WSFS Financial beats Q4 revenue expectations on loan and deposit growth

Overview

• Banking firm's Q4 revenue beat analyst expectations, driven by loan and deposit growth

• Co reported EPS of $1.34 and ROA of 1.33%

• Company repurchased $109.3 mln of common stock

Outlook

• Company sees continued growth in fee-based businesses and commercial loan funding

Result Drivers

• LOAN GROWTH - WSFS reported 2% qtr-over-qtr loan growth, led by a 4% increase in commercial & industrial loans and 5% growth in residential mortgage and consumer loans

• DEPOSIT GROWTH - Client deposits grew 2% qtr-over-qtr, with noninterest demand deposits up 6%, driven by Institutional Services and Private Wealth Management

• FEE REVENUE - Wealth and Trust segment delivered 13% year-over-year growth, contributing to strong fee revenue performance

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for WSFS Financial Corp is $63.00, about 9.1% above its January 23 closing price of $57.74

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release: ID:nBw2bdgrba

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.