Northwest Bancshares (NWBI) Upgraded 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 report issued on Wednesday. The firm currently has a $19.00 target price on the savings and loans company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 14.05% from the company’s previous close.

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. “

Several other analysts also recently commented on NWBI. Keefe, Bruyette & Woods reissued a “hold” rating and set a $16.00 price objective on shares of Northwest Bancshares in a research report on Sunday, October 8th. Boenning Scattergood reissued a “hold” rating on shares of Northwest Bancshares in a research report on Tuesday, October 24th. Finally, BidaskClub cut shares of Northwest Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday, December 14th. Five analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. Northwest Bancshares presently has an average rating of “Hold” and a consensus target price of $17.25.

Shares of Northwest Bancshares (NASDAQ:NWBI) traded down $0.07 during mid-day trading on Wednesday, reaching $16.66. 467,500 shares of the company traded hands, compared to its average volume of 551,850. Northwest Bancshares has a one year low of $14.95 and a one year high of $18.63. The stock has a market cap of $1,710.00, a P/E ratio of 17.54, a price-to-earnings-growth ratio of 1.64 and a beta of 0.63. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.19.

Northwest Bancshares (NASDAQ:NWBI) last announced its quarterly earnings data on Monday, October 23rd. The savings and loans company reported $0.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Northwest Bancshares had a net margin of 20.59% and a return on equity of 7.54%. The company had revenue of $107.83 million for the quarter, compared to the consensus estimate of $106.63 million. analysts anticipate that Northwest Bancshares will post 0.83 EPS for the current year.

In other news, CFO William W. Harvey sold 10,000 shares of the stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $17.28, for a total value of $172,800.00. Following the transaction, the chief financial officer now owns 158,649 shares in the company, valued at approximately $2,741,454.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jonathan P. Scalise sold 6,047 shares of the stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $17.21, for a total transaction of $104,068.87. Following the completion of the transaction, the executive vice president now owns 18,402 shares in the company, valued at approximately $316,698.42. The disclosure for this sale can be found here. Insiders have sold a total of 25,639 shares of company stock worth $435,808 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Several large investors have recently modified their holdings of the company. Algert Global LLC bought a new position in shares of Northwest Bancshares in the 3rd quarter worth approximately $205,000. Dean Investment Associates LLC bought a new position in shares of Northwest Bancshares in the 3rd quarter worth approximately $1,100,000. California Public Employees Retirement System lifted its stake in shares of Northwest Bancshares by 5.4% in the 3rd quarter. California Public Employees Retirement System now owns 331,705 shares of the savings and loans company’s stock worth $5,729,000 after purchasing an additional 16,855 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Northwest Bancshares by 27.9% in the 3rd quarter. Janney Montgomery Scott LLC now owns 67,270 shares of the savings and loans company’s stock worth $1,162,000 after purchasing an additional 14,665 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Northwest Bancshares by 0.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 8,618,542 shares of the savings and loans company’s stock worth $148,842,000 after purchasing an additional 44,020 shares during the period. Hedge funds and other institutional investors own 64.51% 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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