WSFS Financial (NASDAQ:WSFS) Shares Gap Down – Here’s What Happened

WSFS Financial Co. (NASDAQ:WSFS)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $54.79, but opened at $53.69. WSFS Financial shares last traded at $55.29, with a volume of 19,437 shares.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $54.00 price target (down from $58.00) on shares of WSFS Financial in a research note on Tuesday, October 29th. Janney Montgomery Scott reaffirmed a “neutral” rating on shares of WSFS Financial in a research note on Monday, October 28th. Finally, Stephens reiterated an “overweight” rating and issued a $68.00 price target on shares of WSFS Financial in a research 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 stock has an average rating of “Hold” and an average price target of $61.25.

WSFS Financial Price Performance

The company has a market cap of $3.27 billion, a P/E ratio of 12.69 and a beta of 1.08. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.86 and a quick ratio of 0.86. The company has a fifty day simple moving average of $55.67 and a 200-day simple moving average of $53.62.

WSFS Financial (NASDAQ:WSFS) last announced its earnings results on Monday, January 27th. The bank reported $1.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.13. WSFS Financial had a return on equity of 10.56% and a net margin of 18.78%. On average, sell-side analysts predict that WSFS Financial Co. will post 4.26 earnings per share for the current year.

WSFS Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 21st. Shareholders of record on Friday, February 7th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Friday, February 7th. WSFS Financial’s payout ratio is 13.70%.

Hedge Funds Weigh In On WSFS Financial

Several institutional investors and hedge funds have recently added to or reduced their stakes in WSFS. Assenagon Asset Management S.A. increased its holdings in shares of WSFS Financial by 819.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 254,616 shares of the bank’s stock valued at $13,528,000 after purchasing an additional 226,933 shares during the period. State Street Corp increased its stake in WSFS Financial by 3.0% in the 3rd quarter. State Street Corp now owns 3,030,372 shares of the bank’s stock valued at $154,519,000 after buying an additional 87,781 shares during the period. Barclays PLC lifted its position in WSFS Financial by 110.8% in the 3rd quarter. Barclays PLC now owns 120,397 shares of the bank’s stock worth $6,139,000 after buying an additional 63,284 shares in the last quarter. Royce & Associates LP boosted its stake in shares of WSFS Financial by 247.4% during the 3rd quarter. Royce & Associates LP now owns 78,168 shares of the bank’s stock valued at $3,986,000 after buying an additional 55,668 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in shares of WSFS Financial during the 3rd quarter valued at $2,290,000. 88.49% of the stock is currently owned by hedge funds and other institutional investors.

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.