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

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

Northwest Bancshares Stock Up 1.4 %

Shares of NWBI traded up $0.19 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 capitalization of $1.75 billion, a PE ratio of 13.61 and a beta of 0.60. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.91 and a current ratio of 0.91. The business has a 50 day simple moving average of $14.31 and a 200 day simple moving average of $14.19. Northwest Bancshares has a one year low of $12.04 and a one year high of $15.35.

Northwest Bancshares Announces Dividend

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

Insider Activity at Northwest Bancshares

In related news, EVP Thomas K. Iv Creal sold 4,097 shares of the firm’s stock in a transaction that occurred on Thursday, December 1st. The shares were sold at an average price of $15.12, for a total transaction of $61,946.64. Following the completion of the sale, the executive vice president now owns 24,289 shares of the company’s stock, valued at $367,249.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Timothy B. Fannin sold 24,480 shares of the business’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $14.83, for a total transaction of $363,038.40. Following the completion of the sale, the director now owns 25,046 shares of the company’s stock, valued at approximately $371,432.18. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Thomas K. Iv Creal sold 4,097 shares of the business’s stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $15.12, for a total transaction of $61,946.64. Following the sale, the executive vice president now directly owns 24,289 shares of the company’s stock, valued at approximately $367,249.68. The disclosure for this sale can be found here. Insiders sold 58,154 shares of company stock valued at $869,836 over the last 90 days. Corporate insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NWBI. Raymond James & Associates grew its holdings in Northwest Bancshares by 6.5% during the 1st quarter. Raymond James & Associates now owns 50,662 shares of the savings and loans company’s stock valued at $684,000 after purchasing an additional 3,072 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Northwest Bancshares by 2.9% in the 1st quarter. Bank of New York Mellon Corp now owns 1,713,076 shares of the savings and loans company’s stock worth $23,144,000 after acquiring an additional 47,965 shares in the last quarter. Citigroup Inc. grew its stake in Northwest Bancshares by 14.1% in the 1st quarter. Citigroup Inc. now owns 113,168 shares of the savings and loans company’s stock worth $1,529,000 after acquiring an additional 14,002 shares in the last quarter. Natixis Advisors L.P. bought a new position in Northwest Bancshares in the 1st quarter worth about $204,000. Finally, MetLife Investment Management LLC grew its stake in Northwest Bancshares by 55.4% in the 1st quarter. MetLife Investment Management LLC now owns 65,449 shares of the savings and loans company’s stock worth $884,000 after acquiring an additional 23,337 shares in the last quarter. Hedge funds and other institutional investors own 64.62% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.