David L. Stoehr, the Chief Financial Officer of Wintrust Financial Corp (NASDAQ:WTFC), recently sold 1,607 shares of the company's common stock. The shares were sold on October 24 at a weighted average price of $113.46, amounting to a total transaction value of approximately $182,330. Following this sale, Stoehr retains direct ownership of 14,874 shares in the company. The shares were sold in multiple transactions at prices ranging from $113.45 to $113.50.
In other recent news, Wintrust Financial Corporation reported a stable Q3 performance, posting a net income of over $170 million. The company's growth was significantly bolstered by the acquisition of Macatawa Bank, resulting in a $1.3 billion increase in loans and $2.3 billion in deposits. This contributed to a record net interest income of $503 million for the company. Despite a decrease in noninterest income to $113.1 million and an increase in noninterest expenses to $360.7 million, mainly due to the acquisition, Wintrust remains positive about its future growth. The company anticipates a positive valuation adjustment in Q4 due to rising mortgage rates and expects continued growth in loans and deposits. These recent developments indicate a solid performance for the remainder of 2024 and into 2025.
InvestingPro Insights
While David L. Stoehr's recent sale of Wintrust Financial Corp (NASDAQ:WTFC) shares may raise eyebrows, a deeper look at the company's financial metrics and market performance reveals a more nuanced picture.
According to InvestingPro data, Wintrust Financial Corp has a market capitalization of $7.5 billion and a price-to-earnings ratio of 11.63, suggesting the stock may be reasonably valued compared to its earnings. The company's revenue growth of 5.77% over the last twelve months and 6.93% in the most recent quarter indicates steady expansion.
Notably, Wintrust has demonstrated a strong commitment to shareholder returns. An InvestingPro Tip highlights that the company has raised its dividend for 10 consecutive years, with a current dividend yield of 1.58%. This consistent dividend growth, coupled with a 12.5% increase in the past year, underscores the company's financial health and dedication to rewarding investors.
Furthermore, Wintrust's stock has shown impressive performance, with a one-year price total return of 59.47%. This substantial gain suggests that despite the CFO's recent sale, the market maintains a positive outlook on the company's prospects.
It's worth noting that InvestingPro offers additional insights, with 6 more tips available for Wintrust Financial Corp. These tips could provide further context to the company's financial position and future outlook, potentially helping investors make more informed decisions.
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