Intact Outlook for Greater P/E Expansion Above Peers; Trim Ests & Remain OW

研报英文原文证据摘录

Intact Outlook for Greater P/E Expansion Above Peers; Trim Ests & Remain OW

C O M PA N Y N O T E

J u l y 2 1 , 2 0 2 6

Wintrust Financial Corp. (WTFC) Overweight

CONCLUSION PRICE: US$158.93

While PPNR in 2Q disappointed largely due NIM pressure tied to some seasonal factors TARGET: US$186.00

negatively impacting loan yields, we remain Overweight on WTFC given likely multiple 14.0x our 2027E EPS

expansion further above peers as WTFC executes on above average operating leverage

via its superior organic B/S growth prospects. Apart from potentially stronger B/S growth, Nathan Race

Managing Director, Piper Sandler & Co.we also believe upside exists via a higher NIM in 2H26/2027 given WTFC's advantageous 312 267-5116, nathan.race@psc.com

positioning to minimize near-to-medium term upward deposit cost pressure. Continued

Adam Kroll, CFA

benign credit costs, ongoing solid fee income growth opportunities, and reiterated/well- Research Analyst, Piper Sandler & Co.

managed MSD operating expense should also contribute to superior operating leverage, 312 267-5071, adam.kroll@psc.com

in our view. Lastly, we believe WTFC's building excess capital outlook can support greater Nick Branton

returns to shareholders and/or well-received M&A. We trim our 2026E/2027E operating Research Analyst, Piper Sandler & Co.

EPS to $12.83/$13.30 (-2%/-1%) and PT to $186 (-$2) still based on 14.0x our 2027E. 312 281-3434, nick.branton@psc.com

Changes Previous Current

Reported EPS: $3.30 | Operating: $3.21 | Consensus: $3.14 | PSCe: $3.19 Rating — Overweight

Price Tgt US$188.00 US$186.00

FY26E EPS US$13.05 US$12.93

FY27E EPS US$13.45 US$13.30

• What Happened? WTFC underperformed the KRE by 301 bps today given a 1% PPNR FY26E TBV ($) US$98.32 US$97.60