Zacks Research upgraded shares of Northpointe Bancshares (NYSE:NPB – Free Report) from a strong sell rating to a hold rating in a research report report published on Monday morning,Zacks reports.
NPB has been the topic of several other reports. Weiss Ratings raised Northpointe Bancshares from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, September 9th. Keefe, Bruyette & Woods decreased their price objective on shares of Northpointe Bancshares from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Thursday, July 23rd. Finally, Piper Sandler boosted their target price on Northpointe Bancshares from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, July 2nd. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $21.08.
Get Our Latest Stock Report on NPB
Northpointe Bancshares Trading Up 1.5%
Northpointe Bancshares (NYSE:NPB – Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.68 by ($0.08). Northpointe Bancshares had a net margin of 17.72% and a return on equity of 14.99%. The company had revenue of $64.32 million during the quarter. Analysts predict that Northpointe Bancshares will post 2.48 EPS for the current year.
Northpointe Bancshares Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 4th. Shareholders of record on Thursday, October 15th will be issued a dividend of $0.03 per share. This is an increase from Northpointe Bancshares’s previous quarterly dividend of $0.0250. This represents a $0.12 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, October 15th. Northpointe Bancshares’s payout ratio is presently 4.33%.
Insider Activity at Northpointe Bancshares
In other Northpointe Bancshares news, CEO Charles Williams acquired 48,312 shares of the company’s stock in a transaction dated Wednesday, August 26th. The stock was purchased at an average price of $16.95 per share, with a total value of $818,888.40. Following the completion of the purchase, the chief executive officer directly owned 2,390,962 shares in the company, valued at approximately $40,526,805.90. The trade was a 2.06% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 18.30% of the stock is owned by insiders.
Hedge Funds Weigh In On Northpointe Bancshares
Hedge funds have recently modified their holdings of the stock. Jacobs Asset Management LLC lifted its position in shares of Northpointe Bancshares by 2.7% in the fourth quarter. Jacobs Asset Management LLC now owns 475,000 shares of the company’s stock worth $7,970,000 after buying an additional 12,500 shares in the last quarter. Mendon Capital Advisors Corp lifted its stake in Northpointe Bancshares by 86.4% in the first quarter. Mendon Capital Advisors Corp now owns 308,624 shares of the company’s stock worth $5,327,000 after purchasing an additional 143,010 shares during the last quarter. Bank of America Corp DE boosted its holdings in Northpointe Bancshares by 126.9% during the 1st quarter. Bank of America Corp DE now owns 215,544 shares of the company’s stock valued at $3,720,000 after acquiring an additional 120,554 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Northpointe Bancshares during the second quarter valued at $1,756,000. Finally, Segall Bryant & Hamill LLC purchased a new stake in Northpointe Bancshares in the 1st quarter valued at about $1,515,000.
Key Stories Impacting Northpointe Bancshares
Here are the key news stories impacting Northpointe Bancshares this week:
- Positive Sentiment: Dividend raised 20%: Northpointe Bancshares increased its quarterly common-stock dividend to $0.03 per share from $0.025. The dividend is payable November 4 to shareholders of record October 15, representing $0.12 on an annualized basis and an approximately 0.8% yield. The increase may appeal to income-focused investors and suggests management is comfortable with the bank’s capital position. Northpointe Bancshares Raises Quarterly Dividend
- Positive Sentiment: Analyst rating improved: Zacks Research upgraded NPB from “strong sell” to “hold.” Although this is not a bullish recommendation, the change removes an especially negative rating and could modestly improve sentiment toward the shares. Zacks Upgrades Northpointe Bancshares to Hold
- Neutral Sentiment: The dividend’s ex-dividend date is October 15. Investors purchasing on or after that date generally would not be entitled to the upcoming payment, which may influence short-term trading activity. Northpointe Announces Quarterly Common Stock Dividend Increase
- Negative Sentiment: The “hold” rating still reflects limited analyst conviction, while the company’s latest reported quarterly EPS of $0.60 was below the $0.68 consensus estimate. Those factors could temper the positive impact of the dividend increase.
About Northpointe Bancshares
Northpointe Bancshares, Inc is a bank holding company headquartered in Grand Rapids, Michigan. It operates through Northpointe Bank, a financial institution focused on providing banking and lending services to consumers and businesses.
Northpointe Bank offers residential mortgage products, including loans for home purchases and refinancing, as well as home equity lending. Its deposit products include checking, savings, money market and certificate of deposit accounts. The bank also provides personal and commercial banking services designed to meet the borrowing, cash-management and deposit needs of individuals and businesses.
Through a combination of digital banking capabilities, mortgage lending channels and its physical banking presence, Northpointe serves customers in Michigan and markets across the United States.
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