Northwest Bancshares (NASDAQ:NWBI) Announces Quarterly Earnings Results

Northwest Bancshares (NASDAQ:NWBI – Get Rating) announced its quarterly earnings data on Monday. The savings and loans company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01), MarketWatch Earnings reports. Northwest Bancshares had a net margin of 23.88% and a return on equity of 9.16%. The business had revenue of $155.71 million during the quarter, compared to the consensus estimate of $142.80 million.

Northwest Bancshares Price Performance

NASDAQ NWBI opened at $13.75 on Wednesday. The company has a market cap of $1.75 billion, a PE ratio of 13.61 and a beta of 0.60. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.27. The firm’s 50-day simple moving average is $14.31 and its two-hundred day simple moving average is $14.19. Northwest Bancshares has a 52 week low of $12.04 and a 52 week high of $15.35.

Northwest Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 14th. Investors of record on Thursday, February 2nd will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 5.82%. The ex-dividend date of this dividend is Wednesday, February 1st. Northwest Bancshares’s dividend payout ratio is currently 79.21%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NWBI. StockNews.com started coverage on shares of Northwest Bancshares in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Janney Montgomery Scott started coverage on shares of Northwest Bancshares in a research report on Thursday, September 29th. They issued a “neutral” rating and a $15.00 price objective on the stock. Finally, Piper Sandler reduced their target price on shares of Northwest Bancshares to $12.00 in a research report on Wednesday, October 5th.

Insider Activity

In related news, CFO William W. Harvey sold 28,252 shares of the firm’s stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $15.04, for a total value of $424,910.08. Following the completion of the transaction, the chief financial officer now directly owns 191,895 shares of the company’s stock, valued at approximately $2,886,100.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Northwest Bancshares news, CFO William W. Harvey sold 28,252 shares of the stock in a transaction on Monday, October 31st. The stock was sold at an average price of $15.04, for a total transaction of $424,910.08. Following the sale, the chief financial officer now owns 191,895 shares in the company, valued at $2,886,100.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Thomas K. Iv Creal sold 4,097 shares of the firm’s stock in a transaction on Thursday, December 1st. The stock was sold at an average price of $15.12, for a total value of $61,946.64. Following the completion of the transaction, the executive vice president now directly owns 24,289 shares of the company’s stock, valued at $367,249.68. The disclosure for this sale can be found here. Insiders have sold a total of 58,154 shares of company stock valued at $869,836 over the last quarter. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On Northwest Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Captrust Financial Advisors grew its stake in Northwest Bancshares by 97.9% during the first quarter. Captrust Financial Advisors now owns 8,984 shares of the savings and loans company’s stock valued at $121,000 after acquiring an additional 4,445 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Northwest Bancshares by 35.5% during the 3rd quarter. Tower Research Capital LLC TRC now owns 11,407 shares of the savings and loans company’s stock valued at $154,000 after purchasing an additional 2,990 shares in the last quarter. Guggenheim Capital LLC bought a new position in shares of Northwest Bancshares in the first quarter worth $155,000. Renaissance Technologies LLC purchased a new stake in shares of Northwest Bancshares in the 1st quarter valued at about $201,000. Finally, Natixis Advisors L.P. bought a new stake in shares of Northwest Bancshares during the 1st quarter valued at about $204,000. 64.62% of the stock is currently owned by institutional investors.

About Northwest Bancshares

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Northwest Bancshares, Inc operates as the holding company for Northwest Bank, a state-chartered savings bank that provides personal and business banking solutions. The company accepts various deposits, including checking, savings, money market deposit, term certificate, and individual retirement accounts.