On Jun 26, Zacks Investment Research upgraded
WSFS Financial Corp.
) to a Zacks Rank #1 (Strong Buy).
FIRST PACTRUST (BANC): Free Stock Analysis
MUTUALFIRST FIN (MFSF): Free Stock Analysis
PROVIDENT FINL (PROV): Free Stock Analysis
WSFS FINL CORP (WSFS): Free Stock Analysis
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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
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.
Mutualfirst Financial Inc.
Provident Financial Holdings, Inc.
) - all of which carry a Zacks Rank #1.