FinWise Bancorp (NASDAQ:FINW) Upgraded to “Hold” at Zacks Research

FinWise Bancorp (NASDAQ:FINW) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

FINW has been the topic of a number of other reports. Wall Street Zen cut FinWise Bancorp from a “hold” rating to a “sell” rating in a research note on Monday, May 18th. Weiss Ratings lowered shares of FinWise Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, FinWise Bancorp has an average rating of “Hold” and an average target price of $22.00.

FinWise Bancorp Stock Up 2.1%

FINW stock opened at $14.80 on Tuesday. The firm has a market cap of $202.91 million, a PE ratio of 13.45 and a beta of 0.70. The business has a 50 day moving average of $14.42 and a 200-day moving average of $16.16. FinWise Bancorp has a 12-month low of $12.82 and a 12-month high of $22.49.

FinWise Bancorp (NASDAQ:FINW) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.13). FinWise Bancorp had a return on equity of 8.24% and a net margin of 9.05%.The business had revenue of $24.33 million for the quarter, compared to the consensus estimate of $50.48 million. On average, research analysts expect that FinWise Bancorp will post 1.18 earnings per share for the current year.

FinWise Bancorp declared that its board has authorized a stock repurchase program on Thursday, May 21st that permits the company to buyback 685,000,000,000 shares. This buyback authorization permits the company to reacquire up to 5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On FinWise Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FINW. BNP Paribas Financial Markets purchased a new stake in FinWise Bancorp during the second quarter valued at about $25,000. Bank of America Corp DE increased its stake in shares of FinWise Bancorp by 3,887.7% in the second 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 position in shares of FinWise Bancorp in the second quarter worth about $65,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of FinWise Bancorp in the second quarter valued at approximately $74,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of FinWise Bancorp during the 1st quarter valued at approximately $104,000. 35.41% of the stock is currently owned by institutional investors.

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.