FinWise Bancorp (NASDAQ:FINW) to Buyback 685,000,000,000 Outstanding Shares

FinWise Bancorp (NASDAQ:FINW) declared that its Board of Directors has initiated a share buyback plan on Thursday, May 21st, RTT News reports. The company plans 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 plans are typically an indication that the company’s board believes its shares are undervalued.

FinWise Bancorp Trading Up 3.1%

FinWise Bancorp stock traded up $0.42 during trading hours on Thursday, reaching $13.95. 30,357 shares of the stock were exchanged, compared to its average volume of 22,372. The company has a market cap of $191.25 million, a P/E ratio of 12.68 and a beta of 0.74. FinWise Bancorp has a twelve month low of $12.82 and a twelve month high of $22.49. The stock has a 50 day moving average of $15.40 and a two-hundred day moving average of $16.96.

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

Analyst Upgrades and Downgrades

FINW has been the subject of several research analyst reports. Weiss Ratings cut shares of FinWise Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Wall Street Zen cut shares of FinWise Bancorp from a “hold” rating to a “sell” rating in a report on Monday. Finally, Zacks Research cut shares of FinWise Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, FinWise Bancorp currently has an average rating of “Hold” and an average target price of $22.00.

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.