FinWise Bancorp (NASDAQ:FINW) Issues Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Key Points

• FinWise Bancorp reported a quarterly earnings per share (EPS) of $0.29, exceeding the consensus estimate of $0.22 by $0.07.
• The company's revenue for the quarter was $25.07 million, surpassing the estimated $22.36 million.
• Shares of FinWise Bancorp saw a rise of 10.4%, trading at $17.29 after the earnings announcement.

FinWise Bancorp (NASDAQ:FINW - Get Free Report) issued its earnings results on Thursday. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.22 by $0.07, Zacks reports. FinWise Bancorp had a return on equity of 7.79% and a net margin of 12.72%. The business had revenue of $25.07 million during the quarter, compared to the consensus estimate of $22.36 million.

FinWise Bancorp Stock Up 10.4%

Shares of FINW traded up $1.63 during mid-day trading on Friday, hitting $17.29. 43,822 shares of the company's stock traded hands, compared to its average volume of 71,133. FinWise Bancorp has a 1 year low of $11.31 and a 1 year high of $20.94. The firm has a market capitalization of $228.57 million, a P/E ratio of 17.82 and a beta of 0.80. The business's 50-day moving average price is $14.92 and its 200-day moving average price is $16.18.

Institutional Investors Weigh In On FinWise Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its holdings in FinWise Bancorp by 186.3% in the first quarter. Goldman Sachs Group Inc. now owns 40,136 shares of the company's stock worth $703,000 after acquiring an additional 26,115 shares in the last quarter. Jane Street Group LLC increased its position in FinWise Bancorp by 169.2% in the first quarter. Jane Street Group LLC now owns 33,196 shares of the company's stock worth $581,000 after buying an additional 20,866 shares in the last quarter. Empowered Funds LLC increased its position in FinWise Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 24,052 shares of the company's stock worth $421,000 after buying an additional 1,591 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of FinWise Bancorp during the first quarter worth about $104,000. Finally, Bank of America Corp DE boosted its position in shares of FinWise Bancorp by 4,847.1% during the 4th quarter. Bank of America Corp DE now owns 3,463 shares of the company's stock valued at $55,000 after acquiring an additional 3,393 shares during the last quarter. 35.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wall Street Zen upgraded FinWise Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday. Hovde Group dropped their target price on FinWise Bancorp from $19.00 to $18.50 and set an "outperform" rating for the company in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a hold rating and four have given a buy 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 $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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