Research Desk Line-up: KeyCorp Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 24, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Wintrust Financial Corp. (NASDAQ: WTFC) ("Wintrust"), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=WTFC, following the Company's disclosure of its financial results on October 18, 2017, for the third quarter of the fiscal year 2017 (Q3 FY17). The Rosemont, Illinois-based Company's diluted earnings per share (EPS) increased 22% y-o-y, and came in above market forecasts. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Regional - Midwest Banks industry. Pro-TD has currently selected KeyCorp (NYSE: KEY) for due-diligence and potential coverage as the Company announced on October 19, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on KeyCorp when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on WTFC; also brushing on KEY. With the links below you can directly download the report of your stock of interest free of charge at:
During the quarter ended September 30, 2017, Wintrust's net revenues came in at $295.72 million, rising from $271.24 million in Q3 FY16. However, the revenue numbers missed market expectations of $296.75 million. The Company's net interest income rose to $215.99 million in Q3 FY17 from $184.64 million in Q3 FY16. Meanwhile, the Company's net interest income came in at $217.95 million on a fully tax equivalent (FTE) basis for the reported quarter compared to $186.19 million in the year-ago same quarter.
The Company's total non-interest income also increased to $79.73 million in Q3 FY17 from $86.60 million in the previous year's corresponding quarter. Meanwhile, the Company's non-interest expenses also increased to $183.57 million in Q3 FY17 from $176.62 million in Q3 FY16.
The bank holding Company reported net income applicable to common shares of $63.58 million, or $1.12 per diluted common share, in Q3 FY17 versus $49.49 million, or $0.92 per diluted common share, in Q3 FY16. Meanwhile, Wall Street had expected the Company to report net income of $1.08 per diluted share.
During the reported quarter, the Company's return on average assets was 0.96% versus 0.85% in the prior year's comparable quarter. The return on average equity came in at 9.15% in Q3 FY17 compared to 8.20% reported in the year-ago same period. The Company's return on average tangible common equity was 11.39% for the quarter ended September 30, 2017, versus 10.55% at the end the last year's corresponding quarter. Furthermore, the bank's adjusted efficiency ratio was 61.68% on a FTE basis during Q3 FY17 compared to 65.54% in Q3 FY16.
Wintrust's net interest margin increased to 3.43% for the reported quarter from 3.21% in Q3 FY16, while net interest margin (FTE) rose to 3.46% during Q3 FY17 compared to 3.24% for the quarter ended September 30, 2016. The bank's yield on earning assets improved to 3.96% during Q3 FY17 from 3.65% in the year-ago comparable period. In Q3 FY17, the average total earning assets increased to $25.01 billion from $22.87 billion in the previous year's same quarter.
The Company's allowance for loan and covered loan losses was $133.12 million, or 0.64% of total loans, as on September 30, 2017, compared to $117.69 million, or 0.62% of total loans, as on September 30, 2016.
Wintrust's average loans, net of unearned income balance, increased to $21.20 billion during the quarter ended September 30, 2017, from $19.07 billion in Q3 FY16. Average total assets balance grew in the quarter ended September 30, 2017, from $24.88 billion for the same period in Q3 FY16. Interest-bearing deposits were $16.29 billion as on September 30, 2017, compared to $15.12 billion recorded as on September 30, 2016. Meanwhile, average total deposits rose 8% to $22.90 billion in Q3 FY17 from $21.15 billion in the year-ago comparable quarter.
As on September 30, 2017, the Banks' non-performing assets were $77.98 million, or 0.37% of the total loan, compared to $83.13 million, or 0.44% of total assets, as on September 30, 2016. Furthermore, the Company made total recoveries of $1.95 million during Q3 FY17 compared to $1.19 million in Q3 FY16.
As on September 30, 2017, the Company's common equity tier 1 capital risk-weighted assets was 9.5% versus 8.7% as on September 30, 2016. The Company's tier 1 risk-based capital ratio came in at 10.0% as on September 30, 2017, compared to 9.8% as on September 30, 2016. Wintrust's tier 1 capital to risk-weighted assets ratio was 10.0% as the end of the reported quarter versus 9.8% at the close of the last year's corresponding quarter. Furthermore, leverage ratio stood at 9.2% as on September 30, 2017, compared to 9.0% on September 30, 2016.
Wintrust Financial's share price finished yesterday's trading session at $79.44, sliding 2.43%. A total volume of 304.79 thousand shares have exchanged hands, which was higher than the 3-month average volume of 291.77 thousand shares. The Company's stock price soared 1.95% in the last three months, 9.80% in the past six months, and 45.47% in the previous twelve months. Additionally, the stock gained 9.47% since the start of the year. Shares of the Company have a PE ratio of 19.06 and have a dividend yield of 0.70%. The stock currently has a market cap of $4.33 billion.
Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email email@example.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: (917) 341.4653
Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Pro-Trader Daily