In a recent transaction, Devin T. Cygnar, the Executive Vice President and Chief Marketing/Communications Officer of Northwest Bancshares, Inc. (NASDAQ:NWBI), sold a significant amount of company stock. The transaction, which took place on May 8, 2024, involved the sale of 3,843 shares at a price of $11.08 per share, resulting in a total value of $42,580.
This move by Cygnar has adjusted his direct holdings in the company to 11,823 shares of common stock. Additionally, the executive holds an indirect stake through an Individual Retirement Account (IRA) with 13,692.1279 shares and a 401-K with 5,899.877 shares. It's worth noting that the transactions linked to the 401-K account are not required to be reported under Section 16 of the Securities Exchange Act of 1934, as indicated by a footnote in the filing.
Investors and market watchers often monitor insider transactions such as these for insights into executive sentiment regarding their company's stock. While the reasons for such sales can vary, they are regularly reported to the Securities and Exchange Commission and made available to the public.
Northwest Bancshares, Inc., headquartered in Warren, Pennsylvania, operates as a holding company for Northwest Bank, providing various banking and financial services to individuals and businesses. The company has been a part of the national commercial banks industry and is incorporated in Maryland.
As with all insider transactions, this recent sale by a high-ranking executive of Northwest Bancshares will likely be of interest to current and potential investors, as they assess the company's stock performance and insider confidence.
InvestingPro Insights
In the context of the recent insider transaction at Northwest Bancshares, Inc. (NASDAQ:NWBI), understanding the company's financial health and performance can offer additional insights. According to real-time data from InvestingPro, Northwest Bancshares has a market capitalization of approximately $1.41 billion, with a P/E ratio of 10.75, which slightly adjusts to 10.49 when looking at the last twelve months as of Q1 2024. Despite a modest revenue growth of 0.88% over the last twelve months, the company's revenue actually declined by 2.79% in Q1 2024 compared to the previous quarter.
InvestingPro Tips highlight that Northwest Bancshares pays a significant dividend to shareholders, with a notable dividend yield of 7.22% as of the latest data. This is particularly relevant as the company has maintained dividend payments for 30 consecutive years, showcasing its commitment to returning value to shareholders. Moreover, while the company suffers from weak gross profit margins, analysts predict it will remain profitable this year, having been profitable over the last twelve months.
For investors considering the implications of insider transactions, these financial metrics and insights from InvestingPro can be crucial. To delve deeper into Northwest Bancshares’ financials and gain access to additional InvestingPro Tips, interested parties can visit InvestingPro. There are 5 additional InvestingPro Tips available, which could further inform investment decisions. To take advantage of these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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