WSFS Financial (NASDAQ:WSFS) Sets New 1-Year High – Here’s What Happened

Shares of WSFS Financial Corporation (NASDAQ:WSFS) reached a new 52-week high during trading on Thursday . The stock traded as high as $79.42 and last traded at $79.39, with a volume of 15646 shares changing hands. The stock had previously closed at $78.17.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on WSFS shares. Stephens restated an “overweight” rating and set a $81.00 price objective (up from $79.00) on shares of WSFS Financial in a research report on Monday, April 27th. DA Davidson increased their target price on WSFS Financial from $70.00 to $76.00 and gave the company a “neutral” rating in a report on Monday, April 27th. Piper Sandler reissued a “neutral” rating and set a $80.00 price target (up from $72.00) on shares of WSFS Financial in a research report on Wednesday, May 6th. TD Cowen reissued a “buy” rating and issued a $82.00 price target (up from $77.00) on shares of WSFS Financial in a report on Wednesday, April 29th. Finally, Zacks Research downgraded WSFS Financial from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $77.07.

WSFS Financial Stock Performance

The stock’s 50-day moving average is $73.85 and its 200-day moving average is $67.69. The stock has a market cap of $4.15 billion, a price-to-earnings ratio of 14.19 and a beta of 0.76. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.85 and a quick ratio of 0.85.

WSFS Financial Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 8th were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from WSFS Financial’s previous quarterly dividend of $0.17. WSFS Financial’s dividend payout ratio is currently 14.23%.

Insider Activity

In other news, CEO Rodger Levenson sold 65,446 shares of WSFS Financial stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $74.11, for a total value of $4,850,203.06. Following the completion of the sale, the chief executive officer owned 186,088 shares of the company’s stock, valued at $13,790,981.68. The trade was a 26.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

Institutional Trading of WSFS Financial

A number of hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. purchased a new stake in WSFS Financial in the 2nd quarter valued at about $1,384,000. Baron Wealth Management LLC purchased a new position in shares of WSFS Financial during the 2nd quarter worth about $216,000. GAMMA Investing LLC lifted its holdings in shares of WSFS Financial by 11.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,414 shares of the bank’s stock worth $185,000 after acquiring an additional 256 shares during the period. Stillwater Private Wealth LLC acquired a new stake in shares of WSFS Financial in the first quarter worth approximately $258,000. Finally, Glenmede Trust Co. NA boosted its position in shares of WSFS Financial by 4.1% in the first quarter. Glenmede Trust Co. NA now owns 12,804 shares of the bank’s stock worth $838,000 after acquiring an additional 503 shares during the last quarter. 88.49% of the stock is owned by institutional investors and hedge funds.

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.