The Manufacturers Life Insurance Company Reduces Stake in WSFS Financial Co. (NASDAQ:WSFS)

The Manufacturers Life Insurance Company lowered its stake in shares of WSFS Financial Co. (NASDAQ:WSFSFree Report) by 7.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 753,980 shares of the bank’s stock after selling 58,006 shares during the period. The Manufacturers Life Insurance Company owned 1.24% of WSFS Financial worth $34,630,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of WSFS. Norges Bank purchased a new stake in WSFS Financial in the fourth quarter worth $31,369,000. Franklin Resources Inc. raised its stake in WSFS Financial by 8.8% in the 4th quarter. Franklin Resources Inc. now owns 2,886,034 shares of the bank’s stock valued at $132,556,000 after acquiring an additional 232,508 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in WSFS Financial by 7,791.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 166,426 shares of the bank’s stock valued at $7,644,000 after purchasing an additional 164,317 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in WSFS Financial by 169.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 205,025 shares of the bank’s stock worth $9,417,000 after purchasing an additional 128,834 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of WSFS Financial by 44.2% in the third quarter. American Century Companies Inc. now owns 352,093 shares of the bank’s stock worth $12,851,000 after purchasing an additional 107,879 shares in the last quarter. Institutional investors own 88.49% of the company’s stock.

Insider Activity

In related news, EVP Stephen P. Clark sold 3,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $46.61, for a total value of $139,830.00. Following the sale, the executive vice president now owns 25,671 shares in the company, valued at $1,196,525.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.29% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler upped their price target on shares of WSFS Financial from $45.00 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, May 22nd.

Check Out Our Latest Stock Analysis on WSFS

WSFS Financial Price Performance

Shares of NASDAQ WSFS opened at $43.77 on Friday. The stock has a fifty day moving average of $44.19 and a 200-day moving average of $43.57. The stock has a market cap of $2.63 billion, a PE ratio of 9.77 and a beta of 1.01. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.85 and a current ratio of 0.86. WSFS Financial Co. has a fifty-two week low of $33.12 and a fifty-two week high of $47.97.

WSFS Financial (NASDAQ:WSFSGet Free Report) last posted its earnings results on Thursday, April 25th. The bank reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $1.07 by $0.04. WSFS Financial had a return on equity of 11.94% and a net margin of 20.73%. The business had revenue of $251.10 million during the quarter, compared to analyst estimates of $247.57 million. During the same quarter in the previous year, the firm earned $1.02 EPS. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. Equities research analysts anticipate that WSFS Financial Co. will post 4.27 earnings per share for the current year.

WSFS Financial Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Friday, May 10th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.37%. The ex-dividend date was Thursday, May 9th. WSFS Financial’s dividend payout ratio is presently 13.39%.

WSFS Financial Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for WSFS Financial (NASDAQ:WSFS)

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