State Street Corp Raises Stake in Northwest Bancshares, Inc. (NWBI)
State Street Corp increased its position in Northwest Bancshares, Inc. (NASDAQ:NWBI) by 3.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,516,857 shares of the savings and loans company’s stock after buying an additional 93,063 shares during the period. State Street Corp owned 2.46% of Northwest Bancshares worth $39,287,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Northern Trust Corp grew its stake in shares of Northwest Bancshares by 3.3% in the 2nd quarter. Northern Trust Corp now owns 2,449,958 shares of the savings and loans company’s stock valued at $38,243,000 after buying an additional 78,768 shares during the period. Marshall Wace North America L.P. acquired a new stake in shares of Northwest Bancshares in the 2nd quarter valued at about $1,132,000. Cipher Capital LP grew its stake in shares of Northwest Bancshares by 26.2% in the 2nd quarter. Cipher Capital LP now owns 140,602 shares of the savings and loans company’s stock valued at $2,195,000 after buying an additional 29,170 shares during the period. Geode Capital Management LLC grew its stake in shares of Northwest Bancshares by 3.5% in the 1st quarter. Geode Capital Management LLC now owns 1,228,615 shares of the savings and loans company’s stock valued at $20,689,000 after buying an additional 41,397 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in Northwest Bancshares by 60.0% during the 1st quarter. UBS Asset Management Americas Inc. now owns 63,589 shares of the savings and loans company’s stock valued at $1,071,000 after purchasing an additional 23,837 shares during the last quarter. Institutional investors own 65.36% of the company’s stock.
NWBI has been the subject of a number of analyst reports. Boenning Scattergood reiterated a “hold” rating on shares of Northwest Bancshares in a research note on Tuesday, October 24th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $16.00 price target on shares of Northwest Bancshares in a research note on Sunday, October 8th. Finally, Zacks Investment Research downgraded Northwest Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating and four have given a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $16.67.
Northwest Bancshares, Inc. (NWBI) opened at $16.42 on Tuesday. The stock has a market capitalization of $1,692.33, a PE ratio of 18.75, a price-to-earnings-growth ratio of 1.95 and a beta of 0.64. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.99 and a current ratio of 0.99. Northwest Bancshares, Inc. has a 12 month low of $14.95 and a 12 month high of $19.10.
Northwest Bancshares (NASDAQ:NWBI) last released its quarterly earnings results on Monday, October 23rd. The savings and loans company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. The business had revenue of $107.83 million during the quarter, compared to the consensus estimate of $106.63 million. Northwest Bancshares had a return on equity of 7.54% and a net margin of 20.59%. equities research analysts expect that Northwest Bancshares, Inc. will post 0.85 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Shareholders of record on Thursday, November 2nd will be paid a dividend of $0.16 per share. The ex-dividend date is Wednesday, November 1st. This represents a $0.64 dividend on an annualized basis and a yield of 3.90%. Northwest Bancshares’s dividend payout ratio (DPR) is currently 68.09%.
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In other news, EVP Jonathan P. Scalise sold 6,047 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $17.21, for a total value of $104,068.87. Following the transaction, the executive vice president now owns 18,402 shares in the company, valued at approximately $316,698.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Andrew Young sold 5,625 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $16.18, for a total value of $91,012.50. Following the completion of the transaction, the executive vice president now owns 60,254 shares in the company, valued at approximately $974,909.72. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.
Northwest Bancshares Company Profile
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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