Comerica Bank Decreases Stake in WSFS Financial Corporation $WSFS

Comerica Bank reduced its position in WSFS Financial Corporation (NASDAQ:WSFS) by 30.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,264 shares of the bank’s stock after selling 16,700 shares during the period. Comerica Bank owned approximately 0.07% of WSFS Financial worth $1,933,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in WSFS. Versant Capital Management Inc lifted its position in shares of WSFS Financial by 90.0% during the first quarter. Versant Capital Management Inc now owns 532 shares of the bank’s stock worth $28,000 after purchasing an additional 252 shares during the last quarter. CWM LLC lifted its position in shares of WSFS Financial by 72.7% during the first quarter. CWM LLC now owns 701 shares of the bank’s stock worth $36,000 after purchasing an additional 295 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of WSFS Financial by 37.0% during the first quarter. GAMMA Investing LLC now owns 2,038 shares of the bank’s stock worth $106,000 after purchasing an additional 550 shares during the last quarter. KBC Group NV lifted its position in shares of WSFS Financial by 6.8% during the first quarter. KBC Group NV now owns 3,081 shares of the bank’s stock worth $160,000 after purchasing an additional 196 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of WSFS Financial during the fourth quarter worth about $232,000. 88.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. DA Davidson increased their price target on shares of WSFS Financial from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Wall Street Zen cut shares of WSFS Financial from a “hold” rating to a “sell” rating in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.00.

WSFS Financial Stock Performance

Shares of NASDAQ WSFS opened at $57.48 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.11. The firm’s 50-day moving average price is $56.67 and its two-hundred day moving average price is $53.63. WSFS Financial Corporation has a 52-week low of $42.44 and a 52-week high of $62.75. The stock has a market capitalization of $3.22 billion, a P/E ratio of 12.61 and a beta of 0.91.

WSFS Financial (NASDAQ:WSFS) last issued its earnings results on Thursday, July 24th. The bank reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.14. WSFS Financial had a net margin of 19.29% and a return on equity of 10.15%. The firm had revenue of $267.50 million for the quarter, compared to analysts’ expectations of $221.93 million. During the same quarter last year, the company posted $1.08 earnings per share. WSFS Financial’s revenue was up .6% on a year-over-year basis. As a group, sell-side analysts forecast that WSFS Financial Corporation will post 4.47 earnings per share for the current year.

WSFS Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Friday, August 8th were paid a $0.17 dividend. The ex-dividend date was Friday, August 8th. This represents a $0.68 annualized dividend and a dividend yield of 1.2%. WSFS Financial’s dividend payout ratio (DPR) is presently 14.91%.

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.