Phocas Financial Corp. Sells 7,007 Shares of Wintrust Financial Corporation (NASDAQ:WTFC)

Key Points

• Phocas Financial Corp. has reduced its stake in Wintrust Financial Corporation by 5.5%, still holding approximately $13.62 million worth in shares, making it the firm's second largest position.
• Research analysts have recently upgraded their ratings on Wintrust Financial, with Barclays raising its price target to $162.00 and Truist Financial setting a new target of $151.00.
• Wintrust Financial announced a quarterly dividend of $0.50 per share, reflecting an annualized dividend of $2.00 and a yield of 1.6%.

Phocas Financial Corp. decreased its position in Wintrust Financial Corporation (NASDAQ:WTFC - Free Report) by 5.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 121,067 shares of the bank's stock after selling 7,007 shares during the period. Wintrust Financial comprises 2.1% of Phocas Financial Corp.'s investment portfolio, making the stock its 2nd biggest position. Phocas Financial Corp. owned approximately 0.18% of Wintrust Financial worth $13,615,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of WTFC. Earnest Partners LLC purchased a new stake in shares of Wintrust Financial during the fourth quarter worth $163,767,000. Alyeska Investment Group L.P. purchased a new stake in Wintrust Financial during the 4th quarter valued at about $51,754,000. First Trust Advisors LP raised its holdings in Wintrust Financial by 36.5% in the 4th quarter. First Trust Advisors LP now owns 1,263,837 shares of the bank's stock valued at $157,613,000 after acquiring an additional 337,763 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Wintrust Financial in the 4th quarter worth approximately $40,562,000. Finally, Bank of America Corp DE boosted its holdings in shares of Wintrust Financial by 55.6% during the 4th quarter. Bank of America Corp DE now owns 897,932 shares of the bank's stock worth $111,981,000 after purchasing an additional 320,954 shares during the last quarter. Institutional investors and hedge funds own 93.48% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of Wintrust Financial from $130.00 to $138.00 and gave the company a "market perform" rating in a report on Wednesday, July 23rd. Wall Street Zen upgraded shares of Wintrust Financial from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Barclays reiterated an "overweight" rating and issued a $162.00 price target (up from $145.00) on shares of Wintrust Financial in a research note on Tuesday, July 8th. Hovde Group lifted their price target on Wintrust Financial from $107.00 to $115.00 and gave the stock a "market perform" rating in a research report on Wednesday, April 23rd. Finally, Stephens lowered their price target on Wintrust Financial from $145.00 to $132.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $145.77.

Wintrust Financial Price Performance

Wintrust Financial stock traded down $1.14 during mid-day trading on Thursday, hitting $123.38. 50,462 shares of the company were exchanged, compared to its average volume of 446,856. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.01 and a quick ratio of 1.01. Wintrust Financial Corporation has a 12-month low of $89.10 and a 12-month high of $142.04. The business's 50 day simple moving average is $126.15 and its two-hundred day simple moving average is $120.30. The company has a market capitalization of $8.26 billion, a P/E ratio of 11.66 and a beta of 0.85.

Wintrust Financial (NASDAQ:WTFC - Get Free Report) last released its earnings results on Monday, July 21st. The bank reported $2.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.59 by $0.19. The company had revenue of $670.78 million for the quarter, compared to analyst estimates of $661.43 million. Wintrust Financial had a net margin of 18.06% and a return on equity of 12.08%. During the same period in the prior year, the firm earned $2.32 EPS. Analysts forecast that Wintrust Financial Corporation will post 10.36 earnings per share for the current fiscal year.

Wintrust Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 7th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Thursday, August 7th. Wintrust Financial's dividend payout ratio is presently 18.92%.

Insiders Place Their Bets

In other news, insider Edward J. Wehmer bought 3,919 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was acquired at an average price of $26.35 per share, for a total transaction of $103,265.65. Following the acquisition, the insider owned 3,919 shares of the company's stock, valued at $103,265.65. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO David A. Dykstra sold 14,942 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $131.53, for a total transaction of $1,965,321.26. Following the sale, the chief operating officer directly owned 182,208 shares of the company's stock, valued at approximately $23,965,818.24. This trade represents a 7.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.01% of the company's stock.

About Wintrust Financial

Wintrust Financial Corporation operates as a financial holding company. It operates in three segments: Community Banking, Specialty Finance, and Wealth Management. The Community Banking segment offers non-interest bearing deposits, non-brokered interest-bearing transaction accounts, and savings and domestic time deposits; home equity, consumer, and real estate loans; safe deposit facilities; and automatic teller machine (ATM), online and mobile banking, and other services.