Principal Financial Group Inc. Sells 22,251 Shares of WSFS Financial Co. (NASDAQ:WSFS)

Principal Financial Group Inc. reduced its stake in WSFS Financial Co. (NASDAQ:WSFS) by 6.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 306,339 shares of the bank’s stock after selling 22,251 shares during the period. Principal Financial Group Inc.’s holdings in WSFS Financial were worth $15,620,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. International Assets Investment Management LLC grew its holdings in shares of WSFS Financial by 5,000.0% during the third quarter. International Assets Investment Management LLC now owns 918 shares of the bank’s stock valued at $47,000 after buying an additional 900 shares during the last quarter. GAMMA Investing LLC raised its position in WSFS Financial by 40.5% in the second quarter. GAMMA Investing LLC now owns 1,023 shares of the bank’s stock worth $48,000 after acquiring an additional 295 shares during the period. Innealta Capital LLC bought a new position in WSFS Financial in the second quarter worth approximately $114,000. SG Americas Securities LLC bought a new stake in shares of WSFS Financial during the 3rd quarter valued at $127,000. Finally, Ascent Group LLC bought a new stake in shares of WSFS Financial during the 2nd quarter valued at $201,000. 88.49% of the stock is owned by institutional investors.

WSFS Financial Price Performance

WSFS Financial stock opened at $57.47 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40. The stock has a market cap of $3.38 billion, a P/E ratio of 13.12 and a beta of 1.02. The company has a 50-day moving average price of $51.68 and a 200 day moving average price of $49.64. WSFS Financial Co. has a 12-month low of $37.09 and a 12-month high of $60.54.

WSFS Financial (NASDAQ:WSFS) last posted its quarterly earnings data on Thursday, October 24th. The bank reported $1.08 EPS for the quarter, beating 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 business had revenue of $267.61 million during the quarter, compared to analyst estimates of $260.35 million. During the same quarter last year, the firm posted $1.23 earnings per share. The business’s revenue for the quarter was up .6% compared to the same quarter last year. Sell-side analysts anticipate that WSFS Financial Co. will post 4.27 earnings per share for the current year.

WSFS Financial Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend is Friday, November 8th. WSFS Financial’s payout ratio is 13.70%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WSFS. Stephens lifted their price target on shares of WSFS Financial from $54.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Janney Montgomery Scott reissued a “neutral” rating on shares of WSFS Financial in a research report on Monday, October 28th. 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 report on Tuesday, October 29th. DA Davidson boosted their price target on shares of WSFS Financial from $59.00 to $68.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Piper Sandler boosted their price objective on shares of WSFS Financial from $48.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, WSFS Financial presently has a consensus rating of “Hold” and an average target price 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.