Northwest Bancshares, Inc. (NASDAQ:NWBI) Shares Purchased by LPL Financial LLC

LPL Financial LLC boosted its holdings in Northwest Bancshares, Inc. (NASDAQ:NWBI – Get Rating) by 78.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 131,080 shares of the savings and loans company’s stock after buying an additional 57,712 shares during the period. LPL Financial LLC owned 0.10% of Northwest Bancshares worth $1,833,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund raised its holdings in shares of Northwest Bancshares by 1.9% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 41,924 shares of the savings and loans company’s stock valued at $566,000 after buying an additional 800 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Northwest Bancshares by 3.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 31,765 shares of the savings and loans company’s stock valued at $444,000 after buying an additional 956 shares during the period. Bank of Montreal Can raised its holdings in shares of Northwest Bancshares by 4.0% during the 4th quarter. Bank of Montreal Can now owns 24,697 shares of the savings and loans company’s stock valued at $346,000 after buying an additional 957 shares during the period. Raymond James & Associates raised its holdings in shares of Northwest Bancshares by 2.3% during the 3rd quarter. Raymond James & Associates now owns 48,035 shares of the savings and loans company’s stock valued at $649,000 after buying an additional 1,087 shares during the period. Finally, Carnegie Capital Asset Management LLC raised its holdings in shares of Northwest Bancshares by 7.2% during the 4th quarter. Carnegie Capital Asset Management LLC now owns 16,731 shares of the savings and loans company’s stock valued at $234,000 after buying an additional 1,119 shares during the period. 64.62% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director David M. Tullio purchased 2,500 shares of the stock in a transaction dated Tuesday, May 2nd. The stock was acquired at an average cost of $10.74 per share, for a total transaction of $26,850.00. Following the acquisition, the director now owns 20,118 shares of the company’s stock, valued at $216,067.32. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other news, Director David M. Tullio purchased 2,500 shares of the stock in a transaction dated Tuesday, May 2nd. The stock was acquired at an average cost of $10.74 per share, for a total transaction of $26,850.00. Following the acquisition, the director now owns 20,118 shares of the company’s stock, valued at $216,067.32. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Timothy M. Hunter acquired 15,000 shares of Northwest Bancshares stock in a transaction that occurred on Tuesday, May 16th. The shares were bought at an average price of $10.67 per share, with a total value of $160,050.00. Following the transaction, the director now directly owns 147,318 shares in the company, valued at $1,571,883.06. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 29,624 shares of company stock worth $323,533. 1.10% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods dropped their target price on Northwest Bancshares from $14.00 to $12.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. Piper Sandler dropped their price objective on Northwest Bancshares from $11.00 to $10.00 in a report on Tuesday, April 25th. Finally, StockNews.com assumed coverage on Northwest Bancshares in a report on Thursday, May 18th. They set a “sell” rating on the stock.

Northwest Bancshares Price Performance

NWBI stock opened at $10.85 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.62. Northwest Bancshares, Inc. has a 52-week low of $9.91 and a 52-week high of $15.35. The stock’s 50 day moving average is $11.55 and its two-hundred day moving average is $13.26. The company has a market capitalization of $1.38 billion, a PE ratio of 10.05 and a beta of 0.58.

Northwest Bancshares (NASDAQ:NWBI – Get Rating) last issued its quarterly earnings results on Monday, April 24th. The savings and loans company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Northwest Bancshares had a return on equity of 9.67% and a net margin of 23.32%. The business had revenue of $158.91 million during the quarter, compared to the consensus estimate of $143.82 million. Analysts predict that Northwest Bancshares, Inc. will post 1.05 earnings per share for the current fiscal year.

Northwest Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Thursday, May 4th were issued a $0.20 dividend. The ex-dividend date was Wednesday, May 3rd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 7.37%. Northwest Bancshares’s dividend payout ratio (DPR) is 74.07%.

About Northwest Bancshares

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Northwest Bancshares, Inc is a holding company. It offers personal & business banking products including employee benefits, investment management services, insurance and trust. It engages in collecting deposits and making loans secured by various types of collateral, including real estate and other assets.