Hennessy Advisors Inc. has decreased its stake in WSFS Financial Co. by 38.5%, according to the company’s most recent 13F filing with the US Securities and Exchange Commission for Q1 of the year 2023. The fund now owns 40,000 shares of WSFS Financial stock after selling off a total of 25,000 shares during the first quarter. Despite the significant reduction in holdings, Hennessy Advisors still owns 0.07% of WSFS Financial, which is worth $1,504,000 at the end of Q1.
Recently, WSFS Financial also issued a quarterly dividend which was paid on May 19th to investors who were recorded on May 5th. Investors received a $0.15 dividend per share owned on an annualized basis representing a yield of around 1.71%. At present, WSFS Financial’s dividend payout ratio stands at approximately 13.39%.
Research analysts have also been keeping tabs on WSFS’ performances and providing their own insights based on market trends and other key indicators operating within specific industries or sectors. Stephens have initiated coverage and issued an “overweight” rating for the bank since April 3rd along with a $47 target price per stock.
StockNews.com further raised its confidence level from “sell” to “hold” in June amidst shifts in investor preferences across various asset classes during that period.
Meanwhile, Keefe Bruyette & Woods analysts placed a “market perform” rating and lowered their price target from $54 to $48 on April 6th when reviewing this stock as part of their overall research coverage pipeline strategy imperative reviews.
In general consensus gathered from several sources including Bloomberg.com has indicated that most experts believe it’s wise to opt for “hold” positions while waiting for updated information regarding potential buyouts or IPO announcements that might positively impact valuation rates over time.
As such, WSFS Financial’s average consensus rating is currently reported as “hold” with an average target price of $51.20. As ever, investors should keep a close eye on any forthcoming news and data that might materially impact the value in this or any other investment opportunity and act accordingly.
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WSFS Financial: A Growing Investment Opportunity Backed by Major Players
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”WSFS” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]WSFS Financial – A Promising Investment Opportunity
June 26, 2023 – Recently, WSFS Financial has been receiving significant attention from institutional investors. The company’s stock has been attracting major players such as BlackRock, Inc., Vanguard Group Inc., State Street Corp, Norges Bank and The Manufacturers Life Insurance Company.
BlackRock Inc. has raised its holdings in shares of WSFS Financial by 34.8% during the first quarter and now owns over 9 million shares worth around $441 million after purchasing an additional 2.5 million shares last quarter.
Similarly, Vanguard Group Inc. lifted its holdings in shares of WSFS Financial by 16.2% during the first quarter and now owns over 7 million shares worth around $332 million after buying an additional 992 thousand shares during that period.
State Street Corp has followed suit with a stake increase in WSFS Financial by acquiring an additional 648 thousand shares for a total stake of over 2.8 million shares worth nearly $134 million.
Norges Bank also bought a new stake in the company last quarter worth $28.8 million, further contributing to the growing enthusiasm surrounding the financial institution’s investment potential.
Furthermore, EVP Christine Elizabeth Davis recently acquired additional WSFS Financial stock through a transaction dated April 27th at an average price of $34.11 per share, increasing her direct ownership to over 1,700 shares representing a value of approximately $60 thousand.
In addition to these investments, the firm declared a quarterly dividend that was paid out on May 19th with investors of record on May 5th receiving a dividend payout of $0.15 per share annually representing yields of up to 1.71%.
WSFS currently holds a market cap of approximately $2.16 billion, trades at P/E ratio of 7.85 with beta being valued at around 0.96 which shows that this stock is relatively non-volatile.
While WSFS did report slightly lower-than-expected earnings for the quarter, it still remains a promising investment opportunity. With a net margin of 26.79% and return on equity hovering over 13%, the financial institution is poised to deliver steady growth and dividends to investors.
In conclusion, WSFS Financial presents itself as a lucrative investment with its rising dividend payouts, favorable earnings reports and significant institutional investments. As such, investors seeking attractive returns may want to consider investing in this financial institution.
