CIBC Asset Management Inc Takes Position in WSFS Financial Co. (NASDAQ:WSFS)

CIBC Asset Management Inc acquired a new position in WSFS Financial Co. (NASDAQ:WSFS) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,969 shares of the bank’s stock, valued at approximately $202,000.

Several other hedge funds have also recently bought and sold shares of WSFS. Vanguard Group Inc. raised its position in shares of WSFS Financial by 5.3% in the first quarter. Vanguard Group Inc. now owns 7,338,200 shares of the bank’s stock valued at $331,246,000 after purchasing an additional 372,402 shares during the period. Dimensional Fund Advisors LP raised its holdings in WSFS Financial by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,903,255 shares of the bank’s stock worth $183,450,000 after acquiring an additional 110,279 shares during the period. American Century Companies Inc. lifted its position in WSFS Financial by 27.9% during the 2nd quarter. American Century Companies Inc. now owns 877,467 shares of the bank’s stock worth $41,241,000 after acquiring an additional 191,566 shares during the last quarter. abrdn plc lifted its position in WSFS Financial by 1.0% during the 3rd quarter. abrdn plc now owns 620,808 shares of the bank’s stock worth $31,655,000 after acquiring an additional 6,380 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in WSFS Financial by 35.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 201,985 shares of the bank’s stock valued at $9,119,000 after acquiring an additional 53,292 shares during the period. 88.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on WSFS shares. DA Davidson lifted their price objective on WSFS Financial from $59.00 to $68.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $54.00 price target (down from $58.00) on shares of WSFS Financial in a research report on Tuesday, October 29th. Stephens upped their target price on shares of WSFS Financial from $54.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, July 29th. Piper Sandler increased their price target on shares of WSFS Financial from $48.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, Janney Montgomery Scott restated a “neutral” rating on shares of WSFS Financial in a report on Monday, October 28th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $59.75.

WSFS Financial Stock Performance

Shares of NASDAQ WSFS opened at $60.48 on Friday. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of 13.81 and a beta of 1.02. WSFS Financial Co. has a one year low of $37.09 and a one year high of $60.60. The business has a fifty day simple moving average of $52.42 and a 200 day simple moving average of $50.12. 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 announced its quarterly earnings data on Thursday, October 24th. The bank reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.02. WSFS Financial had a net margin of 18.78% and a return on equity of 10.56%. The company had revenue of $267.61 million during the quarter, compared to analysts’ expectations of $260.35 million. During the same quarter in the prior year, the company posted $1.23 EPS. The business’s revenue was up .6% on a year-over-year basis. Sell-side analysts expect that WSFS Financial Co. will post 4.27 EPS for the current year.

WSFS Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 8th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date was Friday, November 8th. WSFS Financial’s dividend payout ratio is 13.70%.

WSFS Financial Profile

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.