Wall Street Zen upgraded shares of FinWise Bancorp (NASDAQ:FINW – Free Report) from a strong sell rating to a sell rating in a report released on Saturday morning,Wall Street Zen reports.
A number of other brokerages have also recently issued reports on FINW. Raymond James Financial reissued an “outperform” rating and set a $16.00 target price on shares of FinWise Bancorp in a report on Friday, July 31st. Zacks Research lowered FinWise Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, August 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of FinWise Bancorp in a research report on Monday, August 3rd. Finally, Stephens lowered FinWise Bancorp from an “overweight” rating to an “equal weight” rating and set a $16.00 price objective on the stock. in a research note on Thursday, August 6th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $18.00.
View Our Latest Report on FINW
FinWise Bancorp Stock Down 2.3%
FinWise Bancorp (NASDAQ:FINW – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.09). The business had revenue of $54.34 million during the quarter, compared to the consensus estimate of $47.11 million. FinWise Bancorp had a net margin of 6.76% and a return on equity of 7.04%. Analysts anticipate that FinWise Bancorp will post 0.77 earnings per share for the current fiscal year.
FinWise Bancorp declared that its board has approved a share repurchase plan on Thursday, May 21st that permits the company to repurchase 685,000,000,000 shares. This repurchase authorization permits the company to purchase up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
Institutional Trading of FinWise Bancorp
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System lifted its stake in FinWise Bancorp by 277.0% in the 2nd quarter. California State Teachers Retirement System now owns 1,900 shares of the company’s stock worth $28,000 after purchasing an additional 1,396 shares in the last quarter. Globeflex Capital L P purchased a new position in shares of FinWise Bancorp during the 2nd quarter valued at $48,000. Deutsche Bank AG bought a new position in shares of FinWise Bancorp in the second quarter worth $139,000. IFP Advisors Inc bought a new position in shares of FinWise Bancorp in the second quarter worth $174,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of FinWise Bancorp in the second quarter worth $174,000. Institutional investors own 35.41% of the company’s stock.
About FinWise Bancorp
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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