Jamie Patrick Hopkins, Executive Vice President of WSFS Financial Corp (NASDAQ:WSFS), recently sold 8,090 shares of the company's common stock. The shares were sold at a weighted-average price of $57.75, with transactions ranging between $56.97 and $58.59. The total value of the sale amounted to approximately $467,197. Following this transaction, Hopkins holds 10,143 shares of WSFS Financial Corp.
Additionally, on October 2, 2024, 1,572 shares were withheld to cover taxes on vested restricted stock units. These shares were disposed of at a price of $48.79, totaling $76,697. The filing of this transaction was delayed due to clerical issues.
In other recent news, WSFS Financial Corporation has reported notable developments in its leadership team and financial performance. James Wechsler has been appointed as the new Executive Vice President and Chief Commercial Banking Officer of WSFS Bank, a move that is part of the bank's executive succession planning. Wechsler, with a history of various senior roles within WSFS, will oversee several departments including Commercial & Industrial Banking and Capital Markets.
In terms of financial performance, WSFS Financial Corporation reported a steady rise in key metrics for the third quarter of 2024. The bank noted a core earnings per share (EPS) of $1.08 and a core return on assets (ROA) of 1.22%. Furthermore, the company saw an annual growth of 5% in loans and 3% in deposits, with core fee revenue increasing to $90.1 million, a 5% rise from the previous quarter and 23% year-over-year.
However, WSFS also reported a slight increase in non-performing assets to 44 basis points due to two identified problem loans. The company also noted a minor decline in net interest margin to 3.78%, a 7 basis point decrease from Q2 2024. These are some of the recent developments investors should be aware of.
InvestingPro Insights
In light of Jamie Patrick Hopkins' recent stock sale, it's worth examining WSFS Financial Corp's current financial position and market performance. According to InvestingPro data, WSFS has a market capitalization of $3.31 billion and a P/E ratio of 12.79, suggesting a relatively modest valuation compared to industry peers.
The company's stock has shown impressive momentum, with a 52.33% total return over the past year and a strong 14.62% return in the last month alone. This recent performance aligns with an InvestingPro Tip indicating that WSFS has experienced a "significant return over the last week," which may have influenced the timing of Hopkins' sale.
Despite the recent insider selling, WSFS Financial Corp has demonstrated a commitment to shareholder returns. An InvestingPro Tip highlights that the company "has raised its dividend for 10 consecutive years" and "has maintained dividend payments for 27 consecutive years." This consistent dividend policy could be attractive to income-focused investors, even as executives like Hopkins adjust their holdings.
It's important to note that while the company shows strength in some areas, there are potential concerns. Another InvestingPro Tip mentions that WSFS "suffers from weak gross profit margins," which investors should consider when evaluating the company's overall financial health.
For a more comprehensive analysis, InvestingPro offers 9 additional tips for WSFS Financial Corp, providing deeper insights into the company's financial situation and market position.
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