The Vanguard Group, Inc. recently announced the acquisition of new stake in Northwest Bancshares Inc. (NASDAQ:NWBI). The institutional investor has increased its shareholding in the Financial company by 4.71% to 14.77 million shares with purchase of 0.66 million shares. This fresh investment now brings its stake to 11.63% valued currently at $204.14 million. In addition, Dimensional Fund Advisors LP raised its holdings by 0.21 million to 8.98 million shares. And Charles Schwab Investment Managem has lifted its position by 8.95% or 0.27 million shares – to 3.32 million shares.
With over 2.35 million Northwest Bancshares Inc. (NWBI) shares trading Monday and a closing price of $12.85 on the day, the dollar volume was approximately $30.15 million. The shares have shown a negative half year performance of -8.74% and its price on 03/13/23 gained nearly 0.71%. Currently, there are 126.42M common shares owned by the public and among those 125.76M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for NWBI have a consensus price objective of $13.90. The analysts have set the share’s price value over the next 12 months at a high of $15.00 and a low of $13.00. The average price target is 7.55% above its recent price level and an upside to the estimated low will see the stock gain 1.15% over that period. But an upside of 14.33% will see the stock hit the forecast high price target while median target price for the stock is $14.00.
Insiders at the company have transacted a total of 45 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 31 of these insider trades were purchases, accounting for 137,716 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 62,505 shares.
The top 3 mutual fund holders in Northwest Bancshares Inc. are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Core S&P Small Cap ETF owns 8.71 million shares of the company’s stock, all valued at over $120.39 million. Vanguard Total Stock Market Index bought 7664.0 shares to see its total holdings expand to 3.9 million shares valued at over $53.83 million and representing 3.07% of the shares outstanding. Vanguard Small Cap Index Fund bought 17956.0 shares to bring its total holdings to over 3.29 million shares at a value of $45.47 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.59% of the shares outstanding.
Shares of Northwest Bancshares Inc. (NASDAQ: NWBI) opened at $12.29, down -$0.47 from a prior closing price of $12.76. However, the script later moved the day high at 13.33, up 0.71%. The company’s stock has a 5-day price change of -4.32% and -11.13% over the past three months. NWBI shares are trading -8.08% year to date (YTD), with the 12-month market performance down to -7.22% lower. It has a 12-month low price of $12.04 and touched a high of $15.35 over the same period. NWBI has an average intraday trading volume of 665.51K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.35%, -7.53%, and -7.54% respectively.
Institutional ownership of Northwest Bancshares Inc. (NASDAQ: NWBI) shares accounts for 67.90% of the company’s 126.42M shares outstanding. Mutual fund holders own 17.79%, while other institutional holders and individual stakeholders account for 50.94% and 11.16% respectively.
It has a market capitalization of $1.63B and a beta (3y monthly) value of 0.59. The stock’s trailing 12-month PE ratio is 12.25, while the earnings-per-share (ttm) stands at $1.05. The company has a PEG of 1.75 and the debt-to-equity ratio at 0.62. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.27% over the week and 2.46% over the month.
Analysts forecast that Northwest Bancshares Inc. (NWBI) will achieve an EPS of $0.28 for the current quarter, $0.29 for the next quarter and $1.17 for 2024. The lowest estimate earnings-per-share for the quarter is $0.26 while analysts give the company a high EPS estimate of $0.3. Comparatively, EPS for the current quarter was $0.22 a year ago. Earnings per share for the fiscal year are expected to decrease by -13.60%, and 1.21% over the next financial year. EPS should grow at an annualized rate of 7.00% over the next five years, compared to 3.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Northwest Bancshares Inc. (NWBI) as a “Hold” at a consensus score of 3.20. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 5 of the 6 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the NWBI, a number of firms have released research notes about the stock. Janney stated their Neutral rating for the stock in a research note on September 29, 2022, with the firm’s price target at $15. Piper Sandler coverage for the Northwest Bancshares Inc. (NWBI) stock in a research note released on May 06, 2022 offered a Underweight rating with a price target of $12. Keefe Bruyette was of a view on July 27, 2021 that the stock is Mkt Perform, while B. Riley Securities gave the stock Neutral rating on July 27, 2021, issuing a price target of $16- $14. B. Riley Securities on their part issued Neutral rating on July 27, 2021.
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