FinWise Bancorp’s (NASDAQ:FINW – Get Rating) lock-up period is set to expire on Wednesday, May 18th. FinWise Bancorp had issued 3,500,000 shares in its initial public offering on November 19th. The total size of the offering was $36,750,000 based on an initial share price of $10.50. After the expiration of the company’s lock-up period, major shareholders and company insiders will be able to sell their shares of the company.
Separately, Zacks Investment Research upgraded FinWise Bancorp from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Friday, February 25th.
Shares of FINW stock opened at $13.71 on Wednesday. FinWise Bancorp has a 1 year low of $11.90 and a 1 year high of $21.86. The firm’s fifty day moving average price is $17.15. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.13 and a current ratio of 1.13.
In related news, VP David Tilis bought 3,050 shares of the firm’s stock in a transaction that occurred on Monday, May 2nd. The shares were acquired at an average cost of $14.96 per share, for a total transaction of $45,628.00. Following the acquisition, the vice president now directly owns 317,778 shares of the company’s stock, valued at approximately $4,753,958.88. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisor Group Holdings Inc. acquired a new position in shares of FinWise Bancorp in the 1st quarter worth $109,000. Smith Moore & CO. acquired a new position in shares of FinWise Bancorp in the 4th quarter worth $138,000. Stephens Inc. AR acquired a new position in shares of FinWise Bancorp in the 4th quarter worth $208,000. Rockefeller Capital Management L.P. purchased a new position in shares of FinWise Bancorp during the fourth quarter valued at $413,000. Finally, Cornercap Investment Counsel Inc. purchased a new position in shares of FinWise Bancorp during the first quarter valued at $555,000. Institutional investors and hedge funds own 26.84% of the company’s stock.
About FinWise Bancorp (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.
- Get a free copy of the StockNews.com research report on FinWise Bancorp (FINW)
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