Northwest Bancshares, Inc. (NASDAQ:NWBI) has reported a recent transaction involving SVP, Chief Auditor Carey A. Barnum, who sold company shares in two separate transactions. According to the latest filings, Barnum sold a total of 142 shares of Northwest Bancshares' common stock, with the transactions amounting to over $1500.
The sales took place on two different dates, with the first batch of 64 shares sold on June 7, 2024, at an average price of $10.7689 per share. The second sale occurred on June 10, 2024, involving 78 shares at an average price of $10.6702 per share. The price range for these transactions was between $10.6702 and $10.7689.
Following these transactions, Barnum's remaining ownership in Northwest Bancshares stands at 3506 shares of common stock. The company, based in Warren, Pennsylvania, operates in the national commercial banks sector and is recognized under the standard industrial classification code 6021.
Investors and stakeholders in Northwest Bancshares often monitor such sales by high-ranking officials within the company, as these can provide insights into the executives' perspectives on the company's current valuation and future prospects. While the reasons for the sale by the SVP, Chief Auditor have not been disclosed, these transactions are a routine part of executive compensation and asset management.
Northwest Bancshares, Inc. has not made any additional comments regarding the transactions. The company's shares are publicly traded on the NASDAQ exchange under the ticker symbol NWBI.
In other recent news, Northwest Bancshares, Inc. has seen its stock price target revised by two firms following the company's first-quarter results. Keefe, Bruyette & Woods reduced the price target to $12 from $13, maintaining a Market Perform rating. This decision was influenced by the bank's modest loan growth and net interest margin compression, and the anticipated funding pressures in the upcoming quarter.
Piper Sandler also adjusted its outlook on Northwest Bancshares, lowering the stock price target to $10 from $11, while maintaining a neutral stance. The bank reported earnings per share of $0.23 for the first quarter, slightly exceeding Piper Sandler's and the consensus estimates. However, a shortfall in net interest income due to lower than anticipated net interest margin and balance sheet trends was noted.
These developments follow the bank's efforts to improve yields through the redeployment of a portion of its securities portfolio and the utilization of its excess capital. Despite the challenges, both firms maintain a neutral outlook on the stock's potential performance. The latest adjustments reflect recent performance trends and the bank's strategies to mitigate anticipated challenges.
InvestingPro Insights
Amidst the news of executive share sales at Northwest Bancshares, Inc. (NASDAQ:NWBI), investors are weighing the company's financial health and future outlook. With a market capitalization of $1.36 billion and a price-to-earnings (P/E) ratio standing at 10.1, Northwest Bancshares presents a valuation that could attract investors looking for potentially undervalued stocks in the banking sector. The company's dividend yield is notably high at 7.53%, reflecting a substantial return to shareholders relative to the current share price.
An InvestingPro Tip highlights Northwest Bancshares' impressive track record of maintaining dividend payments for 30 consecutive years, showcasing the company's commitment to returning value to its shareholders. Despite concerns about weak gross profit margins and an expected drop in net income this year, the company's long history of profitability, including over the last twelve months, provides a counterbalance to short-term uncertainties.
Notably, the stock is trading at 81.41% of its 52-week high, and with an InvestingPro Fair Value estimate of $13.26, there appears to be potential upside from the previous close price of $10.62. For investors seeking additional insights and analysis on Northwest Bancshares, InvestingPro offers a comprehensive set of metrics and tips, including five more InvestingPro Tips for NWBI at https://www.investing.com/pro/NWBI. To access these detailed insights and make more informed investment decisions, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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