WSFS Financial (WSFS) Rating Reiterated by Boenning Scattergood
“ECPG reported $1.33 in adjusted 2Q18 EPS, the top end of the pre-announced range (7/16). There were moving pieces, including an $18M valuation reversal, $7M of derivative MTM loss Cabot transaction hedges, and a discretionary marketing/mailing initiative (undisclosed amount). Thus, a lot of noise, but the underlying trends continue to move in the right direction, and ECPG continues to execute well. With its locked- in flow arrangements and leading positions in the US/UK markets where supply continues to increase, the company should be well positioned to continue to grow earnings. We continue to like the story and recommend investors take advantage of the fact that the stock is down ~20% since 3/31 as the fundamentals remain on track.”,” the firm’s analyst commented.
Several other brokerages have also recently weighed in on WSFS. BidaskClub raised shares of WSFS Financial from a hold rating to a buy rating in a research report on Friday, August 3rd. Zacks Investment Research raised shares of WSFS Financial from a hold rating to a buy rating and set a $58.00 price target for the company in a research report on Friday, April 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. WSFS Financial has a consensus rating of Hold and a consensus price target of $60.00.
WSFS Financial (NASDAQ:WSFS) last announced its quarterly earnings results on Monday, July 23rd. The bank reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.08. WSFS Financial had a net margin of 20.57% and a return on equity of 13.02%. The firm had revenue of $95.98 million during the quarter, compared to analysts’ expectations of $93.63 million. research analysts expect that WSFS Financial will post 3.6 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 24th. Investors of record on Friday, August 10th will be given a dividend of $0.11 per share. The ex-dividend date is Thursday, August 9th. This represents a $0.44 dividend on an annualized basis and a yield of 0.87%. WSFS Financial’s payout ratio is 17.19%.
In related news, CEO Mark A. Turner sold 13,823 shares of the stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $55.46, for a total transaction of $766,623.58. Following the completion of the sale, the chief executive officer now owns 136,436 shares of the company’s stock, valued at $7,566,740.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Mark A. Turner sold 4,768 shares of the stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $56.21, for a total transaction of $268,009.28. Following the sale, the chief executive officer now directly owns 147,753 shares of the company’s stock, valued at approximately $8,305,196.13. The disclosure for this sale can be found here. Insiders have sold 294,782 shares of company stock valued at $15,782,824 in the last three months. 5.73% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the stock. Tower Bridge Advisors purchased a new stake in WSFS Financial during the second quarter valued at approximately $213,000. Amalgamated Bank purchased a new stake in WSFS Financial during the second quarter valued at approximately $225,000. Engineers Gate Manager LP purchased a new stake in WSFS Financial during the second quarter valued at approximately $252,000. Xact Kapitalforvaltning AB purchased a new stake in WSFS Financial during the fourth quarter valued at approximately $265,000. Finally, A.R.T. Advisors LLC acquired a new position in WSFS Financial during the 1st quarter valued at approximately $301,000. 79.67% of the stock is owned by institutional investors.
WSFS Financial Company 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. The company offers various deposit products, including savings accounts, demand deposits, interest-bearing demand deposits, money market deposit accounts, and certificates of deposit, as well as jumbo certificates of deposit.
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