Victory Capital Management Inc. Boosts Stock Position in Northwest Bancshares, Inc. (NASDAQ:NWBI)

Victory Capital Management Inc. increased its stake in Northwest Bancshares, Inc. (NASDAQ:NWBIGet Rating) by 84.5% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,341,413 shares of the savings and loans company’s stock after buying an additional 614,164 shares during the quarter. Victory Capital Management Inc.’s holdings in Northwest Bancshares were worth $17,009,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC grew its stake in shares of Northwest Bancshares by 125.1% in the 1st quarter. CWM LLC now owns 2,530 shares of the savings and loans company’s stock worth $34,000 after buying an additional 1,406 shares during the last quarter. Confluence Wealth Services Inc. purchased a new stake in Northwest Bancshares during the 4th quarter valued at $36,000. US Asset Management LLC purchased a new stake in Northwest Bancshares during the 1st quarter valued at $79,000. First Citizens Bank & Trust Co. purchased a new stake in Northwest Bancshares during the 4th quarter valued at $146,000. Finally, Wedbush Securities Inc. purchased a new stake in Northwest Bancshares during the 1st quarter valued at $146,000. Hedge funds and other institutional investors own 61.18% of the company’s stock.

Insider Activity

In other news, EVP Ronald B. Andzelik sold 7,590 shares of the stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $12.58, for a total transaction of $95,482.20. Following the transaction, the executive vice president now directly owns 57,102 shares of the company’s stock, valued at approximately $718,343.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Deborah J. Esq. Chadsey sold 7,200 shares of the firm’s stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $12.50, for a total value of $90,000.00. Following the transaction, the director now directly owns 30,746 shares of the company’s stock, valued at approximately $384,325. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Ronald B. Andzelik sold 7,590 shares of the firm’s stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $12.58, for a total value of $95,482.20. Following the completion of the transaction, the executive vice president now directly owns 57,102 shares in the company, valued at $718,343.16. The disclosure for this sale can be found here. Insiders have sold 15,905 shares of company stock valued at $199,712 in the last ninety days. 1.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

NWBI has been the topic of several recent analyst reports. B. Riley cut their target price on Northwest Bancshares from $14.00 to $11.00 in a research note on Monday, July 11th. DA Davidson reiterated a “neutral” rating on shares of Northwest Bancshares in a research note on Wednesday, July 27th. Finally, Piper Sandler downgraded Northwest Bancshares from a “neutral” rating to an “underweight” rating and cut their target price for the company from $14.00 to $12.00 in a research note on Friday, May 6th.

Northwest Bancshares Price Performance

NASDAQ NWBI opened at $14.16 on Friday. The business’s fifty day moving average price is $12.97 and its 200-day moving average price is $13.31. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 14.30 and a beta of 0.57. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.90 and a quick ratio of 0.90. Northwest Bancshares, Inc. has a 1-year low of $12.04 and a 1-year high of $15.15.

Northwest Bancshares (NASDAQ:NWBIGet Rating) last released its quarterly earnings results on Monday, July 25th. The savings and loans company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.03. The firm had revenue of $130.71 million for the quarter, compared to analysts’ expectations of $123.21 million. Northwest Bancshares had a return on equity of 8.23% and a net margin of 24.27%. On average, equities analysts predict that Northwest Bancshares, Inc. will post 1.06 earnings per share for the current year.

Northwest Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 15th. Stockholders of record on Thursday, August 4th will be issued a dividend of $0.20 per share. The ex-dividend date is Wednesday, August 3rd. This represents a $0.80 annualized dividend and a dividend yield of 5.65%. Northwest Bancshares’s payout ratio is 80.81%.

About Northwest Bancshares

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Northwest Bancshares, Inc operates as the holding company for Northwest Bank, a state-chartered savings bank that provides personal and business banking solutions. The company accepts various deposits, including checking, savings, money market deposit, term certificate, and individual retirement accounts.

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Want to see what other hedge funds are holding NWBI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Northwest Bancshares, Inc. (NASDAQ:NWBIGet Rating).

Institutional Ownership by Quarter for Northwest Bancshares (NASDAQ:NWBI)

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