Zacks Investment Research cut shares of Northwest Bancshares, Inc. (NASDAQ:NWBI) from a hold rating to a sell rating in a report released on Thursday morning.
According to Zacks, “Northwest Bancorp, Inc. is a bank holding company whose sole activity is the ownership of all of the issued and outstanding common stock of Northwest Savings Bank and the majority ownership of Jamestown Savings Bank. Northwest Savings Bank is a stock savings bank. The bank is a community-oriented institution offering traditional deposit and loan products, and through its subsidiaries, consumer finance services. “
Several other brokerages also recently weighed in on NWBI. ValuEngine downgraded Northwest Bancshares from a buy rating to a hold rating and set a $16.00 price target on the stock. in a report on Thursday, May 11th. BidaskClub downgraded Northwest Bancshares from a sell rating to a strong sell rating in a report on Saturday, June 24th. Three analysts have rated the stock with a sell rating and three have given a hold rating to the company. The company currently has an average rating of Hold and an average target price of $16.60.
Shares of Northwest Bancshares (NASDAQ:NWBI) traded down 0.06% during midday trading on Thursday, hitting $16.06. The stock had a trading volume of 320,872 shares. Northwest Bancshares has a 52-week low of $14.65 and a 52-week high of $19.10. The company’s 50 day moving average is $15.73 and its 200 day moving average is $16.53. The company has a market cap of $1.65 billion, a PE ratio of 18.72 and a beta of 0.63.
Northwest Bancshares (NASDAQ:NWBI) last issued its quarterly earnings results on Monday, July 24th. The savings and loans company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.01. Northwest Bancshares had a return on equity of 7.45% and a net margin of 18.91%. The firm had revenue of $124.21 million for the quarter, compared to the consensus estimate of $116.82 million. On average, analysts anticipate that Northwest Bancshares will post $0.85 earnings per share for the current year.
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The company 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. The ex-dividend date is Tuesday, August 1st. This represents a $0.64 annualized dividend and a yield of 3.99%. Northwest Bancshares’s payout ratio is currently 75.29%.
In other Northwest Bancshares news, Director Philip M. Tredway sold 13,560 shares of the firm’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $16.13, for a total transaction of $218,722.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Northwest Bancshares by 52,513.7% in the first quarter. BlackRock Inc. now owns 12,529,950 shares of the savings and loans company’s stock valued at $211,005,000 after buying an additional 12,506,135 shares during the last quarter. Norges Bank purchased a new position in Northwest Bancshares during the fourth quarter valued at approximately $19,609,000. Vanguard Group Inc. increased its position in Northwest Bancshares by 5.5% in the first quarter. Vanguard Group Inc. now owns 9,155,426 shares of the savings and loans company’s stock valued at $154,177,000 after buying an additional 478,726 shares during the last quarter. First Trust Advisors LP increased its position in Northwest Bancshares by 27.1% in the first quarter. First Trust Advisors LP now owns 1,347,573 shares of the savings and loans company’s stock valued at $22,693,000 after buying an additional 287,341 shares during the last quarter. Finally, KBC Group NV increased its position in Northwest Bancshares by 151.7% in the first quarter. KBC Group NV now owns 416,465 shares of the savings and loans company’s stock valued at $7,013,000 after buying an additional 251,023 shares during the last quarter. Institutional investors own 66.96% of the company’s stock.
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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