owns 9,464,621 shares of the bank’s stock worth $441,240,000 after purchasing an additional 2,442,621 shares in the last quarter. Vanguard Group Inc. lifted its holdings in WSFS Financial by 16.2% during the 1st quarter. Vanguard Group Inc. now owns 7,112,476 shares of the bank’s stock worth $331,584,000 after purchasing an additional 992,425 shares during the last quarter. State Street Corp increased its stake in WSFS Financial by 29.1% during the 1st quarter. State Street Corp now owns 2,878,509 shares of the bank’s stock worth $134,196,000 after acquiring an additional 648,867 shares during the period. Norges Bank bought a new position in WSFS Financial during the 4th quarter worth $28,875,000. Finally, The Manufacturers Life Insurance Company increased its stake in shares of WSFS Financial by 69.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 980,353 shares of the bank’s stock valued at $45,704,000 after purchasing an additional 402,212 shares during the last quarter. 88.10% of the stock is currently owned by institutional investors.

WSFS Financial Stock Performance

The company has a market cap of $2.11 billion, a price-to-earnings ratio of 9.73 and a beta of 0.96. The company has a fifty day moving average of $41.68 and a two-hundred day moving average of $45.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.78 and a current ratio of 0.78.

WSFS Financial Company Profile

(Get Rating)

WSFS Financial Corp. is a savings and loan holding company, which engages in the provision of banking and financial services. It operates through the following business segments: WSFS Bank, Cash Connect, and Wealth Management. The WSFS Bank segment provides loans and other financial products to commercial and retail customers.

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