WILMINGTON, Del. - WSFS Bank, a subsidiary of WSFS Financial Corporation (NASDAQ:WSFS), has announced the appointment of Randy Royther as the new Senior Vice President, Director of Interest Rate Hedging. Royther, reporting to Neil Orechiwsky, Senior Vice President and Managing Director of Capital Markets, will lead the Interest Rate Derivatives team at the bank, enhancing its risk management strategies for clients.
In his new role, Royther will focus on the bank's sales and trading activities, working closely with the Commercial, Wealth, and Consumer divisions to provide education and insights on market strategies and product structuring. His appointment is part of the bank's efforts to offer comprehensive lending and hedging solutions to its customers.
With a career that began on the trading floor of the Chicago Board Options Exchange, Royther brings extensive experience to WSFS Bank. He has previously led capital markets teams and developed interest rate hedging programs for regional banks, including South State (NYSE:SSB) Bank. Additionally, he has managed fixed income portfolio teams at Bank of America (NYSE:BAC) and Bank of Montreal / Harris Bank.
Royther's academic credentials include a master's degree in finance and marketing from the Kellogg (NYSE:K) School of Management at Northwestern (NASDAQ:NWE) University and a bachelor's degree in economics from the University of Colorado.
WSFS Financial Corporation, the parent company of WSFS Bank, reported $20.7 billion in assets and $84.9 billion in assets under management and administration as of June 30, 2024. The corporation operates from 114 offices and provides a range of financial services, including commercial and consumer banking, treasury management, and trust and wealth management.
This strategic appointment is based on a press release statement and reflects WSFS Bank's commitment to bolstering its capital markets expertise to better serve its customers' needs in managing financial risks.
In other recent news, WSFS Financial's earnings and revenue results have shown significant growth. The company's second-quarter results revealed core earnings per share of $1.08 and a core return on assets of 1.25%, with Wealth Management and Cash Connect divisions contributing to a 13% increase in core fee revenue. Analysts from DA Davidson, Piper Sandler, and Stephens have all adjusted their price targets for the company following these results, with a significant focus on WSFS's strong fee business and improved return on assets expectations.
In terms of personnel changes, WSFS Bank, a subsidiary of WSFS Financial, recently appointed John Heiser as Senior Vice President and Senior Private Banking Relationship Manager. Heiser brings over 20 years of wealth management expertise to the role, which is expected to enhance the bank's capabilities in serving its affluent client base. These are the recent developments for WSFS Financial.
InvestingPro Insights
As WSFS Bank continues to strengthen its capital markets capabilities with strategic appointments like that of Randy Royther, it's important for investors to keep an eye on the financial health and performance of its parent company, WSFS Financial Corporation. According to recent data from InvestingPro, WSFS Financial Corporation boasts a market capitalization of $3.02 billion, underscoring its significant presence in the financial sector.
The company's commitment to shareholder returns is evident, with an impressive track record of raising its dividend for 10 consecutive years, and maintaining dividend payments for 27 consecutive years. This consistency is a testament to WSFS's financial stability and dedication to its shareholders, and is particularly noteworthy for income-focused investors.
On the profitability front, WSFS has been profitable over the last twelve months, and analysts are optimistic about the company's future, predicting profitability for this year as well. This is supported by the company's solid operating income margin of 40.12% in the last twelve months as of Q2 2024, which indicates efficient management and the potential for sustained earnings.
For those looking for more in-depth analysis and additional InvestingPro Tips, WSFS Financial Corporation has a total of 6 tips listed on InvestingPro, which can provide further insights into the company's performance and potential investment opportunities.
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