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WSFS Financial Hits 52-Week High: What's Driving the Stock?
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Shares of WSFS Financial Corporation (WSFS - Free Report) touched a 52-week high of $37.62 during the first half of the trading session on Aug 16. The stock closed a notch lower at $37.26, reflecting a solid return of 28.1% over the past year. The trading volume for the session was 0.1 million shares.
Driven by the strong price appreciation and upward estimate revisions over the past 30 days, this stock holds a Zacks Rank #2 (Buy).
Acquisitions & Q2 Earnings Led the Stock to Hit 52-week High
On Aug 15, 2016, WSFS Financial, the parent company of WSFS Banks, announced the completion of the deal to acquire Penn Liberty Financial Corp., a community bank headquartered in Wayne, PA.
The company further announced the successful conversion of Penn Liberty Bank accounts to WSFS Bank accounts, with the customers now having full access to WSFS Bank services including debit cards, ATMs, online banking and mobile banking.
Further, the acquisition is expected to be accretive to WSFS Financial’s earnings in the first year of operations, excluding transaction and integration costs. Also, it is in line with the company’s strategic growth goals, by adding 10 locations in Montgomery and Chester counties. This expansion will lead to 24 banking offices of the company in Southeastern Pennsylvania.
Apart from this, on Aug 3, WSFS Financial entered into a definitive agreement to purchase the assets of Powdermill Financial Solutions LLC, a multi-family office. This acquisition aligns with the company’s strategic plan to expand its wealth management offerings and to diversify its fee-income generating businesses. Further, this transaction is expected to be immediately accretive to the company’s earnings and return on assets.
Further on Jul 28, WSFS Financial reported its second-quarter 2016 earnings per share of 58 cents which handedly outpaced the Zacks Consensus Estimate of 54 cents on higher revenues and lower provision for loan losses. However, higher operating expenses acted as a headwind.
Therefore, driven by the above mentioned deals and second-quarter results, analysts are bullish on WSFS Financial stock. The Zacks Consensus Estimate for 2016 has increased 3.2% over the past 30 days to $2.29 while the estimate for 2017 increased 0.8% to $2.50, over the same time frame.
Some other favorably ranked savings and loan stocks include Meta Financial Group, Inc. (CASH - Free Report) , HomeStreet Inc. (HMST - Free Report) and Flagstar Bancorp Inc. , each sporting a Zacks Rank #1 (Strong Buy).
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WSFS Financial Hits 52-Week High: What's Driving the Stock?
Shares of WSFS Financial Corporation (WSFS - Free Report) touched a 52-week high of $37.62 during the first half of the trading session on Aug 16. The stock closed a notch lower at $37.26, reflecting a solid return of 28.1% over the past year. The trading volume for the session was 0.1 million shares.
Driven by the strong price appreciation and upward estimate revisions over the past 30 days, this stock holds a Zacks Rank #2 (Buy).
Acquisitions & Q2 Earnings Led the Stock to Hit 52-week High
On Aug 15, 2016, WSFS Financial, the parent company of WSFS Banks, announced the completion of the deal to acquire Penn Liberty Financial Corp., a community bank headquartered in Wayne, PA.
The company further announced the successful conversion of Penn Liberty Bank accounts to WSFS Bank accounts, with the customers now having full access to WSFS Bank services including debit cards, ATMs, online banking and mobile banking.
Further, the acquisition is expected to be accretive to WSFS Financial’s earnings in the first year of operations, excluding transaction and integration costs. Also, it is in line with the company’s strategic growth goals, by adding 10 locations in Montgomery and Chester counties. This expansion will lead to 24 banking offices of the company in Southeastern Pennsylvania.
Apart from this, on Aug 3, WSFS Financial entered into a definitive agreement to purchase the assets of Powdermill Financial Solutions LLC, a multi-family office. This acquisition aligns with the company’s strategic plan to expand its wealth management offerings and to diversify its fee-income generating businesses. Further, this transaction is expected to be immediately accretive to the company’s earnings and return on assets.
Further on Jul 28, WSFS Financial reported its second-quarter 2016 earnings per share of 58 cents which handedly outpaced the Zacks Consensus Estimate of 54 cents on higher revenues and lower provision for loan losses. However, higher operating expenses acted as a headwind.
Therefore, driven by the above mentioned deals and second-quarter results, analysts are bullish on WSFS Financial stock. The Zacks Consensus Estimate for 2016 has increased 3.2% over the past 30 days to $2.29 while the estimate for 2017 increased 0.8% to $2.50, over the same time frame.
WSFS FINL CORP Price and Consensus
WSFS FINL CORP Price and Consensus | WSFS FINL CORP Quote
Other Stocks that Warrant a Look
Some other favorably ranked savings and loan stocks include Meta Financial Group, Inc. (CASH - Free Report) , HomeStreet Inc. (HMST - Free Report) and Flagstar Bancorp Inc. , each sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>