WSFS Financial Raised to Strong Buy - Analyst Blog

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On Jun 26, Zacks Investment Research upgraded WSFS Financial Corp. ( WSFS ) to a Zacks Rank #1 (Strong Buy).

Why the Upgrade?

WSFS Financial has been witnessing rising earnings estimates due to its first-quarter earnings, which increased nearly 55% year over year. Moreover, this bank holding company has a long-term earnings growth forecast of 5.0%.

On Apr 25, WSFS Financial's first-quarter earnings of $1.02 per share outpaced the Zacks Consensus Estimate of 76 cent by 34.2%. Better-than-expected results were driven by rise in fee income, partially offset by fall in non-interest income and higher operating expenses.

Further, WSFS Financial witnessed an improvement in loan balances. As of Mar 31, 2013, total net loans were $2.8 billion, up roughly 1% year over year. Additionally, deposit balance was almost stable at $3.2 billion as of Mar 31, 2013.

Moreover, WSFS Financial's credit quality remarkably improved during the quarter. Almost all the credit metrics - net charge-offs, nonperforming loans, total nonperforming assets, problem loans and delinquencies - declined or remained stable.

Profitability ratios grew for WSFS Financial during the reported quarter. As of Mar 31, 2013, return on average assets and return on average equity were 0.91% and 9.19%, respectively, increasing from 0.61% and 6.47% as of Mar 31, 2012.

The Zacks Consensus Estimate for 2013 increased 1.9% to $3.69 per share over the last 60 days. For 2014, the Zacks Consensus Estimate rose by a penny to $3.90 per share over the same period.

Other Stocks to Consider

Other stocks in the banking sector that are worth a look include First Pactrust Bancorp, Inc. ( BANC ), Mutualfirst Financial Inc. ( MFSF ) and Provident Financial Holdings, Inc. ( PROV ) - all of which carry a Zacks Rank #1.



FIRST PACTRUST (BANC): Free Stock Analysis Report

MUTUALFIRST FIN (MFSF): Free Stock Analysis Report

PROVIDENT FINL (PROV): Free Stock Analysis Report

WSFS FINL CORP (WSFS): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Business , Stocks

Referenced Stocks: BANC , MFSF , PROV , WSFS

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