Lord Abbett & CO. LLC Cuts Stake in WSFS Financial Co. (NASDAQ:WSFS)

Lord Abbett & CO. LLC lessened its stake in WSFS Financial Co. (NASDAQ:WSFS) by 1.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 126,882 shares of the bank’s stock after selling 2,466 shares during the quarter. Lord Abbett & CO. LLC’s holdings in WSFS Financial were worth $6,470,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WSFS. Louisiana State Employees Retirement System increased its holdings in shares of WSFS Financial by 0.7% in the second quarter. Louisiana State Employees Retirement System now owns 30,200 shares of the bank’s stock worth $1,419,000 after purchasing an additional 200 shares during the last quarter. Innealta Capital LLC bought a new position in shares of WSFS Financial during the 2nd quarter valued at approximately $114,000. Hantz Financial Services Inc. purchased a new position in shares of WSFS Financial in the second quarter valued at $2,664,000. Victory Capital Management Inc. increased its position in WSFS Financial by 3.9% in the second quarter. Victory Capital Management Inc. now owns 28,156 shares of the bank’s stock worth $1,323,000 after purchasing an additional 1,056 shares during the last quarter. Finally, Great Lakes Advisors LLC raised its stake in WSFS Financial by 7.0% during the second quarter. Great Lakes Advisors LLC now owns 60,595 shares of the bank’s stock valued at $2,848,000 after purchasing an additional 3,942 shares in the last quarter. Institutional investors own 88.49% of the company’s stock.

WSFS Financial Stock Down 0.1 %

Shares of WSFS opened at $58.08 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.40. WSFS Financial Co. has a 52-week low of $40.19 and a 52-week high of $62.75. The company has a market cap of $3.42 billion, a PE ratio of 13.26 and a beta of 1.06. The business has a fifty day moving average of $55.22 and a 200 day moving average of $51.79.

WSFS Financial (NASDAQ:WSFS) last released its earnings results on Thursday, October 24th. The bank reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.02. WSFS Financial had a net margin of 18.78% and a return on equity of 10.56%. The firm had revenue of $267.61 million during the quarter, compared to analyst estimates of $260.35 million. During the same quarter last year, the business earned $1.23 EPS. The business’s revenue was up .6% on a year-over-year basis. On average, 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 announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, November 8th were paid a dividend of $0.15 per share. The ex-dividend date was Friday, November 8th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.03%. WSFS Financial’s dividend payout ratio is 13.70%.

Wall Street Analyst Weigh In

A number of brokerages have commented on WSFS. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $54.00 price objective (down from $58.00) on shares of WSFS Financial in a research note on Tuesday, October 29th. Janney Montgomery Scott reiterated a “neutral” rating on shares of WSFS Financial in a research report on Monday, October 28th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $59.75.

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.