Jeffrey D. Hahnfeld, Executive Vice President and Chief Accounting Officer at Wintrust Financial Corp (NASDAQ:WTFC), has recently sold shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Hahnfeld sold a total of 485 shares over two transactions on November 25 and November 26. The shares were sold at prices ranging from $138.28 to $140.20 per share, amounting to a total transaction value of $67,693. Following these sales, Hahnfeld now holds 1,382 shares of Wintrust Financial.
In other recent news, Wintrust Financial Corporation reported a stable Q3 performance, with a net income exceeding $170 million. The acquisition of Macatawa Bank played a significant role in this growth, leading to a $1.3 billion increase in loans and a $2.3 billion rise in deposits. The company also achieved a record net interest income of $503 million. However, noninterest income saw a drop to $113.1 million due to less favorable mortgage-related revenues, and noninterest expenses rose to $360.7 million, partially due to costs related to the Macatawa acquisition. Looking ahead, Wintrust anticipates a positive valuation adjustment in Q4 due to rising mortgage rates and remains optimistic about future growth. The company also projects continued growth in loans and deposits. These developments are recent and reflect the company's strategic growth and resilience.
InvestingPro Insights
While Jeffrey D. Hahnfeld's recent sale of Wintrust Financial Corp (NASDAQ:WTFC) shares may raise eyebrows, it's essential to consider the broader financial context of the company. According to InvestingPro data, Wintrust Financial has demonstrated strong performance, with a market capitalization of $9.21 billion and a P/E ratio of 14.28, suggesting a relatively attractive valuation compared to industry peers.
InvestingPro Tips highlight that Wintrust Financial has raised its dividend for 11 consecutive years and maintained dividend payments for 25 consecutive years, indicating a commitment to shareholder returns. This consistent dividend policy may provide some reassurance to investors in light of the insider sale.
Moreover, the company's stock has shown impressive momentum, with a one-year price total return of 67.29% and a strong return over the last three months. This performance aligns with another InvestingPro Tip noting that the stock is trading near its 52-week high, currently at 97.64% of that peak.
It's worth noting that 8 analysts have revised their earnings upwards for the upcoming period, suggesting positive sentiment about Wintrust's near-term prospects. This optimism is further supported by the company's profitability over the last twelve months and analysts' predictions of continued profitability this year.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips that could provide deeper insights into Wintrust Financial's investment potential.
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