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

WSFS Financial (NASDAQ:WSFSGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, 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 brokerages have also commented on WSFS. Piper Sandler raised WSFS Financial from a “neutral” rating to an “overweight” rating and decreased their price target for the company from $56.00 to $51.00 in a research note on Monday, April 25th. StockNews.com raised WSFS Financial from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Stephens decreased their price target on WSFS Financial from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research note on Monday, April 25th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, WSFS Financial has an average rating of “Hold” and a consensus target price of $51.80.

Shares of NASDAQ:WSFS opened at $39.65 on Friday. WSFS Financial has a 52-week low of $37.03 and a 52-week high of $56.30. The business has a fifty day moving average of $43.43 and a two-hundred day moving average of $49.10. The stock has a market cap of $2.51 billion, a P/E ratio of 9.03 and a beta of 1.09. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 0.15.

WSFS Financial (NASDAQ:WSFSGet Rating) last announced its quarterly earnings results on Thursday, April 21st. The bank reported $0.66 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.14). WSFS Financial had a net margin of 31.02% and a return on equity of 11.89%. The business had revenue of $199.13 million during the quarter, compared to analyst estimates of $134.16 million. During the same period last year, the company earned $1.39 EPS. On average, equities analysts anticipate that WSFS Financial will post 4.11 earnings per share for the current year.

In related news, Director Nancy J. Foster purchased 1,000 shares of WSFS Financial stock in a transaction on Tuesday, April 26th. The shares were bought at an average price of $41.69 per share, with a total value of $41,690.00. Following the transaction, the director now directly owns 4,213 shares of the company’s stock, valued at $175,639.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard Wright sold 1,973 shares of the stock in a transaction dated Tuesday, April 19th. The shares were sold at an average price of $42.03, for a total value of $82,925.19. Following the completion of the sale, the executive vice president now directly owns 42,196 shares in the company, valued at approximately $1,773,497.88. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. Invesco Ltd. increased its holdings in shares of WSFS Financial by 0.5% in the 3rd quarter. Invesco Ltd. now owns 1,317,601 shares of the bank’s stock valued at $67,605,000 after acquiring an additional 6,502 shares during the last quarter. Balyasny Asset Management LLC increased its holdings in shares of WSFS Financial by 175.8% in the 3rd quarter. Balyasny Asset Management LLC now owns 23,640 shares of the bank’s stock valued at $1,213,000 after acquiring an additional 15,070 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its holdings in shares of WSFS Financial by 235.7% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 27,524 shares of the bank’s stock valued at $1,411,000 after acquiring an additional 19,324 shares during the last quarter. WINTON GROUP Ltd purchased a new position in shares of WSFS Financial in the 4th quarter valued at about $831,000. Finally, Eaton Vance Management increased its holdings in shares of WSFS Financial by 8.0% in the 3rd quarter. Eaton Vance Management now owns 7,131 shares of the bank’s stock valued at $339,000 after acquiring an additional 531 shares during the last quarter. 70.92% of the stock is currently owned by institutional investors.

About WSFS Financial (Get Rating)

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. It offers various deposit products, including savings accounts, demand deposits, interest-bearing demand deposits, money market deposit accounts, and certificates of deposit, as well as accepts jumbo certificates of deposit from individuals, businesses, and municipalities.

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