FinWise Bancorp (NASDAQ:FINW) Lowered to Strong Sell Rating by Zacks Research

FinWise Bancorp (NASDAQ:FINW) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the company. Raymond James Financial reaffirmed an “outperform” rating and set a $16.00 price objective on shares of FinWise Bancorp in a research note on Friday. Wall Street Zen lowered FinWise Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of FinWise Bancorp in a research report on Monday. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, FinWise Bancorp currently has an average rating of “Hold” and an average target price of $19.00.

FinWise Bancorp Price Performance

Shares of NASDAQ FINW opened at $14.04 on Monday. FinWise Bancorp has a fifty-two week low of $12.82 and a fifty-two week high of $22.49. The firm has a market capitalization of $192.56 million, a P/E ratio of 14.63 and a beta of 0.70. The company’s 50 day simple moving average is $14.20 and its 200 day simple moving average is $15.50.

FinWise Bancorp (NASDAQ:FINW) last issued its earnings results on Wednesday, July 29th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.09). The business had revenue of $24.38 million for 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 7.10%. Sell-side analysts expect that FinWise Bancorp will post 0.77 EPS for the current fiscal year.

FinWise Bancorp declared that its Board of Directors has approved a share buyback 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 stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Institutional Trading of FinWise Bancorp

A number of hedge funds have recently added to or reduced their stakes in FINW. BNP Paribas Financial Markets bought a new stake in shares of FinWise Bancorp during the second quarter worth $25,000. Bank of America Corp DE lifted its stake in shares of FinWise Bancorp by 3,887.7% in the 2nd quarter. Bank of America Corp DE now owns 2,911 shares of the company’s stock valued at $44,000 after acquiring an additional 2,838 shares during the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of FinWise Bancorp during the 2nd quarter valued at $65,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in FinWise Bancorp during the 2nd quarter worth $74,000. Finally, Cubist Systematic Strategies LLC acquired a new position in FinWise Bancorp in the 1st quarter worth about $104,000. Institutional investors and hedge funds 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.