FinWise Bancorp (NASDAQ:FINW) Announces Earnings Results, Misses Estimates By $0.10 EPS

FinWise Bancorp (NASDAQ:FINW) posted its quarterly earnings data on Wednesday. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.10), FiscalAI reports. The firm had revenue of $24.38 million for the quarter, compared to the consensus estimate of $47.11 million. FinWise Bancorp had a return on equity of 8.24% and a net margin of 9.05%.

FinWise Bancorp Price Performance

NASDAQ FINW traded up $0.11 during trading hours on Wednesday, reaching $14.07. The company’s stock had a trading volume of 12,562 shares, compared to its average volume of 23,072. The firm has a fifty day simple moving average of $14.19 and a 200-day simple moving average of $15.63. The stock has a market cap of $192.90 million, a P/E ratio of 12.79 and a beta of 0.70. FinWise Bancorp has a 52 week low of $12.82 and a 52 week high of $22.49.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FINW shares. Weiss Ratings cut shares of FinWise Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. Zacks Research upgraded shares of FinWise Bancorp from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 30th. Finally, Wall Street Zen raised shares of FinWise Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $22.00.

FinWise Bancorp declared that its board has initiated a stock buyback plan on Thursday, May 21st that permits the company to repurchase 685,000,000,000 shares. This repurchase authorization permits the company to buy up to 5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On FinWise Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in FINW. EP Wealth Advisors LLC bought a new position in shares of FinWise Bancorp during the fourth quarter valued at $192,000. Millennium Management LLC bought a new stake in shares of FinWise Bancorp in the fourth quarter worth $224,000. Bridgeway Capital Management LLC increased its holdings in FinWise Bancorp by 0.8% in the fourth quarter. Bridgeway Capital Management LLC now owns 88,889 shares of the company’s stock valued at $1,595,000 after purchasing an additional 700 shares during the period. Barclays PLC increased its holdings in FinWise Bancorp by 13.9% in the fourth quarter. Barclays PLC now owns 14,634 shares of the company’s stock valued at $263,000 after purchasing an additional 1,786 shares during the period. Finally, State Street Corp raised its position in FinWise Bancorp by 10.8% during the 4th quarter. State Street Corp now owns 86,148 shares of the company’s stock worth $1,545,000 after purchasing an additional 8,429 shares during the last quarter. 35.41% of the stock is currently owned by institutional investors and hedge funds.

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.