Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market for Registrant’s Common Equity and Related Stockholder Matters
Our common stock is traded on the Nasdaq Global Select Market under the symbol “WSFS.” At February 23, 2023, we had 3,595 registered common stockholders of record.
The closing market price of our common stock at February 23, 2023 was $49.69.
Dividends
For a discussion of dividend restrictions on our common stock, or of restrictions on dividends from the Company's subsidiaries to the Company, see “Business - Regulation - Regulation of the Company - Dividends” and “Business - Regulation - Regulation of WSFS Bank - Dividends Restrictions.”
Securities Authorized for Issuance Under Equity Compensation Plans
Shown below is information as of December 31, 2022 with respect to compensation plans under which equity securities of the Registrant are authorized for issuance.
Equity Compensation Plan Information
(a) (b) (c)
Number of Securities to be issued upon exercise of outstanding options, warrants and rights Weighted-Average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities
reflected in column (a))
Equity compensation plans approved by stockholders (1)
356,315 $ 42.92 869,838
Equity compensation plans not approved by stockholders N/A N/A N/A
Total 356,315 $ 42.92 869,838
(1) Plans approved by stockholders include the 2013 Incentive Plan and the 2018 Incentive Plan.
Share Repurchases:
During the first quarter of 2020, the Board of Directors approved a share repurchase program authorizing the repurchase of 7,594,977 shares, or 15% of our outstanding shares as of March 31, 2020. During the second quarter of 2022, the Board of Directors of the Company approved an additional share repurchase authorization under the program of 6,358,727 shares of common stock, or 10% of its outstanding shares as of June 30, 2022. Under the programs, repurchases may be made from time to time in the open market or through negotiated transactions, subject to market conditions and other factors, and in accordance with applicable securities laws. The programs are consistent with our intent to return a minimum of 35% of annual core net income to stockholders through dividends and share repurchases while maintaining capital ratios in excess of regulatory minimums and, in the case of the Bank, the “well-capitalized” benchmarks.
During the three months ended December 31, 2022, the Company had 361,980 shares of common stock repurchased under the current share repurchase programs.
Month Total Number
of Shares
Purchased
Average Price
Paid Per
Share
Total Number of Shares
Purchased as Part of
Publicly Announced
Programs
Maximum Number
of Shares that May
Yet Be Purchased
Under the Programs
October 1, 2022 - October 31, 2022 361,980 $ 47.76 361,980 6,588,771
November 1, 2022 - November 30, 2022 — — — 6,588,771
December 1, 2022 - December 31, 2022 — — — 6,588,771
Total 361,980 47.76 361,980
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COMPARATIVE STOCK PERFORMANCE GRAPH
The graph and table which follow show the yearly percentage change in the cumulative total shareholder return on our common stock over the last five years compared with the cumulative total shareholder return of the Dow Jones Total Market Index, the Nasdaq Bank Index and KBW Nasdaq Regional Bank Index over the same period as obtained from Bloomberg L.P. Cumulative total shareholder return on our common stock or the indices equals the total increase in value since December 31, 2017, assuming reinvestment of all dividends paid into the common stock or the index, respectively. The graph and table were prepared assuming $100 was invested on December 31, 2017 in our common stock and in each of the indices. There can be no assurance that our future stock performance will be the same or similar to the historical stock performance shown in the graph below. We neither make nor endorse any predictions as to stock performance.
December 31, 2017 through December 31, 2022 Cumulative Total Return
2017 2018 2019 2020 2021 2022
WSFS Financial Corporation $ 100 $ 80 $ 94 $ 97 $ 110 $ 100
Dow Jones Total Market Index 100 97 121 133 161 150
Nasdaq Bank Index 100 84 104 96 138 115
KBW Nasdaq Regional Bank Index 100 83 102 93 128 119
ITEM 6. [RESERVED]
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