FinWise Bancorp (NASDAQ:FINW) Releases Quarterly Earnings Results, Beats Estimates By $0.54 EPS

FinWise Bancorp (NASDAQ:FINW) posted its quarterly earnings data on Wednesday. The company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.54, FiscalAI reports. The company had revenue of $33.02 million for the quarter, compared to analysts’ expectations of $41.62 million. FinWise Bancorp had a net margin of 6.76% and a return on equity of 7.04%.

FinWise Bancorp Price Performance

FINW stock traded up $0.37 during midday trading on Wednesday, hitting $10.82. The stock had a trading volume of 51,818 shares, compared to its average volume of 26,486. The firm has a market cap of $150.21 million, a price-to-earnings ratio of 11.27 and a beta of 0.73. The business has a 50-day moving average of $12.22 and a two-hundred day moving average of $14.66. FinWise Bancorp has a 52-week low of $9.58 and a 52-week high of $19.86.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Raymond James Financial reaffirmed an “outperform” rating and set a $16.00 price target on shares of FinWise Bancorp in a research note on Friday, July 31st. Weiss Ratings reissued a “hold (c)” rating on shares of FinWise Bancorp in a research note on Monday, August 3rd. Stephens downgraded FinWise Bancorp from an “overweight” rating to an “equal weight” rating and set a $16.00 target price for the company. in a report on Thursday, August 6th. Wall Street Zen upgraded shares of FinWise Bancorp from a “strong sell” rating to a “sell” rating in a report on Saturday, October 17th. Finally, Zacks Research downgraded shares of FinWise Bancorp from a “hold” rating to a “strong sell” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, FinWise Bancorp presently has a consensus rating of “Hold” and an average price target of $16.00.

About FinWise Bancorp

FinWise Bancorp is the bank holding company for FinWise Bank, a Utah-chartered financial institution headquartered in Murray, Utah. Through its subsidiary, the company provides banking and lending services to consumers, small businesses and commercial customers.

FinWise Bank operates a strategic lending platform that partners with fintech companies, loan originators and other third parties to support the origination and servicing of consumer and small-business loans. Its offerings also include commercial lending, small business lending, Small Business Administration loans, commercial real estate financing and other credit products.

The bank additionally serves customers through its Utah community banking business, which provides deposit accounts and traditional banking services.