|Over a week ago|
WSFS Financial increases quarterly cash dividend 8% to 13c per share » 16:3304/2204/22/21
The company's board…
The company's board approved a quarterly cash dividend of 13c per share of common stock, an 8% increase from its cash dividend in Q4. During the quarter, WSFS repurchased 267,309 shares at an average price of $44.97, totaling $12M.
WSFS Financial reports Q1 EPS $1.36, consensus 86c » 16:3104/2204/22/21
Reports Q1 revenue $162M,…
Reports Q1 revenue $162M, consensus $124.79M. Reports Q1 tangible book value per share $25.60. Reports Q1 net charge-offs .18%. Reports Q1 CET1 capital ratio 13.2%. Rodger Levenson, chairman, president and CEO, said, "Our Q1 results included a core ROA of 1.89%, a 20% increase in year-over-year core fee revenue and improvement across key credit metrics. Our solid operating results and strong capital position continue to provide momentum to capture significant organic growth opportunities."
|Over a month ago|
Bryn Mawr Bank downgraded on pending acquisition at Keefe Bruyette » 05:1103/1203/12/21
Keefe Bruyette analyst…
Keefe Bruyette analyst Michael Perito downgraded Bryn Mawr Bank (BMTC) to Market Perform from Outperform with a price target of $42, down from $50. The downgrade reflects the fixed exchange ratio of 0.9 WSFS Financial (WSFS) shares for .each Bryn Mawr share, and aligns with how he now values WSFS. Perito is modeling a late October close for the transaction
WSFS Financial downgraded to Neutral from Buy at DA Davidson » 07:3903/1103/11/21
DA Davidson analyst…
DA Davidson analyst Russell Gunther downgraded WSFS Financial (WSFS) to Neutral from Buy with a price target of $54, up from $53. The company's acquisition of Bryn Mawr Trust (BMTC) is "strategically compelling" in that it creates a "Philadelphia MSA powerhouse with a wealth management crown jewel that drives fee-to-revenue of over 30%", the analyst tells investors in a research note. Gunther adds however that despite the deal's longer term strategic merits, visibility for WSFS "remains challenging" as it relates to net loan growth ex-ring fenced portfolios and a core expense run-rate.
WSFS Financial downgraded to Neutral from Buy at DA Davidson » 06:4303/1103/11/21
DA Davidson analyst…
DA Davidson analyst Russell Gunther downgraded WSFS Financial to Neutral from Buy.
WSFS Financial and Bryn Mawr Bank to hold joint conference call » 09:5703/1003/10/21
President & CEO…
President & CEO Levenson and Bryn Mawr's President & CEO Leto hold a joint conference call to discuss the definitive merger agreement whereby Bryn Mawr Bank will merge with WSFS Financial on March 10 at 10 am.
WSFS Financial to combine with Bryn Mawr Bank in $976.4M transaction » 08:3303/1003/10/21
WSFS Financial Corporation (WSFS) and Bryn Mawr Bank Corporation (BMTC), jointly announced today the signing of a definitive merger agreement whereby Bryn Mawr Bank Corporation will merge with WSFS Financial Corporation, in a transaction valued at approximately $976.4 million. Simultaneously with the merger, The Bryn Mawr Trust Company, the wholly owned subsidiary of Bryn Mawr, will merge into WSFS Bank, a wholly owned subsidiary of WSFS. The combination of two of the high performing, locally-based financial services companies in the Greater Philadelphia and Delaware region solidifies WSFS' position as the preeminent, locally-headquartered bank for this region. With nearly $20 billion in assets and an approximately $43 billion Wealth Management business as of December 31, 2020, WSFS believes that following the merger it will be the only bank in the region with distinct market-share advantages, including market knowledge, local decision-making, a full-service product suite and a balance sheet to compete with larger regional and national banks. Under the terms of the agreement, stockholders of Bryn Mawr will receive 0.90 of a share of WSFS common stock for each share of Bryn Mawr common stock. The per share value equates to an implied value of $48.55 for Bryn Mawr stockholders based on the closing price of WSFS stock on March 9, 2021. WSFS anticipates consolidating approximately 30% of the combined banking offices due to geographic overlap and optimization opportunities within the network. WSFS expects pre-tax merger and restructuring costs of approximately $127 million and to achieve annual cost synergies of approximately $73 million, once fully phased in by 2023. The merger is expected to be accretive to WSFS' earnings per share in 2022, excluding the one-time merger and restructuring costs noted above, and 13.4% accretive once all synergies are achieved in 2023, generating an internal rate of return of approximately 18.0%. After closing, Frank Leto, President and CEO of Bryn Mawr, will join the Boards of Directors of WSFS Financial and WSFS Bank along with two mutually agreed upon current directors of Bryn Mawr's Board. The merger agreement has been approved by the boards of directors of both companies. Closing of the transaction is subject to customary approvals by regulators and stockholders of both companies. Pending those approvals, the transaction is expected to close early in the fourth quarter of 2021.
WSFS Financial downgraded to Neutral from Outperform at Boenning & Scattergood » 07:4103/0403/04/21
Boenning & Scattergood analyst Erik Zwick downgraded WSFS Financial to Neutral from Outperform. WSFS shares have increased 86% since the start of the bank rally in late summer, noted Zwick, who feels the stock is fairly valued following the price outperformance.
WSFS Financial downgraded to Neutral from Overweight at Piper Sandler » 06:0703/0103/01/21
Piper Sandler analyst…
Piper Sandler analyst Frank Schiraldi downgraded WSFS Financial to Neutral from Overweight with a price target of $55, up from $50. The analyst cites valuation for the downgrade following a significant increase in the share price last week related to WSFS's addition to the S&P Smallcap 600 Index.
WSFS Financial to replace Cleveland-Cliffs in S&P 600 at open on 3/1 04:5503/0103/01/21