Comerica Bank Sells 49,597 Shares of Northwest Bancshares, Inc. (NWBI)
Comerica Bank lessened its holdings in shares of Northwest Bancshares, Inc. (NASDAQ:NWBI) by 31.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 107,872 shares of the savings and loans company’s stock after selling 49,597 shares during the period. Comerica Bank owned 0.11% of Northwest Bancshares worth $1,811,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. Rhumbline Advisers lifted its holdings in shares of Northwest Bancshares by 2.6% during the third quarter. Rhumbline Advisers now owns 206,288 shares of the savings and loans company’s stock worth $3,563,000 after purchasing an additional 5,262 shares during the period. Municipal Employees Retirement System of Michigan raised its stake in Northwest Bancshares by 60.5% during the third quarter. Municipal Employees Retirement System of Michigan now owns 38,580 shares of the savings and loans company’s stock worth $666,000 after buying an additional 14,540 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in Northwest Bancshares by 49.8% during the third quarter. BNP Paribas Arbitrage SA now owns 56,818 shares of the savings and loans company’s stock worth $981,000 after buying an additional 18,894 shares during the last quarter. Victory Capital Management Inc. bought a new position in Northwest Bancshares during the third quarter worth $1,150,000. Finally, Crossmark Global Holdings Inc. bought a new position in Northwest Bancshares during the third quarter worth $301,000. Institutional investors own 64.52% of the company’s stock.
In other Northwest Bancshares news, EVP Jonathan P. Scalise sold 6,047 shares of Northwest Bancshares stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $17.21, for a total value of $104,068.87. Following the completion of the sale, the executive vice president now directly owns 18,402 shares of the company’s stock, valued at $316,698.42. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Ronald J. Seiffert purchased 6,300 shares of the firm’s stock in a transaction on Tuesday, November 21st. The stock was bought at an average cost of $16.30 per share, with a total value of $102,690.00. Following the completion of the purchase, the chief operating officer now owns 6,300 shares of the company’s stock, valued at approximately $102,690. The disclosure for this purchase can be found here. Insiders own 2.00% of the company’s stock.
Northwest Bancshares (NASDAQ:NWBI) last announced its earnings results on Monday, October 23rd. The savings and loans company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. Northwest Bancshares had a net margin of 20.59% and a return on equity of 7.54%. The business had revenue of $107.83 million during the quarter, compared to the consensus estimate of $106.63 million. analysts expect that Northwest Bancshares, Inc. will post 0.85 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Thursday, November 2nd were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend was Wednesday, November 1st. Northwest Bancshares’s dividend payout ratio (DPR) is currently 68.09%.
A number of brokerages recently weighed in on NWBI. Boenning Scattergood reissued a “hold” rating on shares of Northwest Bancshares in a research note on Tuesday, October 24th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $16.00 target price on shares of Northwest Bancshares in a research note on Sunday, October 8th. Finally, Zacks Investment Research downgraded shares of Northwest Bancshares from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 26th. Three investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $16.67.
COPYRIGHT VIOLATION NOTICE: “Comerica Bank Sells 49,597 Shares of Northwest Bancshares, Inc. (NWBI)” was published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this story on another site, it was stolen and republished in violation of United States and international copyright and trademark legislation. The legal version of this story can be viewed at https://www.thecerbatgem.com/2017/12/02/comerica-bank-sells-49597-shares-of-northwest-bancshares-inc-nwbi.html.
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.
Want to see what other hedge funds are holding NWBI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northwest Bancshares, Inc. (NASDAQ:NWBI).
Receive News & Stock Ratings for Northwest Bancshares Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northwest Bancshares Inc. and related stocks with our FREE daily email newsletter.