Bank of America Corp DE boosted its stake in shares of Northwest Bancshares, Inc. (NASDAQ:NWBI) by 13.8% during the first quarter, Holdings Channel reports. The institutional investor owned 394,988 shares of the savings and loans company’s stock after buying an additional 48,028 shares during the period. Bank of America Corp DE’s holdings in Northwest Bancshares were worth $6,652,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently modified their holdings of the stock. FMR LLC purchased a new stake in shares of Northwest Bancshares during the fourth quarter valued at $696,000. Two Sigma Investments LP purchased a new stake in shares of Northwest Bancshares during the fourth quarter valued at $315,000. Norges Bank purchased a new stake in shares of Northwest Bancshares during the fourth quarter valued at $19,609,000. Quadrature Capital Ltd purchased a new stake in shares of Northwest Bancshares during the fourth quarter valued at $943,000. Finally, Highbridge Capital Management LLC purchased a new stake in shares of Northwest Bancshares during the fourth quarter valued at $292,000. Hedge funds and other institutional investors own 66.96% of the company’s stock.
Shares of Northwest Bancshares, Inc. (NASDAQ:NWBI) opened at 16.07 on Friday. The company has a market capitalization of $1.64 billion, a P/E ratio of 33.34 and a beta of 0.63. Northwest Bancshares, Inc. has a 52-week low of $14.65 and a 52-week high of $19.10. The firm’s 50 day moving average is $15.72 and its 200-day moving average is $16.55.
Northwest Bancshares (NASDAQ:NWBI) last issued its quarterly earnings data on Monday, July 24th. The savings and loans company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. Northwest Bancshares had a net margin of 18.91% and a return on equity of 7.45%. The firm had revenue of $124.21 million for the quarter, compared to analyst estimates of $116.82 million. Equities research analysts anticipate that Northwest Bancshares, Inc. will post $0.85 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Thursday, August 3rd will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date is Tuesday, August 1st. Northwest Bancshares’s dividend payout ratio is currently 75.29%.
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NWBI has been the topic of several recent research reports. ValuEngine downgraded shares of Northwest Bancshares from a “buy” rating to a “hold” rating and set a $16.00 price objective on the stock. in a research report on Thursday, May 11th. BidaskClub upgraded shares of Northwest Bancshares from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 10th. Finally, Zacks Investment Research upgraded shares of Northwest Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Three analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $16.60.
About Northwest Bancshares
Northwest Bancshares, Inc (Northwest) is a savings and loan holding company. The Company’s principal business consists of attracting deposits and making loans secured by various types of collateral, including real estate and other assets in the markets in which it operates. Its segments include Community Banking and Consumer Finance.
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