Northwest Bancshares (NASDAQ:NWBI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.
According to Zacks, “Northwest Bancorp, Inc. is a bank holding company whose sole activity is the ownership of all of the issued and outstanding common stock of Northwest Savings Bank and the majority ownership of Jamestown Savings Bank. Northwest Savings Bank is a stock savings bank. The bank is a community-oriented institution offering traditional deposit and loan products, and through its subsidiaries, consumer finance services. “
Separately, BidaskClub cut Northwest Bancshares from a “strong-buy” rating to a “buy” rating in a report on Friday, November 30th.
Shares of NASDAQ NWBI opened at $17.43 on Wednesday. Northwest Bancshares has a one year low of $15.50 and a one year high of $18.81. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $1.81 billion, a PE ratio of 17.09, a PEG ratio of 2.38 and a beta of 0.71.
Northwest Bancshares (NASDAQ:NWBI) last issued its quarterly earnings data on Tuesday, January 22nd. The savings and loans company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The company had revenue of $110.08 million for the quarter, compared to analysts’ expectations of $109.58 million. Northwest Bancshares had a return on equity of 8.54% and a net margin of 22.57%. As a group, research analysts expect that Northwest Bancshares will post 1.05 EPS for the current fiscal year.
In other news, Director Philip M. Tredway sold 39,210 shares of the stock in a transaction dated Friday, February 8th. The stock was sold at an average price of $17.97, for a total transaction of $704,603.70. Following the transaction, the director now directly owns 25,470 shares in the company, valued at approximately $457,695.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Julia W. Mctavish sold 9,810 shares of the stock in a transaction dated Thursday, January 24th. The shares were sold at an average price of $17.89, for a total value of $175,500.90. Following the transaction, the vice president now owns 74,752 shares in the company, valued at $1,337,313.28. The disclosure for this sale can be found here. Insiders have sold a total of 50,800 shares of company stock worth $913,355 over the last quarter. Corporate insiders own 1.40% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of NWBI. Norges Bank bought a new position in Northwest Bancshares during the 4th quarter worth approximately $22,234,000. Oregon Public Employees Retirement Fund bought a new position in Northwest Bancshares during the 4th quarter worth approximately $39,000. BlackRock Inc. grew its position in Northwest Bancshares by 4.4% during the 3rd quarter. BlackRock Inc. now owns 14,738,673 shares of the savings and loans company’s stock worth $255,274,000 after acquiring an additional 617,235 shares during the last quarter. Acadian Asset Management LLC grew its position in Northwest Bancshares by 91.1% during the 4th quarter. Acadian Asset Management LLC now owns 844,444 shares of the savings and loans company’s stock worth $14,305,000 after acquiring an additional 402,456 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its position in Northwest Bancshares by 20.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,688,421 shares of the savings and loans company’s stock worth $29,239,000 after acquiring an additional 286,899 shares during the last quarter. Institutional investors and hedge funds own 73.26% of the company’s stock.
About Northwest Bancshares
Northwest Bancshares, Inc operates as a holding company for Northwest Bank that offers various personal and business banking solutions. The company accepts various deposits, such as checking, savings, money market deposit, term certificate, and individual retirement accounts. Its loan products include one-to-four family residential real estate, short-term consumer, multi-family residential and commercial real estate, commercial business, and residential mortgage loans; home equity lines of credit; and consumer loans comprising automobile, sales finance, unsecured personal, and credit card loans, as well as loans secured by deposit accounts.
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