Wintrust Financial (NASDAQ:WTFC) Shares Gap Down Following Weak Earnings

Shares of Wintrust Financial Co. (NASDAQ:WTFC) gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $112.29, but opened at $106.18. Wintrust Financial shares last traded at $111.97, with a volume of 65,776 shares changing hands.

The bank reported $2.47 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.03). Wintrust Financial had a net margin of 17.02% and a return on equity of 12.71%. The firm had revenue of $615.73 million during the quarter, compared to analysts’ expectations of $623.45 million. During the same period last year, the company earned $2.53 EPS. The business’s quarterly revenue was up 7.1% on a year-over-year basis.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Royal Bank of Canada increased their price target on shares of Wintrust Financial from $116.00 to $117.00 and gave the company an “outperform” rating in a research note on Tuesday, July 9th. DA Davidson raised their price target on shares of Wintrust Financial from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday. Truist Financial raised their price target on shares of Wintrust Financial from $123.00 to $127.00 and gave the company a “buy” rating in a research report on Wednesday. Raymond James raised their price objective on shares of Wintrust Financial from $125.00 to $135.00 and gave the company a “strong-buy” rating in a report on Wednesday. Finally, Citigroup lifted their price target on shares of Wintrust Financial from $126.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.00.

Institutional Trading of Wintrust Financial

Several hedge funds and other institutional investors have recently made changes to their positions in WTFC. Vanguard Group Inc. boosted its holdings in Wintrust Financial by 3.9% during the first quarter. Vanguard Group Inc. now owns 6,452,753 shares of the bank’s stock worth $673,603,000 after buying an additional 244,168 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Wintrust Financial by 5.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,017,295 shares of the bank’s stock valued at $297,376,000 after buying an additional 146,090 shares during the last quarter. F M Investments LLC acquired a new position in shares of Wintrust Financial in the second quarter valued at approximately $11,850,000. Allspring Global Investments Holdings LLC raised its position in shares of Wintrust Financial by 157.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 190,416 shares of the bank’s stock valued at $19,878,000 after buying an additional 116,503 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. raised its position in shares of Wintrust Financial by 15.5% in the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 630,824 shares of the bank’s stock valued at $62,174,000 after buying an additional 84,687 shares during the last quarter. Hedge funds and other institutional investors own 93.48% of the company’s stock.

Wintrust Financial Trading Down 0.4 %

The business’s 50-day moving average price is $106.84 and its two-hundred day moving average price is $102.07. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $7.06 billion, a price-to-earnings ratio of 11.77 and a beta of 1.16.

About Wintrust Financial

Wintrust Financial Corporation operates as a financial holding company. It operates in three segments: Community Banking, Specialty Finance, and Wealth Management. The Community Banking segment offers non-interest bearing deposits, non-brokered interest-bearing transaction accounts, and savings and domestic time deposits; home equity, consumer, and real estate loans; safe deposit facilities; and automatic teller machine (ATM), online and mobile banking, and other services.