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WSFS

WSFS Financial

$48.55

-0.95 (-1.92%)

16:43
02/27/18
02/27
16:43
02/27/18
16:43

WSFS Financial agrees to settlement with Universitas for $12M

WSFS Financial today that it has entered into a settlement agreement with Universitas Education to resolve claims related to services provided by Christiana Bank & Trust prior to WSFS' acquisition of Christiana Trust in December 2010. The claims relate to Christiana Trust's role as "insurance trustee" of the Charter Oak Trust Welfare Benefit Plan , and Universitas' alleged loss after funds from certain life insurance benefits were misappropriated by certain individuals unaffiliated with Christiana Trust or WSFS. Universitas sought damages in excess of $54M. WSFS settled the case for $12M to avoid the uncertainties of arbitration and to end the expense of ongoing litigation. Separately, WSFS will pursue all of its rights and remedies to recover this settlement payment and all related costs, including by enforcing the indemnity right in the 2010 Stock Purchase Agreement by which WSFS acquired Christiana Trust. Additionally, WSFS has already taken measures to recover expenses from various insurance carriers. WSFS intends to pursue all claims it has for full restitution for this settlement.The settlement for $12M requires WSFS to update its previously reported fourth quarter 2017 earnings, reducing reported after-tax earnings by approximately $9.3M, or 29c per share for the fourth quarter.

  • 24

    Sep

WSFS WSFS Financial
$48.55

-0.95 (-1.92%)

03/07/17
DADA
03/07/17
INITIATION
DADA
Buy
WSFS Financial initiated with a Buy at DA Davidson
DA Davidson analyst Russell E. T. Gunther is upbeat on WSFS's strategy and loan growth opportunities. He says that it has " catalysts for profitability improvement" and an unwarranted valuation discount. Target $55.
04/28/17
DADA
04/28/17
NO CHANGE
DADA
WSFS Financial should be bought on any weakness, says DA Davidson
DA Davidson analyst Russell Gunther blames WSFS' core EPS miss on higher than expected expenses. He expects the company's expenses to drop this quarter and recommends buying the shares on any weakness.
05/01/17
KBWI
05/01/17
DOWNGRADE
Target $50
KBWI
Market Perform
WSFS Financial downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette analyst Catherine Mealor downgraded WSFS Financial to Market Perform citing valuation following the company's Q1 results. The analyst keeps a $50 price target for the shares.
01/24/18
DADA
01/24/18
NO CHANGE
Target $64
DADA
Buy
WSFS Financial price target raised to $64 from $58 at DA Davidson
DA Davidson analyst Russell Gunther raised his price target on WSFS Financial to $64 after a Q4 earnings beat, saying the company's organic momentum along with fee M&A has produced an "above-peer return profile" over the past three years. Gunther contends that the profitability outperformance has not resulted in a premium valuation however, keeping his Buy rating on the stock while forecasting "continued profitability outperformance, double digit EPS growth, and the ability to hit the new ROA goal of 1.5% for FY18".

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