Wintrust Financial Shares Dip On Q4 Miss: Details
Portfolio Pulse from Lekha Gupta
Wintrust Financial Corp (NASDAQ:WTFC) reported Q4 FY23 earnings with net revenue of $570.8 million, missing consensus estimates of $579.2 million. Adjusted EPS was $2.40, below the expected $2.49, and down 16% Y/Y. Net interest income increased 3% Y/Y but with a margin contraction. Total loans and deposits grew Y/Y, while the provision for credit losses decreased. The company expects to maintain net interest margin levels in the first quarter of 2024. WTFC shares dropped 3.20% in premarket trading.
January 18, 2024 | 12:21 pm
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NEGATIVE IMPACT
Wintrust Financial Corp reported lower-than-expected Q4 FY23 earnings, with both net revenue and adjusted EPS missing consensus estimates. Shares fell 3.20% in premarket trading.
The earnings miss is likely to negatively impact investor sentiment in the short term, as both key financial metrics fell short of expectations. The premarket share price movement suggests an immediate negative reaction to the news.
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IMPORTANCE 90
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