Wintrust Financial Corp. (WTFC) Sees Strong Trading Volume on Better-Than-Expected Earnings
Wintrust Financial Corp. (NASDAQ:WTFC) saw an uptick in trading volume on Monday following a better than expected earnings announcement. 196,654 shares were traded during mid-day trading, a decline of 4% from the previous session’s volume of 203,955 shares.The stock last traded at $54.27 and had previously closed at $54.17.
The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.02. Wintrust Financial Corp. had a return on equity of 8.27% and a net margin of 16.55%. The firm earned $271.24 million during the quarter, compared to analysts’ expectations of $264.11 million. During the same period in the prior year, the company earned $0.69 earnings per share. The company’s quarterly revenue was up 17.7% on a year-over-year basis.
WTFC has been the subject of a number of research reports. Zacks Investment Research cut Wintrust Financial Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 22nd. Piper Jaffray Cos. reiterated a “neutral” rating and issued a $53.00 price target (up from $52.00) on shares of Wintrust Financial Corp. in a research note on Sunday, July 24th. Finally, Hovde Group initiated coverage on Wintrust Financial Corp. in a research note on Wednesday, August 24th. They issued a “market perform” rating and a $59.00 price target for the company. Nine research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $53.10.
In other Wintrust Financial Corp. news, insider Richard B. Murphy sold 1,293 shares of the stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $52.71, for a total transaction of $68,154.03. Following the completion of the sale, the insider now directly owns 28,445 shares in the company, valued at approximately $1,499,335.95. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of WTFC. Victory Capital Management Inc. increased its stake in shares of Wintrust Financial Corp. by 77.5% in the second quarter. Victory Capital Management Inc. now owns 2,277 shares of the company’s stock worth $116,000 after buying an additional 994 shares during the last quarter. First Mercantile Trust Co. acquired a new stake in shares of Wintrust Financial Corp. during the third quarter worth $167,000. PNC Financial Services Group Inc. increased its stake in shares of Wintrust Financial Corp. by 3.3% in the second quarter. PNC Financial Services Group Inc. now owns 3,585 shares of the company’s stock worth $183,000 after buying an additional 116 shares during the last quarter. Commonwealth Equity Services Inc acquired a new stake in shares of Wintrust Financial Corp. during the second quarter worth $200,000. Finally, Shelton Capital Management acquired a new stake in shares of Wintrust Financial Corp. during the second quarter worth $207,000. Hedge funds and other institutional investors own 91.93% of the company’s stock.
The firm has a 50 day moving average price of $55.15 and a 200 day moving average price of $52.27. The firm has a market capitalization of $2.82 billion, a PE ratio of 17.40 and a beta of 0.86.
Wintrust Financial Corp. Company Profile
Wintrust Financial Corporation is a financial holding company. The Company conducts its businesses through three segments: community banking, specialty finance and wealth management. The Company provides community-oriented, personal and commercial banking services to customers located in the Chicago metropolitan area and in southeastern Wisconsin through its banking subsidiaries (the banks).
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