Zacks Investment Research Downgrades FinWise Bancorp (NASDAQ:FINW) to Hold

FinWise Bancorp (NASDAQ:FINWGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “FinWise Bancorp is a bank holding company. It operates through its wholly-owned subsidiary, FinWise Bank, a Utah state-chartered non-member bank. The company is a lender to and takes deposits from consumers and small businesses. FinWise Bancorp is headquartered in Murray, Utah. “

FinWise Bancorp stock traded down $0.08 during mid-day trading on Wednesday, hitting $13.53. 14,049 shares of the company’s stock traded hands, compared to its average volume of 42,763. The company has a 50 day moving average of $15.55. FinWise Bancorp has a fifty-two week low of $11.90 and a fifty-two week high of $21.86. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.09 and a quick ratio of 1.09.

FinWise Bancorp (NASDAQ:FINWGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.20. As a group, equities analysts anticipate that FinWise Bancorp will post 3.09 earnings per share for the current fiscal year.

In other news, VP David Tilis bought 3,050 shares of the company’s stock in a transaction dated Monday, May 2nd. The stock was bought at an average price of $14.96 per share, with a total value of $45,628.00. Following the completion of the acquisition, the vice president now owns 317,778 shares of the company’s stock, valued at $4,753,958.88. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.

Institutional investors and hedge funds have recently bought and sold shares of the company. Smith Moore & CO. acquired a new stake in shares of FinWise Bancorp during the fourth quarter worth $138,000. JPMorgan Chase & Co. acquired a new stake in shares of FinWise Bancorp during the first quarter worth $111,000. Advisor Group Holdings Inc. acquired a new stake in shares of FinWise Bancorp during the first quarter worth $109,000. EAM Investors LLC bought a new position in shares of FinWise Bancorp in the first quarter worth $1,365,000. Finally, State of Tennessee Treasury Department bought a new position in shares of FinWise Bancorp in the first quarter worth $150,000. 26.84% of the stock is owned by institutional investors.

FinWise Bancorp Company Profile (Get Rating)

FinWise Bancorp operates as the bank holding company for FinWise Bank that provides various banking products and services to individual and corporate customers. It offers various deposit products, including interest and noninterest bearing demand, NOW, money market, and checking and savings accounts, as well as time deposits and certificates of deposits.

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