FinWise Bancorp (NASDAQ:FINW) Posts Earnings Results, Misses Expectations By $0.10 EPS

FinWise Bancorp (NASDAQ:FINW) released its earnings results on Wednesday. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.10), FiscalAI reports. FinWise Bancorp had a return on equity of 8.24% and a net margin of 9.05%.The company had revenue of $24.38 million during the quarter, compared to the consensus estimate of $47.11 million.

FinWise Bancorp Stock Performance

Shares of FINW traded up $0.11 during mid-day trading on Wednesday, hitting $14.07. 12,562 shares of the company traded hands, compared to its average volume of 23,072. The stock has a 50-day moving average price of $14.19 and a two-hundred day moving average price of $15.63. FinWise Bancorp has a 1 year low of $12.82 and a 1 year high of $22.49. The stock has a market cap of $192.90 million, a price-to-earnings ratio of 12.79 and a beta of 0.70.

Wall Street Analyst Weigh In

FINW has been the topic of a number of recent analyst reports. Weiss Ratings cut shares of FinWise Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Wall Street Zen upgraded FinWise Bancorp from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Zacks Research raised FinWise Bancorp from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 30th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.00.

Institutional Investors Weigh In On FinWise Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets purchased a new position in shares of FinWise Bancorp in the 2nd quarter worth $25,000. Bank of America Corp DE grew its stake in shares of FinWise Bancorp by 3,887.7% during the 2nd quarter. Bank of America Corp DE now owns 2,911 shares of the company’s stock valued at $44,000 after purchasing an additional 2,838 shares during the period. JPMorgan Chase & Co. bought a new stake in shares of FinWise Bancorp during the 2nd quarter valued at about $65,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of FinWise Bancorp during the 2nd quarter valued at about $74,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of FinWise Bancorp during the 1st quarter valued at about $104,000. 35.41% of the stock is currently owned by hedge funds and other institutional investors.

FinWise Bancorp announced that its Board of Directors has approved a share repurchase program on Thursday, May 21st that authorizes the company to repurchase 685,000,000,000 shares. This repurchase authorization authorizes the company to repurchase up to 5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

About FinWise Bancorp

FinWise Bancorp is the bank holding company for FinWise Bank, a digital‐first community bank headquartered in Lindon, Utah. The company specializes in providing commercial lending and deposit products to marketplace lending platforms, fintech companies and small to mid‐sized businesses across the United States. FinWise Bancorp operates through its wholly owned subsidiary, FinWise Bank, which is FDIC‐insured and leverages a technology‐driven model to deliver banking services efficiently.

The company’s primary business activities include participant financing arrangements for marketplace lenders and other fintech platforms, as well as direct commercial loans.