Northwest Bancshares (NASDAQ:NWBI) Cut to “Hold” at Zacks Investment Research

Northwest Bancshares (NASDAQ:NWBIGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, Zacks.com reports.

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, StockNews.com began coverage on Northwest Bancshares in a report on Thursday, March 31st. They set a “hold” rating on the stock. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat, Northwest Bancshares has a consensus rating of “Hold” and an average price target of $14.01.

NWBI opened at $12.68 on Friday. The stock has a market capitalization of $1.61 billion, a P/E ratio of 10.48 and a beta of 0.55. Northwest Bancshares has a 12-month low of $12.37 and a 12-month high of $15.15. The stock has a 50-day moving average price of $13.56 and a 200-day moving average price of $13.91. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25.

Northwest Bancshares (NASDAQ:NWBIGet Rating) last announced its earnings results on Monday, April 25th. The savings and loans company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.02. Northwest Bancshares had a return on equity of 9.86% and a net margin of 27.49%. On average, equities research analysts predict that Northwest Bancshares will post 0.87 EPS for the current year.

In other news, Director Sonia M. Probst sold 6,022 shares of the business’s stock in a transaction dated Thursday, February 10th. The shares were sold at an average price of $13.99, for a total transaction of $84,247.78. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.00% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its holdings in Northwest Bancshares by 6.0% during the 4th quarter. State Street Corp now owns 5,049,195 shares of the savings and loans company’s stock valued at $71,497,000 after purchasing an additional 286,600 shares in the last quarter. Invesco Ltd. lifted its position in shares of Northwest Bancshares by 30.5% in the 3rd quarter. Invesco Ltd. now owns 3,945,871 shares of the savings and loans company’s stock worth $52,401,000 after buying an additional 921,659 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Northwest Bancshares by 3.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,462,964 shares of the savings and loans company’s stock worth $34,876,000 after acquiring an additional 76,884 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Northwest Bancshares by 0.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,849,765 shares of the savings and loans company’s stock worth $24,565,000 after acquiring an additional 10,129 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Northwest Bancshares by 167.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,311,166 shares of the savings and loans company’s stock valued at $18,566,000 after buying an additional 820,919 shares during the period. 60.52% of the stock is owned by institutional investors.

About Northwest Bancshares (Get Rating)

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.

Featured Stories

Get a free copy of the Zacks research report on Northwest Bancshares (NWBI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Northwest Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Northwest Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.