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

Northwest Bancshares (NASDAQ:NWBI – Get Rating) posted its quarterly earnings data on Monday. The savings and loans company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01), MarketWatch Earnings reports. The company had revenue of $155.71 million during the quarter, compared to analyst estimates of $142.80 million. Northwest Bancshares had a return on equity of 8.52% and a net margin of 24.18%.

Northwest Bancshares Stock Up 1.4 %

Shares of NASDAQ NWBI traded up $0.19 during midday trading on Tuesday, hitting $13.75. 442,877 shares of the stock traded hands, compared to its average volume of 522,278. The company has a market cap of $1.75 billion, a PE ratio of 13.61 and a beta of 0.60. Northwest Bancshares has a one year low of $12.04 and a one year high of $15.35. 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 debt-to-equity ratio of 0.27, a quick ratio of 0.91 and a current ratio of 0.91.

Northwest Bancshares Dividend Announcement

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

Insider Activity

In related news, CFO William W. Harvey sold 28,252 shares of the firm’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $15.04, for a total transaction of $424,910.08. Following the transaction, the chief financial officer now directly owns 191,895 shares of the company’s stock, valued at $2,886,100.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Northwest Bancshares news, Director Timothy B. Fannin sold 24,480 shares of Northwest Bancshares stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $14.83, for a total value of $363,038.40. Following the sale, the director now owns 25,046 shares of the company’s stock, valued at $371,432.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO William W. Harvey sold 28,252 shares of Northwest Bancshares stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $15.04, for a total transaction of $424,910.08. Following the completion of the sale, the chief financial officer now directly owns 191,895 shares in the company, valued at approximately $2,886,100.80. The disclosure for this sale can be found here. Insiders sold a total of 58,154 shares of company stock worth $869,836 over the last quarter. 1.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Northwest Bancshares

Several hedge funds have recently added to or reduced their stakes in the stock. Toroso Investments LLC raised its position in Northwest Bancshares by 12.5% in the first quarter. Toroso Investments LLC now owns 15,585 shares of the savings and loans company’s stock worth $211,000 after acquiring an additional 1,728 shares during the period. Glenmede Trust Co. NA increased its stake in shares of Northwest Bancshares by 16.4% in the third quarter. Glenmede Trust Co. NA now owns 17,686 shares of the savings and loans company’s stock worth $238,000 after purchasing an additional 2,487 shares in the last quarter. LPL Financial LLC increased its stake in shares of Northwest Bancshares by 5.4% in the second quarter. LPL Financial LLC now owns 49,373 shares of the savings and loans company’s stock worth $632,000 after purchasing an additional 2,549 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Northwest Bancshares by 35.5% in the third quarter. Tower Research Capital LLC TRC now owns 11,407 shares of the savings and loans company’s stock worth $154,000 after purchasing an additional 2,990 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in shares of Northwest Bancshares by 23.7% in the third quarter. Cubist Systematic Strategies LLC now owns 15,812 shares of the savings and loans company’s stock worth $214,000 after purchasing an additional 3,032 shares in the last quarter. Institutional investors own 64.62% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Northwest Bancshares Company Profile

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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.