Wintrust Financial priced a $425 million public offering of depositary shares, expected to close on May 22, 2025.
Quiver AI Summary
Wintrust Financial Corporation has announced the pricing of an underwritten public offering of 17 million depositary shares, each with a liquidation preference of $25.00, totaling gross proceeds of $425 million. Each depositary share represents a 1/1,000th interest in Wintrust's 7.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F, with the offering expected to close on May 22, 2025, pending customary conditions. The funds raised will be used for general corporate purposes, including potential redemptions of existing preferred stock, subject to Federal Reserve approval. The company plans to list the depositary shares on The Nasdaq Global Select Market under the symbol “WTFCN.” RBC Capital Markets is the sole book-running manager for the offering, which is being made under an effective shelf registration statement with the SEC.
Potential Positives
- Wintrust has successfully priced an underwritten public offering of 17 million depositary shares, raising gross proceeds of $425 million, showcasing strong investor interest and financial stability.
- The offering is part of Wintrust's strategy to potentially redeem outstanding preferred shares, which could enhance its capital structure and financial health.
- By applying to list the Depositary Shares on The Nasdaq Global Select Market, Wintrust aims to increase its visibility and accessibility to a broader range of investors.
Potential Negatives
- The company is facing the challenge of needing to redeem outstanding shares of preferred stock, suggesting potential financial strain or restructuring needs.
- There are potential regulatory approvals required from the Federal Reserve for redeeming preferred stock, introducing uncertainty to the offering's planned execution.
- The offering's reliance on general corporate purposes raises concerns about the company's financial strategy and stability.
FAQ
What is the gross proceeds from Wintrust's public offering?
Wintrust has announced gross proceeds of $425 million from the public offering of 17 million depositary shares.
When is the expected closing date for the offering?
The offering is expected to close on May 22, 2025, pending customary closing conditions.
What will Wintrust use the net proceeds for?
Wintrust intends to use the net proceeds for general corporate purposes, including potential redemptions of Series D and E preferred stock.
Which financial institutions are involved in managing the offering?
RBC Capital Markets is the sole book-running manager, with co-managers including Keefe, Bruyette & Woods, Piper Sandler, and US Bancorp.
Where can investors find the prospectus for the offering?
Investors can obtain the prospectus supplement and accompanying prospectus by visiting EDGAR on the SEC’s website or contacting RBC Capital Markets.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$WTFC Insider Trading Activity
$WTFC insiders have traded $WTFC stock on the open market 15 times in the past 6 months. Of those trades, 3 have been purchases and 12 have been sales.
Here’s a breakdown of recent trading of $WTFC stock by insiders over the last 6 months:
- DAVID A DYKSTRA (VICE CHAIRMAN AND COO) has made 0 purchases and 2 sales selling 13,693 shares for an estimated $1,725,316.
- RICHARD B MURPHY (VICE CHAIR,CHIEF LENDING OFC) has made 0 purchases and 2 sales selling 10,352 shares for an estimated $1,304,182.
- DAVID L STOEHR (CHIEF FINANCIAL OFFICER) has made 0 purchases and 2 sales selling 7,679 shares for an estimated $967,419.
- KATHLEEN M BOEGE (EVP, GENERAL COUNSEL AND SEC) sold 2,032 shares for an estimated $266,821
- JEFFREY D HAHNFELD (EVP-CONTROLLER & CHIEF ACC OFF) has made 0 purchases and 4 sales selling 1,837 shares for an estimated $238,382.
