Hovde Group Forecasts Strong Price Appreciation for FinWise Bancorp (NASDAQ:FINW) Stock

FinWise Bancorp (NASDAQ:FINW) had its target price increased by analysts at Hovde Group from $20.00 to $22.00 in a note issued to investors on Monday, Marketbeat Ratings reports. The firm currently has an “outperform” rating on the stock. Hovde Group’s price objective would indicate a potential upside of 22.84% from the stock’s previous close.

FINW has been the subject of a number of other reports. Weiss Ratings restated a “hold (c)” rating on shares of FinWise Bancorp in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of FinWise Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $21.75.

FinWise Bancorp Stock Performance

FINW stock opened at $17.91 on Monday. The firm has a 50 day moving average price of $19.26 and a 200-day moving average price of $16.65. FinWise Bancorp has a 52-week low of $13.48 and a 52-week high of $22.49. The firm has a market capitalization of $242.14 million, a price-to-earnings ratio of 18.46 and a beta of 0.82.

FinWise Bancorp (NASDAQ:FINW) last released its earnings results on Thursday, July 24th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.07. FinWise Bancorp had a net margin of 12.72% and a return on equity of 7.70%. The firm had revenue of $25.07 million during the quarter, compared to analyst estimates of $22.36 million. As a group, sell-side analysts forecast that FinWise Bancorp will post 1.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On FinWise Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its stake in FinWise Bancorp by 186.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 40,136 shares of the company’s stock valued at $703,000 after buying an additional 26,115 shares during the last quarter. Andina Capital Management LLC purchased a new stake in FinWise Bancorp during the 1st quarter valued at $805,000. Tempus Wealth Planning LLC purchased a new stake in FinWise Bancorp during the 1st quarter valued at $491,000. Siena Capital Partners GP LLC raised its stake in FinWise Bancorp by 20.6% during the 1st quarter. Siena Capital Partners GP LLC now owns 137,123 shares of the company’s stock valued at $2,401,000 after buying an additional 23,405 shares during the last quarter. Finally, US Bancorp DE grew its position in shares of FinWise Bancorp by 22.2% during the 2nd quarter. US Bancorp DE now owns 429,048 shares of the company’s stock valued at $6,440,000 after acquiring an additional 78,000 shares during the period. 35.41% of the stock is currently owned by hedge funds and other institutional investors.

About FinWise Bancorp

FinWise Bancorp operates as the bank holding company for FinWise Bank that provides various banking products and services to individual and corporate customers in Utah. The company offers various deposit products, including interest and noninterest bearing demand accounts, health savings account demand deposits, NOW and money market accounts, and checking and savings accounts, as well as time deposits and certificates of deposits.