Wesbanco Bank Inc. Boosts Holdings in Northwest Bancshares, Inc. (NASDAQ:NWBI)

Posted by Defense World Staff on Mar 28th, 2023

Wesbanco Bank Inc. boosted its position in shares of Northwest Bancshares, Inc. (NASDAQ:NWBI – Get Rating) by 10.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,917 shares of the savings and loans company’s stock after acquiring an additional 2,000 shares during the period. Wesbanco Bank Inc.’s holdings in Northwest Bancshares were worth $307,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Quadrant Capital Group LLC lifted its position in Northwest Bancshares by 274.9% during the third quarter. Quadrant Capital Group LLC now owns 2,523 shares of the savings and loans company’s stock valued at $34,000 after acquiring an additional 1,850 shares during the last quarter. Wipfli Financial Advisors LLC purchased a new stake in Northwest Bancshares during the third quarter valued at approximately $35,000. Captrust Financial Advisors lifted its position in Northwest Bancshares by 97.9% during the first quarter. Captrust Financial Advisors now owns 8,984 shares of the savings and loans company’s stock valued at $121,000 after acquiring an additional 4,445 shares during the last quarter. Truist Financial Corp acquired a new position in Northwest Bancshares during the 3rd quarter valued at approximately $137,000. Finally, CNB Bank increased its stake in Northwest Bancshares by 94.7% during the 3rd quarter. CNB Bank now owns 11,308 shares of the savings and loans company’s stock valued at $153,000 after purchasing an additional 5,500 shares in the last quarter. Hedge funds and other institutional investors own 64.62% of the company’s stock.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Northwest Bancshares from a “hold” rating to a “sell” rating in a research note on Friday, March 10th.

Northwest Bancshares Trading Down 2.1 %

Shares of Northwest Bancshares stock opened at $12.35 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.62. Northwest Bancshares, Inc. has a 12-month low of $11.73 and a 12-month high of $15.35. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 11.88 and a beta of 0.59. The firm’s 50 day simple moving average is $13.59 and its two-hundred day simple moving average is $14.06.

Northwest Bancshares (NASDAQ:NWBI – Get Rating) last issued its quarterly earnings results on Monday, January 23rd. The savings and loans company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01). Northwest Bancshares had a net margin of 23.88% and a return on equity of 9.16%. The company had revenue of $155.71 million for the quarter, compared to analyst estimates of $142.80 million. Analysts predict that Northwest Bancshares, Inc. will post 1.17 EPS for the current year.

Northwest Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Thursday, February 2nd were paid a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, February 1st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 6.48%. Northwest Bancshares’s payout ratio is currently 76.92%.

Insider Transactions at Northwest Bancshares

In other news, Director John P. Meegan sold 7,200 shares of the stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $14.25, for a total value of $102,600.00. Following the sale, the director now owns 68,496 shares in the company, valued at $976,068. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Mark T. Reitzes purchased 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 25th. The shares were bought at an average price of $13.38 per share, for a total transaction of $26,760.00. Following the completion of the transaction, the executive vice president now owns 30,511 shares in the company, valued at $408,237.18. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Meegan sold 7,200 shares of the firm’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $14.25, for a total transaction of $102,600.00. Following the sale, the director now owns 68,496 shares in the company, valued at approximately $976,068. The disclosure for this sale can be found here. Insiders have acquired 4,729 shares of company stock worth $61,686 over the last 90 days. 1.10% of the stock is currently owned by company insiders.

Northwest Bancshares Company Profile

(Get Rating)

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.