- DAVID ERIC LEE (EXECUTIVE VICE PRESIDENT) sold 1,548 shares for an estimated $192,106
- EDWARD J WEHMER (FOUNDER AND SENIOR ADVISOR) has made 3 purchases buying 1,929 shares for an estimated $48,552 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$WTFC Hedge Fund Activity
We have seen 212 institutional investors add shares of $WTFC stock to their portfolio, and 205 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- EARNEST PARTNERS LLC added 1,313,186 shares (+inf%) to their portfolio in Q4 2024, for an estimated $163,767,426
- SEI INVESTMENTS CO added 505,293 shares (+261.4%) to their portfolio in Q4 2024, for an estimated $63,015,090
- ALYESKA INVESTMENT GROUP, L.P. added 414,991 shares (+inf%) to their portfolio in Q4 2024, for an estimated $51,753,527
- CITADEL ADVISORS LLC removed 361,300 shares (-99.1%) from their portfolio in Q4 2024, for an estimated $45,057,723
- FIRST TRUST ADVISORS LP added 337,763 shares (+36.5%) to their portfolio in Q4 2024, for an estimated $42,122,423
- BANK OF AMERICA CORP /DE/ added 320,954 shares (+55.6%) to their portfolio in Q4 2024, for an estimated $40,026,173
- DIMENSIONAL FUND ADVISORS LP removed 298,766 shares (-9.1%) from their portfolio in Q4 2024, for an estimated $37,259,107
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$WTFC Analyst Ratings
Wall Street analysts have issued reports on $WTFC in the last several months. We have seen 3 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Raymond James issued a "Strong Buy" rating on 04/23/2025
- Barclays issued a "Overweight" rating on 01/23/2025
- RBC Capital issued a "Outperform" rating on 01/08/2025
To track analyst ratings and price targets for $WTFC, check out Quiver Quantitative's $WTFC forecast page.
$WTFC Price Targets
Multiple analysts have issued price targets for $WTFC recently. We have seen 2 analysts offer price targets for $WTFC in the last 6 months, with a median target of $142.0.
Here are some recent targets:
- David Long from Raymond James set a target price of $143.0 on 04/23/2025
- Nathan Race from Piper Sandler set a target price of $141.0 on 04/23/2025
Full Release
ROSEMONT, Ill., May 08, 2025 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”) (Nasdaq: WTFC) today announced that it has priced an underwritten public offering of 17 million depositary shares with a liquidation preference of $25.00 per share (the “Depositary Shares”) for gross proceeds of $425 million before deducting underwriting discounts and other estimated offering expenses. Each Depositary Share represents a 1/1,000th interest in a share of Wintrust’s 7.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F. The offering is expected to close on May 22, 2025, subject to customary closing conditions.
Wintrust intends to use the net proceeds from the offering for general corporate purposes, which may include the redemption of all or a portion of its outstanding shares of Series D preferred stock and/or Series E preferred stock and the corresponding depositary shares representing interests in the Series E preferred stock, subject to approval from the Federal Reserve.
Wintrust intends to apply to list the Depositary Shares on The Nasdaq Global Select Market under the symbol “WTFCN.”
RBC Capital Markets is acting as sole book-running manager and Keefe, Bruyette & Woods, A Stifel Company , Piper Sandler and US Bancorp are acting as co-managers for the offering.
The offering is being made under an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (the “SEC”). The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Prospective investors should read the prospectus supplement and the accompanying prospectus in the registration statement and other documents Wintrust has filed or will file with the SEC for more complete information about Wintrust and the offering. Copies of the prospectus supplement and accompanying prospectus describing the offering may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or by contacting RBC Capital Markets, LLC toll free at 1-866-375-6829.
This press release shall not constitute an offer to sell or the solicitation of any offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
About Wintrust
Wintrust is a financial holding company whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements related to the completion of the public offering, the satisfaction of customary closing conditions related to the public offering and the intended use of net proceeds from the public offering. These forward-looking statements are based on management’s current expectations and beliefs and certain assumptions made by our management. Investors are cautioned that such statements are predictions and actual events or results may differ materially. Wintrust’s expected financial results or other plans, including Wintrust’s intention to consummate the offering and issue the Depositary Shares and Wintrust’s intended use of proceeds from the offering, are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, any of which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in Wintrust’s preliminary prospectus supplement dated May 8, 2025, Wintrust’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in any of Wintrust’s subsequent SEC filings. Forward-looking statements speak only as of the date made and, except as required by law, Wintrust undertakes no duty to update the information.
For more information contact:
Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Source: Wintrust Financial Corporation