New York State Teachers Retirement System reduced its stake in Northwest Bancshares, Inc. (NASDAQ:NWBI) by 6.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,982 shares of the savings and loans company’s stock after selling 2,800 shares during the period. New York State Teachers Retirement System’s holdings in Northwest Bancshares were worth $724,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. Wells Fargo & Company MN increased its position in Northwest Bancshares by 2.2% in the first quarter. Wells Fargo & Company MN now owns 745,344 shares of the savings and loans company’s stock valued at $12,551,000 after buying an additional 15,771 shares in the last quarter. Wesbanco Bank Inc. acquired a new position in Northwest Bancshares during the first quarter valued at $217,000. Janney Montgomery Scott LLC increased its position in Northwest Bancshares by 4.1% in the first quarter. Janney Montgomery Scott LLC now owns 62,231 shares of the savings and loans company’s stock valued at $1,048,000 after buying an additional 2,469 shares in the last quarter. Glen Harbor Capital Management LLC increased its position in Northwest Bancshares by 3.1% in the first quarter. Glen Harbor Capital Management LLC now owns 5,936 shares of the savings and loans company’s stock valued at $100,000 after buying an additional 176 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in Northwest Bancshares by 21.8% in the first quarter. Acadian Asset Management LLC now owns 1,151,484 shares of the savings and loans company’s stock valued at $19,391,000 after buying an additional 206,202 shares in the last quarter. 66.26% of the stock is currently owned by hedge funds and other institutional investors.
Northwest Bancshares, Inc. (NWBI) opened at 15.42 on Friday. Northwest Bancshares, Inc. has a 52 week low of $14.95 and a 52 week high of $19.10. The firm’s 50-day moving average is $15.72 and its 200-day moving average is $16.42. The stock has a market capitalization of $1.58 billion, a P/E ratio of 17.97 and a beta of 0.63.
Northwest Bancshares (NASDAQ:NWBI) last announced its quarterly earnings data on Monday, July 24th. The savings and loans company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The business had revenue of $124.21 million for the quarter, compared to analyst estimates of $116.82 million. Northwest Bancshares had a net margin of 18.91% and a return on equity of 7.45%. On average, equities research analysts predict that Northwest Bancshares, Inc. will post $0.93 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Thursday, August 3rd will be issued a dividend of $0.16 per share. The ex-dividend date is Tuesday, August 1st. This represents a $0.64 annualized dividend and a dividend yield of 4.15%. Northwest Bancshares’s payout ratio is currently 75.29%.
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Several equities analysts have recently weighed in on the stock. BidaskClub raised shares of Northwest Bancshares from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 10th. Zacks Investment Research downgraded shares of Northwest Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Finally, ValuEngine downgraded shares of Northwest Bancshares from a “buy” rating to a “hold” rating and set a $16.00 price target on the stock. in a research note on Thursday, May 11th. Three analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $16.60.
In other news, Director Philip M. Tredway sold 13,560 shares of the stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $16.13, for a total transaction of $218,722.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.00% of the company’s stock.
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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