DA Davidson Reduces Earnings Estimates for WSFS Financial

WSFS Financial Co. (NASDAQ:WSFS) – Analysts at DA Davidson dropped their FY2024 EPS estimates for WSFS Financial in a research report issued on Tuesday, October 29th. DA Davidson analyst M. Navas now expects that the bank will post earnings of $4.20 per share for the year, down from their previous forecast of $4.33. DA Davidson currently has a “Buy” rating and a $68.00 target price on the stock. The consensus estimate for WSFS Financial’s current full-year earnings is $4.32 per share. DA Davidson also issued estimates for WSFS Financial’s FY2025 earnings at $4.25 EPS.

WSFS has been the topic of a number of other research reports. Janney Montgomery Scott reissued a “neutral” rating on shares of WSFS Financial in a report on Monday. Stephens boosted their price objective on shares of WSFS Financial from $54.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Piper Sandler boosted their price objective on shares of WSFS Financial from $48.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $54.00 price objective (down previously from $58.00) on shares of WSFS Financial in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $59.75.

WSFS Financial Stock Up 0.3 %

WSFS stock opened at $50.00 on Wednesday. The company has a market cap of $2.96 billion, a P/E ratio of 11.42 and a beta of 1.01. WSFS Financial has a 52 week low of $34.54 and a 52 week high of $58.59. The company’s 50-day moving average price is $51.38 and its 200 day moving average price is $48.70. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40.

WSFS Financial (NASDAQ:WSFS) last issued its earnings results on Thursday, October 24th. The bank reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.02. The business had revenue of $267.61 million for the quarter, compared to the consensus estimate of $260.35 million. WSFS Financial had a net margin of 18.78% and a return on equity of 10.56%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.23 earnings per share.

WSFS Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Friday, November 8th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date is Friday, November 8th. WSFS Financial’s payout ratio is currently 13.70%.

Hedge Funds Weigh In On WSFS Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in WSFS Financial by 5.3% during the first quarter. Vanguard Group Inc. now owns 7,338,200 shares of the bank’s stock worth $331,246,000 after acquiring an additional 372,402 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of WSFS Financial by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,903,255 shares of the bank’s stock valued at $183,450,000 after buying an additional 110,279 shares during the last quarter. Champlain Investment Partners LLC raised its position in shares of WSFS Financial by 14.1% in the first quarter. Champlain Investment Partners LLC now owns 1,293,281 shares of the bank’s stock valued at $58,379,000 after buying an additional 160,090 shares during the last quarter. American Century Companies Inc. raised its position in shares of WSFS Financial by 27.9% in the second quarter. American Century Companies Inc. now owns 877,467 shares of the bank’s stock valued at $41,241,000 after buying an additional 191,566 shares during the last quarter. Finally, abrdn plc raised its position in shares of WSFS Financial by 1.0% in the third quarter. abrdn plc now owns 620,808 shares of the bank’s stock valued at $31,655,000 after buying an additional 6,380 shares during the last quarter. Institutional investors and hedge funds own 88.49% of the company’s stock.

About WSFS Financial

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.