FinWise Bancorp (NASDAQ:FINW) Downgraded to “Strong Sell” Rating by Zacks Research

Zacks Research cut shares of FinWise Bancorp (NASDAQ:FINW) from a hold rating to a strong sell rating in a research note released on Monday,Zacks.com reports.

A number of other brokerages have also weighed in on FINW. Weiss Ratings reaffirmed a “hold (c)” rating on shares of FinWise Bancorp in a research report on Monday. Raymond James Financial reissued an “outperform” rating and set a $16.00 price target on shares of FinWise Bancorp in a research report on Friday. Finally, Wall Street Zen lowered FinWise Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $19.00.

FinWise Bancorp Stock Down 1.7%

NASDAQ FINW opened at $14.04 on Monday. The company has a fifty day moving average of $14.20 and a two-hundred day moving average of $15.50. The firm has a market capitalization of $192.56 million, a price-to-earnings ratio of 14.63 and a beta of 0.70. FinWise Bancorp has a 52 week low of $12.82 and a 52 week high of $22.49.

FinWise Bancorp (NASDAQ:FINW) last released its 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). FinWise Bancorp had a return on equity of 7.10% and a net margin of 6.76%.The firm had revenue of $24.38 million during the quarter, compared to the consensus estimate of $47.11 million. Equities research analysts anticipate that FinWise Bancorp will post 0.77 EPS for the current year.

FinWise Bancorp declared that its board has initiated a stock buyback plan on Thursday, May 21st that authorizes the company to buyback 685,000,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire up to 5% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On FinWise Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in FINW. BNP Paribas Financial Markets acquired a new stake in FinWise Bancorp during the 2nd quarter worth $25,000. Bank of America Corp DE raised its position 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 valued at $44,000 after buying an additional 2,838 shares during 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. purchased a new position in shares of FinWise Bancorp in the second quarter worth about $74,000. Finally, Cubist Systematic Strategies LLC acquired a new position in FinWise Bancorp during the first quarter worth about $104,000. Hedge funds and other 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.