FinWise Bancorp (NASDAQ:FINW) Board Declares Share Buyback Program

FinWise Bancorp (NASDAQ:FINW) declared that its Board of Directors has approved a share repurchase plan on Thursday, May 21st, RTT News reports. The company plans to buyback 685,000,000,000 outstanding shares. This buyback authorization allows the company to purchase up to 5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

FinWise Bancorp Trading Up 3.1%

FinWise Bancorp stock traded up $0.42 on Thursday, hitting $13.95. 30,357 shares of the stock traded hands, compared to its average volume of 22,372. The firm has a market cap of $191.25 million, a P/E ratio of 12.68 and a beta of 0.74. The business’s fifty day simple moving average is $15.40 and its 200 day simple moving average is $16.96. FinWise Bancorp has a 1 year low of $12.82 and a 1 year high of $22.49.

FinWise Bancorp (NASDAQ:FINW) last announced its quarterly earnings data on Thursday, April 30th. The company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.13). The firm had revenue of $24.33 million for the quarter, compared to analysts’ expectations of $50.48 million. FinWise Bancorp had a net margin of 9.05% and a return on equity of 8.24%. As a group, analysts predict that FinWise Bancorp will post 1.18 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on FINW. Wall Street Zen cut shares of FinWise Bancorp from a “hold” rating to a “sell” rating in a research report on Monday. Zacks Research cut shares of FinWise Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Finally, Weiss Ratings lowered FinWise Bancorp from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.00.

FinWise Bancorp Company Profile

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.