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
Metric | Beat/Miss | Actual | Consensus Estimate |
Q4 Revenue | Beat | $271.90 mln | $180.22 mln (4 Analysts) |
Q4 EPS | $1.34 | ||
Q4 Net Income | $72.70 mln | ||
Q4 Net Interest Income | $187.40 mln | ||
Q4 Fee Revenue | $84.50 mln |
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
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)