Zacks Investment Research Downgrades Northwest Bancshares (NWBI) to Sell

Northwest Bancshares (NASDAQ:NWBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

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. “

Separately, BidaskClub cut Northwest Bancshares from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 30th.

Shares of Northwest Bancshares stock opened at $17.43 on Wednesday. Northwest Bancshares has a 1 year low of $15.50 and a 1 year high of $18.81. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of 2.38 and a beta of 0.71. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.02 and a quick ratio of 1.02.

Northwest Bancshares (NASDAQ:NWBI) last posted its quarterly earnings data on Tuesday, January 22nd. The savings and loans company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.01). The firm had revenue of $110.08 million for the quarter, compared to the consensus estimate of $109.58 million. Northwest Bancshares had a return on equity of 8.54% and a net margin of 22.57%. On average, sell-side analysts forecast that Northwest Bancshares will post 1.05 EPS for the current fiscal year.

In related news, Director Philip M. Tredway sold 39,210 shares of the firm’s stock in a transaction on Friday, February 8th. The stock was sold at an average price of $17.97, for a total value of $704,603.70. Following the transaction, the director now owns 25,470 shares in the company, valued at $457,695.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Julia W. Mctavish sold 9,810 shares of the firm’s stock in a transaction on Thursday, January 24th. The stock was sold at an average price of $17.89, for a total value of $175,500.90. Following the completion of the transaction, the vice president now owns 74,752 shares in the company, valued at approximately $1,337,313.28. The disclosure for this sale can be found here. Insiders have sold a total of 50,800 shares of company stock worth $913,355 in the last quarter. Company insiders own 1.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Mascoma Wealth Management LLC lifted its stake in shares of Northwest Bancshares by 46.1% in the fourth quarter. Mascoma Wealth Management LLC now owns 20,605 shares of the savings and loans company’s stock worth $349,000 after acquiring an additional 6,500 shares during the period. Martingale Asset Management L P lifted its stake in shares of Northwest Bancshares by 28.1% in the fourth quarter. Martingale Asset Management L P now owns 326,029 shares of the savings and loans company’s stock worth $5,524,000 after acquiring an additional 71,500 shares during the period. Vanguard Group Inc lifted its stake in shares of Northwest Bancshares by 1.7% in the third quarter. Vanguard Group Inc now owns 9,931,921 shares of the savings and loans company’s stock worth $172,021,000 after acquiring an additional 163,989 shares during the period. Rhumbline Advisers lifted its stake in shares of Northwest Bancshares by 20.4% in the fourth quarter. Rhumbline Advisers now owns 295,914 shares of the savings and loans company’s stock worth $5,013,000 after acquiring an additional 50,174 shares during the period. Finally, Fox Run Management L.L.C. acquired a new position in shares of Northwest Bancshares in the fourth quarter worth approximately $188,000. Institutional investors own 73.26% of the company’s stock.

Northwest Bancshares Company Profile

Northwest Bancshares, Inc operates as a holding company for Northwest Bank that offers various personal and business banking solutions. The company accepts various deposits, such as checking, savings, money market deposit, term certificate, and individual retirement accounts. Its loan products include one-to-four family residential real estate, short-term consumer, multi-family residential and commercial real estate, commercial business, and residential mortgage loans; home equity lines of credit; and consumer loans comprising automobile, sales finance, unsecured personal, and credit card loans, as well as loans secured by deposit accounts.

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