Northwest Bancshares, Inc. (NWBI) Position Raised by American International Group Inc.
American International Group Inc. boosted its stake in Northwest Bancshares, Inc. (NASDAQ:NWBI) by 5.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,929 shares of the savings and loans company’s stock after purchasing an additional 4,087 shares during the quarter. American International Group Inc. owned about 0.07% of Northwest Bancshares worth $1,311,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northern Trust Corp increased its holdings in Northwest Bancshares by 3.3% in the second quarter. Northern Trust Corp now owns 2,449,958 shares of the savings and loans company’s stock valued at $38,243,000 after purchasing an additional 78,768 shares during the last quarter. Marshall Wace North America L.P. bought a new stake in Northwest Bancshares in the second quarter valued at about $1,132,000. First Trust Advisors LP increased its holdings in Northwest Bancshares by 7.1% in the third quarter. First Trust Advisors LP now owns 1,636,501 shares of the savings and loans company’s stock valued at $28,262,000 after purchasing an additional 108,610 shares during the last quarter. Cipher Capital LP increased its holdings in Northwest Bancshares by 26.2% in the second quarter. Cipher Capital LP now owns 140,602 shares of the savings and loans company’s stock valued at $2,195,000 after purchasing an additional 29,170 shares during the last quarter. Finally, State Street Corp increased its holdings in Northwest Bancshares by 3.8% in the second quarter. State Street Corp now owns 2,516,857 shares of the savings and loans company’s stock valued at $39,287,000 after purchasing an additional 93,063 shares during the last quarter. Institutional investors and hedge funds own 64.53% of the company’s stock.
In other Northwest Bancshares news, EVP Gerald J. Ritzert sold 9,592 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $16.57, for a total value of $158,939.44. Following the completion of the transaction, the executive vice president now directly owns 50,657 shares of the company’s stock, valued at $839,386.49. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO William W. Harvey sold 10,000 shares of the business’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $17.28, for a total value of $172,800.00. Following the completion of the transaction, the chief financial officer now directly owns 158,649 shares of the company’s stock, valued at $2,741,454.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,639 shares of company stock valued at $435,808. Insiders own 2.00% of the company’s stock.
Northwest Bancshares (NASDAQ:NWBI) last posted its earnings results on Monday, October 23rd. The savings and loans company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.02. Northwest Bancshares had a return on equity of 7.54% and a net margin of 20.59%. The firm had revenue of $107.83 million during the quarter, compared to analysts’ expectations of $106.63 million. equities research analysts predict that Northwest Bancshares, Inc. will post 0.85 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, November 16th. Shareholders of record on Thursday, November 2nd were paid a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, November 1st. This represents a $0.64 dividend on an annualized basis and a yield of 3.83%. Northwest Bancshares’s payout ratio is 68.09%.
A number of equities research analysts recently commented on the company. BidaskClub downgraded Northwest Bancshares from a “hold” rating to a “sell” rating in a report on Thursday. Boenning Scattergood reiterated a “hold” rating on shares of Northwest Bancshares in a report on Tuesday, October 24th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $16.00 price objective on shares of Northwest Bancshares in a report on Sunday, October 8th. Finally, Zacks Investment Research downgraded Northwest Bancshares from a “hold” rating to a “strong sell” rating in a report on Thursday, October 26th. Three research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company currently has an average rating of “Hold” and an average price target of $16.67.
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About Northwest Bancshares
Northwest Bancshares, Inc (Northwest) is a savings and loan holding company. The Company’s principal business consists of attracting deposits and making loans secured by various types of collateral, including real estate and other assets in the markets in which it operates. Its segments include Community Banking and Consumer Finance.
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