Northwest Bancshares (NWBI) Rating Increased to Strong-Buy at Zacks Investment Research

Northwest Bancshares (NASDAQ:NWBI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks.com reports. The firm currently has a $20.00 price target on the savings and loans company’s stock. Zacks Investment Research‘s target price points to a potential upside of 14.68% from the company’s current price.

According to Zacks, “Northwest Bancorp, Inc. is a bank holding company whose sole activity is the ownership of all of the issued and outstanding common stock of Northwest Savings Bank and the majority ownership of Jamestown Savings Bank. Northwest Savings Bank is a stock savings bank. The bank is a community-oriented institution offering traditional deposit and loan products, and through its subsidiaries, consumer finance services. “

Other analysts have also issued research reports about the company. Boenning Scattergood restated a “neutral” rating on shares of Northwest Bancshares in a report on Wednesday, April 17th. BidaskClub upgraded Northwest Bancshares from a “strong sell” rating to a “sell” rating in a report on Thursday, March 28th.

Northwest Bancshares stock opened at $17.44 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.00 and a debt-to-equity ratio of 0.18. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of 17.10, a P/E/G ratio of 2.26 and a beta of 0.69. Northwest Bancshares has a twelve month low of $15.50 and a twelve month high of $18.81.

Northwest Bancshares (NASDAQ:NWBI) last posted its earnings results on Wednesday, April 17th. The savings and loans company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.01). The company had revenue of $109.64 million for the quarter, compared to analysts’ expectations of $110.59 million. Northwest Bancshares had a return on equity of 8.48% and a net margin of 22.08%. The firm’s quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 EPS. Analysts anticipate that Northwest Bancshares will post 1.1 earnings per share for the current fiscal year.

In other news, Director Robert M. Campana sold 11,000 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $17.03, for a total transaction of $187,330.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Shawn O. Walker sold 1,780 shares of the stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $18.68, for a total value of $33,250.40. Following the sale, the executive vice president now owns 35,412 shares of the company’s stock, valued at approximately $661,496.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,990 shares of company stock valued at $925,184. 1.40% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Northwest Bancshares by 2.6% during the 4th quarter. BlackRock Inc. now owns 15,127,626 shares of the savings and loans company’s stock valued at $256,260,000 after purchasing an additional 388,953 shares during the last quarter. Vanguard Group Inc lifted its holdings in shares of Northwest Bancshares by 1.7% during the 3rd quarter. Vanguard Group Inc now owns 9,931,921 shares of the savings and loans company’s stock valued at $172,021,000 after purchasing an additional 163,989 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Northwest Bancshares by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 9,931,921 shares of the savings and loans company’s stock valued at $172,021,000 after purchasing an additional 163,989 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Northwest Bancshares by 5.6% during the 4th quarter. First Trust Advisors LP now owns 1,816,577 shares of the savings and loans company’s stock valued at $30,773,000 after purchasing an additional 96,684 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Northwest Bancshares by 5.1% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 1,774,327 shares of the savings and loans company’s stock valued at $30,037,000 after purchasing an additional 85,906 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company’s stock.

About Northwest Bancshares

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.

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