Alliancebernstein L.P. Sells 174,519 Shares of FinWise Bancorp $FINW

Key Points

• Alliancebernstein L.P. has reduced its stake in FinWise Bancorp by 17.7%, selling 174,519 shares and retaining about 810,266 shares valued at approximately $14.19 million.
• FinWise Bancorp reported earnings of $0.29 per share, exceeding analysts’ estimates of $0.22, and generating revenue of $25.07 million for the quarter.
• Analysts have upgraded FinWise Bancorp from a "sell" to a "hold" rating, with an average consensus price target of $20.88 and four analysts rating it as a "Buy."

Alliancebernstein L.P. trimmed its holdings in FinWise Bancorp (NASDAQ:FINW - Free Report) by 17.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 810,266 shares of the company's stock after selling 174,519 shares during the quarter. Alliancebernstein L.P. owned about 6.13% of FinWise Bancorp worth $14,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Northern Trust Corp increased its stake in shares of FinWise Bancorp by 24.2% during the fourth quarter. Northern Trust Corp now owns 16,296 shares of the company's stock valued at $260,000 after purchasing an additional 3,179 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of FinWise Bancorp in the 4th quarter worth approximately $197,000. Bank of America Corp DE grew its stake in shares of FinWise Bancorp by 4,847.1% in the 4th quarter. Bank of America Corp DE now owns 3,463 shares of the company's stock worth $55,000 after buying an additional 3,393 shares during the last quarter. Citadel Advisors LLC bought a new position in FinWise Bancorp during the 4th quarter valued at approximately $175,000. Finally, Millennium Management LLC purchased a new position in FinWise Bancorp during the fourth quarter valued at $679,000. 35.41% of the stock is owned by hedge funds and other institutional investors.

FinWise Bancorp Trading Up 2.5%

NASDAQ:FINW opened at $19.64 on Friday. The company has a market cap of $265.53 million, a PE ratio of 20.25 and a beta of 0.83. The company has a 50 day simple moving average of $17.81 and a two-hundred day simple moving average of $16.35. FinWise Bancorp has a 12 month low of $13.48 and a 12 month high of $20.94.

FinWise Bancorp (NASDAQ:FINW - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.07. FinWise Bancorp had a return on equity of 7.70% and a net margin of 12.72%.The firm had revenue of $25.07 million for the quarter, compared to the consensus estimate of $22.36 million. Research analysts forecast that FinWise Bancorp will post 1.03 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Wall Street Zen raised FinWise Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Four analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $20.88.

About FinWise Bancorp

FinWise Bancorp operates as the bank holding company for FinWise Bank that provides various banking products and services to individual and corporate customers in Utah. The company offers various deposit products, including interest and noninterest bearing demand accounts, health savings account demand deposits, NOW and money market accounts, and checking and savings accounts, as well as time deposits and certificates of deposits.

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