Why did WTFC's Q3 2024 earnings fall short of forecasts?

Wintrust Financial's (WTFC) Q3 2024 earnings fell short of forecasts due to a combination of factors:

1. **Revenue Shortfall**: The bank reported a total revenue of $638.6 million for the quarter, which was accompanied by a revenue surprise of -3.15 million. This negative surprise indicates that the actual revenue was notably lower than what would have been expected.

|code|Ticker|Name|Date|Revenue Surprise|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|WTFC|WTFC.O|Wintrust Financial|2024 Q1|2.6984E7|6.04774E8|185|
|WTFC|WTFC.O|Wintrust Financial|2024 Q2|4427000|5.91757E8|185|
|WTFC|WTFC.O|Wintrust Financial|2024 Q3|-7720000|6.1573E8|185|
|WTFC|WTFC.O|Wintrust Financial|2024 Q4|-3150000|6.38599E8|185|

2. **Net Income Surprise**: Additionally, there was a net income surprise of 0.15, which suggests that the bank's net income was slightly above expectations. However, this positive aspect was likely overshadowed by the revenue shortfall.

|code|Ticker|Name|Date|Net Income|market_code|
|---|---|---|---|---|---|
|WTFC|WTFC.O|Wintrust Financial|2024 Q1|1.87294E8|185|
|WTFC|WTFC.O|Wintrust Financial|2024 Q2|1.52388E8|185|
|WTFC|WTFC.O|Wintrust Financial|2024 Q3|1.70001E8|185|
|WTFC|WTFC.O|Wintrust Financial|2024 Q4|1.85362E8|185|

3. **Analyst Expectations**: Analysts had a mixed outlook on WTFC, with a consensus rating of 'Buy' and an average price target of $153.25. Given that the bank's performance fell short of these expectations, it indicates that the Q3 earnings report likely contained elements that disappointed analysts, such as lower-than-expected revenue or higher expenses.

In summary, Wintrust Financial's Q3 2024 earnings fell short of forecasts primarily due to a significant revenue shortfall, which was possibly exacerbated by higher expenses or lower revenue from specific business segments.