WILMINGTON, Del. – WSFS Bank, a subsidiary of WSFS Financial Corporation (NASDAQ:WSFS), announced the appointment of John Heiser as Senior Vice President and Senior Private Banking Relationship Manager. Heiser, who has more than 20 years of experience in wealth management, joins the bank's Private Wealth Management team to oversee high-value client relationships, providing credit, deposit, and wealth management services.
Heiser's technology is expected to improve the bank's ability to serve its affluent customers. His previous tenure includes 12 years at Wilmington Trust, where he held roles as Senior Private Banker and mortgage advisor to high net worth clients. Heiser's educational background includes a master's degree in education from Cabrini College and a bachelor's degree in English from Temple University.
Harrison Gelber, Senior Vice President and Director of Private Banking at WSFS, expressed confidence in Heiser's ability to contribute to the growth and quality of the bank's wealth management services. Heiser himself commented on the excitement of joining WSFS during a period of significant expansion.
WSFS Financial Corporation, with a history dating back to 1832, operates 114 offices in multiple states, including Pennsylvania, Delaware, New Jersey, Florida, Nevada, and Virginia. As of June 30, 2024, the organization reported $20.7 billion in assets and $84.9 billion in assets under management and administration. The company offers a wide range of financial services from commercial to consumer banking, and wealth management.
In other recent news, WSFS Financial Corporation has been under review by Piper Sandler and Stephens, both of whom adjusted their price rating for the company following its second quarter report. WSFS' Q2 earnings per share (EPS) of $1.16, adjusted for $1.08 after accounting for one-time items, beat both Piper Sandler's and the consensus estimate of $1.04. This decrease in earnings was largely due to a 13% increase in operating expenses quarter over quarter, driven by gains in WSFS's Cash Connect and Wealth Management business segments.
InvestingPro Insights
As WSFS Bank continues to strengthen its Private Wealth Management team with the addition of John Heiser, financial metrics and analyst insights from InvestingPro provide a comprehensive view of the company's financial health and market performance. WSFS Financial Corporation (NASDAQ:WSFS) has demonstrated a strong commitment to its shareholders, evidenced by its impressive record of increasing its dividend for 10 consecutive years and maintaining dividend payments for 27 consecutive years, which is an indication of the company's financial stability and reliability.
InvestingPro Data shows a market capitalization of $3.2 billion, indicating the bank's significant presence in the financial sector. The Price/Earnings (P/E) Ratio stands at 11.92, which would indicate that the stock is reasonably priced relative to its earnings. Furthermore, WSFS had a significant return, with a 1-month total return of 21.75% and a 3-month total return of 29.45%, highlighting the company's recent strong performance in the market.
InvestingPro Tips indicates that analysts are bullish on WSFS's prospects, with 3 analysts rating their stock upside. This positive sentiment is also supported by the forecast that the company will be profitable this year, a fact that is proven by its profit during the last twelve months. For those interested in detailed analysis and more information, there are InvestingPro Tips available
The strategic appointment of John Heiser is consistent with WSFS' strong financial position and growth trajectory, underscoring the bank's commitment to providing its high-net-worth clients with an expanding portfolio of wealth management services. As WSFS continues to evolve, these financial metrics and insights will remain important to investors monitoring the company's progress.
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