Naples Global Advisors LLC Reduces Stock Holdings in Northwest Bancshares, Inc. (NASDAQ:NWBI)

Naples Global Advisors LLC decreased its stake in Northwest Bancshares, Inc. (NASDAQ:NWBI) by 3.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,525 shares of the savings and loans company’s stock after selling 1,000 shares during the period. Naples Global Advisors LLC’s holdings in Northwest Bancshares were worth $341,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Northwest Bancshares during the fourth quarter worth about $7,107,000. Hsbc Holdings PLC raised its position in Northwest Bancshares by 3,568.5% in the 4th quarter. Hsbc Holdings PLC now owns 580,655 shares of the savings and loans company’s stock valued at $7,298,000 after purchasing an additional 564,827 shares during the last quarter. Verition Fund Management LLC boosted its stake in Northwest Bancshares by 2,299.6% during the 4th quarter. Verition Fund Management LLC now owns 418,013 shares of the savings and loans company’s stock worth $5,217,000 after purchasing an additional 400,593 shares during the period. Dimensional Fund Advisors LP grew its position in Northwest Bancshares by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,712,088 shares of the savings and loans company’s stock worth $108,729,000 after purchasing an additional 90,425 shares during the last quarter. Finally, Jackson Creek Investment Advisors LLC acquired a new position in Northwest Bancshares in the fourth quarter valued at $1,059,000. Institutional investors and hedge funds own 66.32% of the company’s stock.

Insider Activity

In other Northwest Bancshares news, Director John P. Meegan sold 7,200 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $14.16, for a total value of $101,952.00. Following the completion of the transaction, the director now directly owns 76,324 shares in the company, valued at approximately $1,080,747.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, COO William W. Harvey sold 13,614 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $14.18, for a total value of $193,046.52. Following the completion of the sale, the chief operating officer now directly owns 208,302 shares in the company, valued at $2,953,722.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John P. Meegan sold 7,200 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $14.16, for a total transaction of $101,952.00. Following the transaction, the director now directly owns 76,324 shares of the company’s stock, valued at approximately $1,080,747.84. The disclosure for this sale can be found here. Insiders sold a total of 21,885 shares of company stock valued at $306,645 over the last 90 days. Insiders own 1.10% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on NWBI. Piper Sandler dropped their price target on Northwest Bancshares from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 23rd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $12.00 target price (down previously from $13.00) on shares of Northwest Bancshares in a report on Tuesday, April 23rd.

Northwest Bancshares Stock Performance

NWBI opened at $13.22 on Friday. Northwest Bancshares, Inc. has a 1-year low of $9.80 and a 1-year high of $14.55. The stock has a market cap of $1.68 billion, a P/E ratio of 12.83 and a beta of 0.64. The stock’s 50 day simple moving average is $12.25 and its 200 day simple moving average is $11.61. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.95 and a quick ratio of 0.95.

Northwest Bancshares (NASDAQ:NWBI) last announced its quarterly earnings results on Tuesday, July 23rd. The savings and loans company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.04. Northwest Bancshares had a net margin of 14.28% and a return on equity of 8.72%. The company had revenue of $97.99 million for the quarter, compared to the consensus estimate of $133.77 million. As a group, equities analysts anticipate that Northwest Bancshares, Inc. will post 0.92 EPS for the current fiscal year.

Northwest Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Friday, August 2nd were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, August 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 6.05%. Northwest Bancshares’s dividend payout ratio (DPR) is presently 77.67%.

Northwest Bancshares Company Profile

Northwest Bancshares, Inc operates as the bank 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.