Regional banking company WSFS Financial (NASDAQ: WSFS) will be announcing earnings results this Thursday after market close. Here’s what to look for.
WSFS Financial beat analysts’ revenue expectations last quarter, reporting revenues of $278 million, up 6.2% year on year. It was an exceptional quarter for the company, with an impressive beat of analysts’ revenue estimates and a solid beat of analysts’ net interest income estimates.
Is WSFS Financial a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting WSFS Financial’s revenue to grow 4.8% year on year, improving from the 1.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. WSFS Financial has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at WSFS Financial’s peers in the regional banks segment, some have already reported their Q1 results, giving us a hint as to what we can expect. OFG Bancorp delivered year-on-year revenue growth of 4.2%, beating analysts’ expectations by 4.8%, and East West Bank reported revenues up 11.8%, topping estimates by 2.8%.
Read our full analysis of OFG Bancorp’s results here and East West Bank’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 8.8% on average over the last month. WSFS Financial is up 8.6% during the same time and is heading into earnings with an average analyst price target of $73.75 (compared to the current share price of $69.58).
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