WSFS Financial Corporation has announced its robust performance in the fourth quarter of 2023, with impressive full-year core earnings per share of $4.55 and a core return on tangible common equity of 22.48%. The bank experienced significant growth in customer deposits and loans, as well as an increase in core fee revenue.
The company’s strong capital position allows for effective management of economic downturns and the enhancement of shareholder value. Despite not planning for interest rate cuts, WSFS anticipates continued growth in 2024, with a projected core return on assets of around 1.20% and double-digit fee revenue growth.
Looking ahead to 2024, WSFS expects a full-year core return on assets of approximately 1.20%, with a particular focus on driving double-digit fee revenue growth through its Cash Connect and Wealth businesses. The bank also foresees mid-single digit loan growth across all segments, with an emphasis on commercial and industrial loans.
While there are some bearish highlights, including outflows in Assets Under Management and an increase in non-performing assets, WSFS remains confident in its ability to achieve top-quartile performance. The company’s diverse business model provides various strategies for success.
WSFS’s positive outlook is supported by key metrics and financial data. The company’s market capitalization stands at $2.78 billion, demonstrating its significant size within the financial sector. With a low price-to-earnings (P/E) ratio of 9.85, WSFS’s stock may be undervalued relative to its near-term earnings growth. The company’s PEG ratio of 0.21 also suggests that it could be undervalued based on its earnings growth projections.
Investors have responded positively to WSFS’s strategies, with a strong price total return of 33.71% over the last three months. Additionally, WSFS has a solid dividend track record, having raised its dividend for 10 consecutive years and maintained dividend payments for 26 consecutive years.
For investors seeking more insights and tips on WSFS, InvestingPro offers a range of valuable information. Subscribers can access additional InvestingPro Tips, which can assist in making more informed investment decisions. With the New Year sale, subscriptions are available at up to a 50% discount. By using the coupon code SFY24, investors can enjoy an additional 10% off a 2-year or 1-year subscription.
Overall, WSFS Financial Corporation’s strong performance in Q4 2023 and positive outlook for 2024 make it an attractive option for investors. With its solid fundamentals, diverse business model, and commitment to shareholder value, WSFS is well-positioned for future success.
FAQ – WSFS Financial Corporation Q4 2023 Performance
1. What were the key highlights of WSFS Financial Corporation’s performance in Q4 2023?
– WSFS Financial Corporation reported impressive full-year core earnings per share of $4.55 and a core return on tangible common equity of 22.48%.
– The bank experienced significant growth in customer deposits and loans, as well as an increase in core fee revenue.
2. What is WSFS Financial Corporation’s outlook for 2024?
– WSFS anticipates continued growth in 2024, with a projected core return on assets of around 1.20% and double-digit fee revenue growth.
– The bank expects mid-single digit loan growth across all segments, with a focus on commercial and industrial loans.
3. What are the key metrics and financial data supporting WSFS Financial Corporation’s positive outlook?
– WSFS Financial Corporation’s market capitalization stands at $2.78 billion, showing its significant size within the financial sector.
– The company has a low price-to-earnings (P/E) ratio of 9.85 and a PEG ratio of 0.21, suggesting it may be undervalued relative to its earnings growth projections.
– Investors have responded positively with a strong price total return of 33.71% over the last three months.
4. What is WSFS Financial Corporation’s dividend track record?
– WSFS Financial Corporation has raised its dividend for 10 consecutive years and maintained dividend payments for 26 consecutive years.
5. Where can investors find more information and tips on WSFS Financial Corporation?
– For more insights and tips, investors can visit InvestingPro, which offers a range of valuable information on WSFS.
– Subscribers can access additional InvestingPro Tips that can assist in making more informed investment decisions.
– By using the coupon code SFY24, investors can enjoy an additional 10% off a 2-year or 1-year subscription during the New Year sale.
Key Terms and Jargon
– Core Earnings per Share: A measure of a company’s profitability that excludes certain one-time or non-recurring items.
– Core Return on Tangible Common Equity: A measure of a company’s profitability relative to its shareholders’ equity, excluding intangible assets.
– Core Return on Assets: A measure of a company’s profitability relative to its total assets.
– Core Fee Revenue: Revenue generated by providing various fee-based financial services.
– Commercial and Industrial Loans: Loans provided to businesses for commercial and industrial purposes.
– Market Capitalization: The total value of a company’s outstanding shares of stock.
– Price-to-Earnings (P/E) Ratio: A valuation ratio that compares a company’s share price to its earnings per share.
– PEG Ratio: Price-to-earnings (P/E) ratio divided by the earnings growth rate.
– Assets Under Management: The total value of assets managed by an investment company or financial institution.
– Non-Performing Assets: Assets that are not generating income or are in default.
– Dividend: A payment made by a corporation to its shareholders, typically from its profits.
– Subscription: An agreement to receive regular information or services for a specified period in exchange for a fee.
Suggested Related Links
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