Zacks Research upgraded shares of FinWise Bancorp (NASDAQ:FINW – Free Report) from a strong sell rating to a hold rating in a research note published on Tuesday,Zacks.com reports.
Other research analysts have also recently issued research reports about the company. Weiss Ratings cut FinWise Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Wall Street Zen lowered shares of FinWise Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, May 18th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, FinWise Bancorp presently has a consensus rating of “Hold” and a consensus price target of $22.00.
Get Our Latest Stock Report on FINW
FinWise Bancorp Trading Up 2.1%
FinWise Bancorp (NASDAQ:FINW – Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.33 by ($0.13). The firm had revenue of $24.33 million during the quarter, compared to analysts’ expectations of $50.48 million. FinWise Bancorp had a net margin of 9.05% and a return on equity of 8.24%. Sell-side analysts forecast that FinWise Bancorp will post 1.18 earnings per share for the current fiscal year.
FinWise Bancorp announced that its board has initiated a share repurchase plan on Thursday, May 21st that authorizes the company to repurchase 685,000,000,000 outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
Hedge Funds Weigh In On FinWise Bancorp
Hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets purchased a new stake in shares of FinWise Bancorp in the second quarter valued at $25,000. Bank of America Corp DE increased its position in FinWise Bancorp by 3,887.7% during the 2nd quarter. Bank of America Corp DE now owns 2,911 shares of the company’s stock worth $44,000 after purchasing an additional 2,838 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in FinWise Bancorp during the 2nd quarter worth about $65,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in FinWise Bancorp in the 2nd quarter valued at about $74,000. Finally, Cubist Systematic Strategies LLC purchased a new position in FinWise Bancorp in the 1st quarter valued at about $104,000. Hedge funds and other institutional investors own 35.41% of the company’s stock.
FinWise Bancorp Company Profile
FinWise Bancorp is the bank holding company for FinWise Bank, a digital‐first community bank headquartered in Lindon, Utah. The company specializes in providing commercial lending and deposit products to marketplace lending platforms, fintech companies and small to mid‐sized businesses across the United States. FinWise Bancorp operates through its wholly owned subsidiary, FinWise Bank, which is FDIC‐insured and leverages a technology‐driven model to deliver banking services efficiently.
The company’s primary business activities include participant financing arrangements for marketplace lenders and other fintech platforms, as well as direct commercial loans.
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