Confluence Wealth Services Inc. Purchases Shares of 2,600 Northwest Bancshares, Inc. (NASDAQ:NWBI)

Confluence Wealth Services Inc. purchased a new stake in shares of Northwest Bancshares, Inc. (NASDAQ:NWBIGet Rating) in the 4th quarter, HoldingsChannel reports. The fund purchased 2,600 shares of the savings and loans company’s stock, valued at approximately $36,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. lifted its position in shares of Northwest Bancshares by 4.9% during the fourth quarter. Envestnet Asset Management Inc. now owns 16,077 shares of the savings and loans company’s stock valued at $228,000 after buying an additional 757 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Northwest Bancshares by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 15,791 shares of the savings and loans company’s stock valued at $224,000 after purchasing an additional 812 shares during the last quarter. Creative Planning raised its position in shares of Northwest Bancshares by 16.8% in the 3rd quarter. Creative Planning now owns 13,240 shares of the savings and loans company’s stock valued at $176,000 after purchasing an additional 1,900 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Northwest Bancshares by 3.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 57,391 shares of the savings and loans company’s stock valued at $813,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Point72 Hong Kong Ltd raised its position in shares of Northwest Bancshares by 87.1% in the 3rd quarter. Point72 Hong Kong Ltd now owns 4,787 shares of the savings and loans company’s stock valued at $64,000 after purchasing an additional 2,229 shares during the last quarter. 61.18% of the stock is owned by institutional investors and hedge funds.

Several equities analysts recently commented on the stock. Piper Sandler lowered shares of Northwest Bancshares from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $14.00 to $12.00 in a research report on Friday, May 6th. Zacks Investment Research downgraded shares of Northwest Bancshares from a “buy” rating to a “hold” rating in a report on Saturday, April 30th. Finally, StockNews.com started coverage on shares of Northwest Bancshares in a report on Thursday, March 31st. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat, Northwest Bancshares has a consensus rating of “Hold” and an average target price of $13.51.

Shares of NASDAQ:NWBI opened at $12.55 on Thursday. Northwest Bancshares, Inc. has a twelve month low of $12.04 and a twelve month high of $15.15. The company’s 50 day moving average is $13.18 and its 200 day moving average is $13.77. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25. The company has a market cap of $1.59 billion, a PE ratio of 11.31 and a beta of 0.56.

Northwest Bancshares (NASDAQ:NWBIGet Rating) last issued its quarterly earnings results on Monday, April 25th. The savings and loans company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.02. Northwest Bancshares had a net margin of 26.19% and a return on equity of 9.12%. Equities research analysts predict that Northwest Bancshares, Inc. will post 0.9 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 16th. Stockholders of record on Thursday, May 5th were paid a dividend of $0.20 per share. The ex-dividend date was Wednesday, May 4th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 6.37%. Northwest Bancshares’s payout ratio is 72.07%.

About Northwest Bancshares (Get Rating)

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.

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Institutional Ownership by Quarter for Northwest Bancshares (NASDAQ:NWBI)

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