Bank of New York Mellon Corp Cuts Stake in WSFS Financial Corporation $WSFS

Bank of New York Mellon Corp lowered its stake in WSFS Financial Corporation (NASDAQ:WSFS) by 4.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 387,125 shares of the bank’s stock after selling 18,986 shares during the period. Bank of New York Mellon Corp’s holdings in WSFS Financial were worth $25,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in WSFS. Root Financial Partners LLC raised its holdings in shares of WSFS Financial by 92.4% in the 1st quarter. Root Financial Partners LLC now owns 431 shares of the bank’s stock valued at $28,000 after purchasing an additional 207 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in WSFS Financial during the fourth quarter worth approximately $33,000. Torren Management LLC purchased a new stake in shares of WSFS Financial during the 4th quarter worth approximately $35,000. Clearstead Advisors LLC lifted its position in shares of WSFS Financial by 167.5% during the 4th quarter. Clearstead Advisors LLC now owns 781 shares of the bank’s stock worth $43,000 after buying an additional 489 shares during the last quarter. Finally, Quarry LP boosted its holdings in shares of WSFS Financial by 159.7% in the 3rd quarter. Quarry LP now owns 813 shares of the bank’s stock valued at $44,000 after buying an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 88.49% of the company’s stock.

WSFS Financial Stock Performance

Shares of WSFS stock opened at $80.61 on Tuesday. The company has a current ratio of 0.84, a quick ratio of 0.85 and a debt-to-equity ratio of 0.11. The stock has a 50 day simple moving average of $75.27 and a 200-day simple moving average of $69.02. The company has a market cap of $4.19 billion, a price-to-earnings ratio of 13.48 and a beta of 0.76. WSFS Financial Corporation has a 12-month low of $49.92 and a 12-month high of $82.30.

WSFS Financial (NASDAQ:WSFS) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.16. WSFS Financial had a return on equity of 11.71% and a net margin of 23.34%.The firm had revenue of $284.70 million for the quarter, compared to the consensus estimate of $278.41 million. During the same period in the previous year, the business earned $1.27 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, equities analysts forecast that WSFS Financial Corporation will post 6.32 EPS for the current year.

WSFS Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Friday, August 7th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. WSFS Financial’s dividend payout ratio (DPR) is 13.38%.

Insider Activity at WSFS Financial

In other WSFS Financial news, CEO Rodger Levenson sold 65,446 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $74.11, for a total transaction 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

WSFS has been the topic of a number of recent analyst reports. Zacks Research downgraded shares of WSFS Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Weiss Ratings reissued a “buy (b)” rating on shares of WSFS Financial in a research report on Friday, June 12th. UBS Group set a $76.00 price objective on shares of WSFS Financial in a research note on Monday, April 27th. Keefe, Bruyette & Woods raised their price objective on WSFS Financial from $83.00 to $89.00 and gave the stock a “market perform” rating in a report on Monday. Finally, TD Cowen reiterated a “buy” rating and set a $82.00 target price (up from $77.00) on shares of WSFS Financial in a research report on Wednesday, April 29th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.64.

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.