FinWise Bancorp (NASDAQ:FINW) Issues Quarterly Earnings Results

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 quarterly earnings results on Thursday. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.07, Zacks reports. FinWise Bancorp had a net margin of 12.72% and a return on equity of 7.79%. The business had revenue of $25.07 million for the quarter, compared to analysts' expectations of $22.36 million.

FinWise Bancorp Trading Up 2.4%

Shares of NASDAQ:FINW traded up $0.42 during trading on Wednesday, reaching $17.90. The company's stock had a trading volume of 34,604 shares, compared to its average volume of 20,112. FinWise Bancorp has a 12 month low of $11.31 and a 12 month high of $20.94. The stock has a market capitalization of $236.64 million, a PE ratio of 18.02 and a beta of 0.80. The firm's 50 day simple moving average is $15.02 and its two-hundred day simple moving average is $16.19.

Institutional Trading of FinWise Bancorp

Several institutional investors and hedge funds have recently modified their holdings of FINW. Bank of America Corp DE increased its holdings in FinWise Bancorp by 4,847.1% during the fourth quarter. Bank of America Corp DE now owns 3,463 shares of the company's stock valued at $55,000 after buying an additional 3,393 shares during the period. Cubist Systematic Strategies LLC purchased a new position in FinWise Bancorp in the first quarter worth $104,000. Goldman Sachs Group Inc. grew 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 purchasing an additional 26,115 shares during the last quarter. Empowered Funds LLC grew its holdings 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 purchasing an additional 1,591 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings 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 purchasing an additional 20,866 shares during the last quarter. Institutional investors own 35.41% of the company's stock.

Wall Street Analyst Weigh In

FINW has been the subject of several analyst reports. Hovde Group reduced their price objective on FinWise Bancorp from $19.00 to $18.50 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Wall Street Zen upgraded FinWise Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $20.88.

FinWise Bancorp Company Profile

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.