Wasatch Advisors LP Sells 99,915 Shares of FinWise Bancorp $FINW

Wasatch Advisors LP lessened its holdings in FinWise Bancorp (NASDAQ:FINW) by 16.6% during the second quarter, Holdings Channel.com reports. The firm owned 502,201 shares of the company’s stock after selling 99,915 shares during the quarter. Wasatch Advisors LP’s holdings in FinWise Bancorp were worth $7,282,000 at the end of the most recent quarter.

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

FinWise Bancorp Trading Up 1.3%

Shares of NASDAQ:FINW opened at $13.94 on Thursday. The company has a 50-day moving average price of $14.18 and a 200-day moving average price of $15.33. The company has a market cap of $191.12 million, a price-to-earnings ratio of 14.52 and a beta of 0.70. FinWise Bancorp has a 12 month low of $12.82 and a 12 month high of $22.49.

FinWise Bancorp (NASDAQ:FINW) last posted its earnings results on Wednesday, July 29th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.09). FinWise Bancorp had a return on equity of 7.10% and a net margin of 6.76%.The business had revenue of $54.34 million during the quarter, compared to the consensus estimate of $47.11 million. As a group, research analysts forecast that FinWise Bancorp will post 0.77 EPS for the current fiscal year.

FinWise Bancorp declared that its Board of Directors has approved a share repurchase plan on Thursday, May 21st that allows the company to buyback 685,000,000,000 shares. This buyback authorization allows the company to buy up to 5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

FINW has been the subject of several analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of FinWise Bancorp in a report on Monday, August 3rd. Raymond James Financial reaffirmed an “outperform” rating and issued a $16.00 price target on shares of FinWise Bancorp in a research note on Friday, July 31st. Wall Street Zen downgraded FinWise Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Zacks Research lowered FinWise Bancorp from a “hold” rating to a “strong sell” rating in a research note on Monday, August 3rd. Finally, Stephens cut shares of FinWise Bancorp from an “overweight” rating to an “equal weight” rating and set a $16.00 target price on the stock. in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.00.

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.