Russell Investments Group Ltd. Reduces Position in Northwest Bancshares, Inc. (NWBI)
Russell Investments Group Ltd. cut its position in shares of Northwest Bancshares, Inc. (NASDAQ:NWBI) by 69.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 138,332 shares of the savings and loans company’s stock after selling 320,219 shares during the quarter. Russell Investments Group Ltd. owned about 0.13% of Northwest Bancshares worth $2,390,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Northern Trust Corp boosted 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 worth $38,243,000 after acquiring an additional 78,768 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Northwest Bancshares in the second quarter worth $1,132,000. First Trust Advisors LP boosted 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 worth $28,262,000 after acquiring an additional 108,610 shares in the last quarter. Cipher Capital LP boosted 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 worth $2,195,000 after acquiring an additional 29,170 shares in the last quarter. Finally, State Street Corp boosted 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 worth $39,287,000 after acquiring an additional 93,063 shares in the last quarter. Institutional investors own 64.51% of the company’s stock.
Several equities research analysts have commented on the company. Boenning Scattergood reissued a “hold” rating on shares of Northwest Bancshares in a report on Tuesday, October 24th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $16.00 target price on shares of Northwest Bancshares in a report on Sunday, October 8th. Zacks Investment Research downgraded Northwest Bancshares from a “hold” rating to a “strong sell” rating in a report on Thursday, October 26th. Finally, BidaskClub raised Northwest Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The stock currently has an average rating of “Hold” and an average price target of $16.67.
Northwest Bancshares (NASDAQ:NWBI) last released its earnings results on Monday, October 23rd. The savings and loans company reported $0.24 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. The business had revenue of $107.83 million for the quarter, compared to the consensus estimate of $106.63 million. Northwest Bancshares had a return on equity of 7.54% and a net margin of 20.59%. sell-side analysts anticipate that Northwest Bancshares, Inc. will post 0.85 EPS for the current fiscal year.
In other news, CFO William W. Harvey sold 10,000 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $17.28, for a total transaction of $172,800.00. Following the transaction, the chief financial officer now directly owns 158,649 shares of the company’s stock, valued at $2,741,454.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jonathan P. Scalise sold 6,047 shares of the company’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $17.21, for a total value of $104,068.87. Following the transaction, the executive vice president now directly owns 18,402 shares in the company, valued at $316,698.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,639 shares of company stock worth $435,808. Corporate insiders own 2.00% of the company’s stock.
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Northwest Bancshares Company Profile
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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