U.S. Markets open in 3 hrs 26 mins
WEF 2022:

Yahoo Finance is in Davos! Get the latest updates here

Jack Henry's (JKHY) Symitar Gets Selected by Two Credit Unions

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·3 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

Jack Henry & Associates JKHY has been consistently gaining momentum among customers on the back of its robust portfolio of solutions.

This is evident from the fact that the company’s Symitar solution has been picked by Siouxland Federal Credit Union and Fulda Area Credit Union for hosting core solution in a private cloud space.

Further, both the credit unions have selected JKHY’s Banno Digital Platform to increase their operational efficiencies and offer a seamless digital experience to their members.

Thus, the selection by Siouxland Federal and Fulda Area has added strength to Jack Henry’s customer base. This is expected to contribute to the company’s top-line growth in the upcoming period.

Jack Henry & Associates, Inc. Price and Consensus

Jack Henry & Associates, Inc. Price and Consensus
Jack Henry & Associates, Inc. Price and Consensus

Jack Henry & Associates, Inc. price-consensus-chart | Jack Henry & Associates, Inc. Quote

Growing Customer Base

In addition to the recent partnership, Westmark Credit Union selected Jack Henry’s Symitar solution for hosting core solution in a private cloud environment.

IncredibleBank also selected Jack Henry’s online account opening solution to improve its online account opening procedure. Further, the bank chose JKHY’s Banno Digital Toolkit for leveraging the integrations available to Jack Henry’s customers with the help of the Banno Digital Platform.

Old Missouri Bank also selected the Jack Henry banking system, Banno Digital Platform, digital lending, deposit, and payment solutions to meet growth plans as well as provide an enhanced experience to customers.

In addition, Jack Henry’s lending platform has been selected by Bank of Charles Town to digitize and automate the commercial lending procedure.

Further, the company has more than 300 banks and credit union partners, which remains a positive. These banks and credit unions leverage its Gladiator Centurion Enterprise-Level Recovery solution for securing the backup and recovery of critical systems in the cloud.

We believe that the expanding customer base on the back of portfolio strength is expected to continue aiding the company in gaining investors’ confidence.

Coming to the price performance, Jack Henry has gained 7.6% over a year against the industry’s decline of 1.9%.

Zacks Investment Research
Zacks Investment Research

Image Source: Zacks Investment Research

Portfolio Strength - Key Catalyst

Jack Henry has been making strong efforts to strengthen its portfolio offerings to provide advanced technological solutions to customers.

Recently, the company’s lending division incorporated tax return spreading into its digital lending platform called LoanVantage. This will help banks and credit unions to automate and streamline the lending procedure.

In addition, the company introduced SecurePort for banks to help customers gain access to account balances and funds as well as protect them in times of crisis.

Also, Jack Henry Lending launched a powerful digital solution named FactorSoft Web Portal that provides near-real-time servicing to lenders anytime and anywhere.

Further, the availability of Jack Henry Consumer Loans for creating and managing loans as well as supporting borrower relationships remains noteworthy.

Zacks Rank & Stocks to Consider

Currently, Jack Henry carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader technology sector include Advanced Micro Devices AMD, Mimecast Limited MIME and Trimble TRMB, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Advanced Micro Devices has gained 31.4% over a year. The long-term earnings growth rate for AMD is currently projected at 46.2%.

Mimecast has gained 72.6% over a year. The long-term earnings growth rate for MIME is currently projected at 35%.

Trimble has gained 2.6% over a year. The long-term earnings growth rate for TRMB is currently projected at 12.7%.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report

Trimble Inc. (TRMB) : Free Stock Analysis Report

Jack Henry & Associates, Inc. (JKHY) : Free Stock Analysis Report

Mimecast Limited (MIME) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research