Bank of America Corp DE Invests $168.02 Million in Wintrust Financial Corporation $WTFC

Key Points

• Bank of America initiated a $168.02 million position in Wintrust Financial during the second quarter, purchasing 1.05 million shares, or approximately 1.55% of the company. Institutional investors collectively own 93.48% of WTFC.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $177.77. Nine analysts rate the stock Buy, while four assign a Hold rating.
• Wintrust exceeded quarterly expectations, reporting $3.30 earnings per share versus the $3.15 consensus and revenue of $738.63 million, up 10.1% year over year. The company also declared a quarterly dividend of $0.55 per share, representing a 1.5% annualized yield.

Bank of America Corp DE bought a new position in Wintrust Financial Corporation (NASDAQ:WTFC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,045,426 shares of the bank's stock, valued at approximately $168,021,000. Bank of America Corp DE owned about 1.55% of Wintrust Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of WTFC. BlackRock Inc. purchased a new position in Wintrust Financial during the second quarter worth approximately $1,058,088,000. First Trust Advisors LP grew its stake in shares of Wintrust Financial by 26.6% during the 1st quarter. First Trust Advisors LP now owns 1,830,268 shares of the bank's stock valued at $254,297,000 after buying an additional 385,069 shares during the period. Geode Capital Management LLC grew its stake in shares of Wintrust Financial by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 1,273,042 shares of the bank's stock valued at $178,038,000 after buying an additional 16,997 shares during the period. Norges Bank acquired a new stake in shares of Wintrust Financial during the 4th quarter worth $111,924,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Wintrust Financial during the 2nd quarter worth $92,734,000. 93.48% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on WTFC shares. Piper Sandler set a $186.00 target price on Wintrust Financial in a research report on Wednesday, July 22nd. Barclays boosted their price target on Wintrust Financial from $190.00 to $192.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Wall Street Zen downgraded Wintrust Financial from a "hold" rating to a "sell" rating in a report on Saturday, September 12th. Truist Financial raised their price objective on Wintrust Financial from $170.00 to $183.00 and gave the stock a "buy" rating in a report on Friday, July 10th. Finally, TD Cowen reduced their price objective on Wintrust Financial from $184.00 to $183.00 and set a "buy" rating on the stock in a research note on Wednesday, July 22nd. Nine investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $177.77.

Wintrust Financial Trading Down 0.2%

NASDAQ:WTFC opened at $147.94 on Friday. The business's 50-day moving average is $156.94 and its two-hundred day moving average is $151.03. The firm has a market capitalization of $9.98 billion, a PE ratio of 11.88 and a beta of 0.84. Wintrust Financial Corporation has a 12 month low of $119.61 and a 12 month high of $167.21. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.98 and a quick ratio of 0.97.

Wintrust Financial (NASDAQ:WTFC - Get Free Report) last issued its earnings results on Monday, July 20th. The bank reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.15 by $0.15. The company had revenue of $738.63 million during the quarter, compared to the consensus estimate of $735.36 million. Wintrust Financial had a return on equity of 13.37% and a net margin of 20.72%.The company's revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.78 earnings per share. Research analysts predict that Wintrust Financial Corporation will post 13.04 earnings per share for the current fiscal year.

Wintrust Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 6th were issued a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Thursday, August 6th. Wintrust Financial's dividend payout ratio is currently 17.67%.

Insider Transactions at Wintrust Financial

In other Wintrust Financial news, COO David Dykstra sold 13,515 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $162.77, for a total value of $2,199,836.55. Following the completion of the sale, the chief operating officer owned 166,449 shares of the company's stock, valued at $27,092,903.73. This trade represents a 7.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.24% of the stock is owned by company insiders.

Wintrust Financial Profile

Wintrust Financial Corporation NASDAQ: WTFC is a financial services company and bank holding company headquartered in Rosemont, Illinois. Founded in 1991, the company operates a network of community banks that serve individuals, families, businesses and institutions.

Wintrust's banking operations provide deposit accounts, commercial and consumer lending, mortgage financing, treasury management, payment services and other traditional banking products. Through specialized subsidiaries and affiliated businesses, the company also offers wealth management, investment services, insurance premium financing, equipment leasing and related financial solutions.

The company primarily serves communities in the greater Chicago metropolitan area and has expanded its banking presence into surrounding Midwestern markets, including parts of Wisconsin and Indiana.

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