WSFS Financial Corporation, listed on NASDAQ under the ticker symbol WSFS, has announced impressive quarterly earnings, exceeding analyst expectations by a notable margin. On January 7, 2024, the bank reported earnings of $1.43 per share (EPS) for the quarter, significantly higher than the consensus estimate of $1.26, according to FiscalAI. The institution achieved total revenue of $90.08 million for the period, although this fell short of analyst forecasts of $267.36 million.
The bank’s performance translated into a return on equity of 10.60% and a net margin of 20.44%, showcasing its operational efficiency. Following the earnings release, WSFS Financial saw its stock rise by 0.3%, closing at $57.92 on Monday. The trading volume reached 375,665 shares, surpassing the average volume of 339,268 shares.
Market Position and Analyst Ratings
WSFS Financial’s stock has exhibited a strong performance over the past year, reflecting a 52-week low of $42.44 and a high of $60.35. Key financial metrics include a quick ratio and current ratio of 0.84, a debt-to-equity ratio of 0.09, and a market capitalization of $3.17 billion. The price-to-earnings ratio stands at 11.94, with a beta of 0.80, indicating relatively low volatility compared to the market.
Analysts have varied in their ratings of WSFS Financial. On January 7, 2024, TD Cowen reiterated a “buy” rating for the company, while Weiss Ratings reaffirmed a “buy (B-)” rating. Piper Sandler set a price target of $62.00, assigning a “neutral” rating. Conversely, DA Davidson downgraded the stock from a “strong-buy” to a “hold” rating on October 20, 2023. Currently, three analysts have given the stock a “buy” rating, while three others have issued a “hold” rating. According to MarketBeat.com, WSFS Financial holds a consensus rating of “Moderate Buy” with an average price target of $65.40.
Institutional Investment Trends
Recent trends indicate that institutional investors are actively engaged with WSFS Financial. Brevan Howard Capital Management LP increased its holdings by 144.2% in the second quarter, now owning 10,653 shares valued at approximately $586,000. Similarly, Glenmede Investment Management LP raised its stake by 8.6% during the third quarter, bringing its total ownership to 14,224 shares valued at $767,000.
Canada Life Assurance Co also expanded its position by 1.2%, now holding 57,066 shares worth $3.1 million after acquiring additional shares in the last quarter. BNP Paribas Financial Markets similarly increased its stake by 147.2%, acquiring 15,667 shares valued at $845,000. Overall, institutional investors and hedge funds own approximately 88.49% of WSFS Financial’s stock.
WSFS Financial Corporation, headquartered in Wilmington, Delaware, operates as a regional financial institution. Established in 1832 as the Safe Deposit & Trust Company, it has evolved through both organic growth and strategic acquisitions, serving a diverse clientele including individuals, businesses, and institutions. The bank offers a comprehensive range of financial services, such as retail and commercial banking, lending, real estate financing, and treasury management solutions.