Northwest Bancshares (NASDAQ:NWBI) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Northwest Bancshares (NASDAQ:NWBI – Get Rating) announced its earnings results on Monday. The savings and loans company reported $0.30 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $142.80 million.

Northwest Bancshares Trading Up 1.4 %

Northwest Bancshares stock opened at $13.75 on Wednesday. The business has a 50 day moving average price of $14.31 and a two-hundred day moving average price of $14.19. 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 stock has a market cap of $1.75 billion, a price-to-earnings ratio of 13.61 and a beta of 0.60. Northwest Bancshares has a 12 month low of $12.04 and a 12 month high of $15.35.

Northwest Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 14th. Shareholders of record on Thursday, February 2nd will be issued a $0.20 dividend. The ex-dividend date is Wednesday, February 1st. This represents a $0.80 annualized dividend and a yield of 5.82%. Northwest Bancshares’s dividend payout ratio (DPR) is 79.21%.

Analysts Set New Price Targets

NWBI has been the subject of several recent analyst reports. Janney Montgomery Scott initiated coverage on Northwest Bancshares in a research note on Thursday, September 29th. They set a “neutral” rating and a $15.00 target price for the company. Piper Sandler decreased their target price on Northwest Bancshares to $12.00 in a research note on Wednesday, October 5th. Finally, StockNews.com initiated coverage on Northwest Bancshares in a research note on Wednesday, October 12th. They set a “hold” rating for the company.

Insider Buying and Selling at Northwest Bancshares

In other news, EVP Thomas K. Iv Creal sold 4,097 shares of the stock in a transaction that occurred 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 approximately $367,249.68. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Thomas K. Iv Creal sold 4,097 shares of the stock in a transaction that occurred 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 approximately $367,249.68. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy B. Fannin sold 24,480 shares of the stock in a transaction that occurred on Friday, October 28th. The stock was sold at an average price of $14.83, for a total value of $363,038.40. Following the completion of the transaction, the director now directly owns 25,046 shares of the company’s stock, valued at $371,432.18. The disclosure for this sale can be found here. Insiders sold a total of 58,154 shares of company stock valued at $869,836 in the last quarter. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Northwest Bancshares

A number of hedge funds have recently modified their holdings of NWBI. B. Riley Wealth Advisors Inc. increased its holdings in Northwest Bancshares by 38.5% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 17,583 shares of the savings and loans company’s stock valued at $238,000 after purchasing an additional 4,889 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in Northwest Bancshares during the 3rd quarter valued at $517,000. Glenmede Trust Co. NA increased its holdings in Northwest Bancshares by 16.4% during the 3rd quarter. Glenmede Trust Co. NA now owns 17,686 shares of the savings and loans company’s stock valued at $238,000 after purchasing an additional 2,487 shares in the last quarter. Jane Street Group LLC acquired a new stake in Northwest Bancshares during the 3rd quarter valued at $690,000. Finally, Thrivent Financial for Lutherans increased its holdings in Northwest Bancshares by 5.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 131,154 shares of the savings and loans company’s stock valued at $1,772,000 after purchasing an additional 6,666 shares in the last quarter. 64.62% of the stock is owned by institutional investors and hedge funds.

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.