Northwest Bancshares, Inc. (NASDAQ:NWBI) Expected to Post Quarterly Sales of $122.86 Million

Wall Street analysts expect that Northwest Bancshares, Inc. (NASDAQ:NWBIGet Rating) will report sales of $122.86 million for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Northwest Bancshares’ earnings, with the lowest sales estimate coming in at $120.00 million and the highest estimate coming in at $125.70 million. Northwest Bancshares reported sales of $150.44 million during the same quarter last year, which indicates a negative year over year growth rate of 18.3%. The firm is scheduled to issue its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Northwest Bancshares will report full-year sales of $494.90 million for the current fiscal year, with estimates ranging from $484.00 million to $503.56 million. For the next fiscal year, analysts anticipate that the business will report sales of $523.82 million, with estimates ranging from $510.00 million to $533.39 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Northwest Bancshares.

Northwest Bancshares (NASDAQ:NWBIGet Rating) last released its quarterly earnings data on Monday, April 25th. The savings and loans company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. Northwest Bancshares had a net margin of 26.19% and a return on equity of 9.12%. The firm had revenue of $116.36 million for the quarter, compared to analysts’ expectations of $123.15 million.

Several research firms recently commented on NWBI. Zacks Investment Research lowered shares of Northwest Bancshares from a “buy” rating to a “hold” rating in a research note on Saturday, April 30th. StockNews.com initiated coverage on shares of Northwest Bancshares in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Piper Sandler downgraded shares of Northwest Bancshares from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $14.00 to $12.00 in a research note on Friday, May 6th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $13.51.

NASDAQ:NWBI traded up $0.16 during mid-day trading on Thursday, hitting $12.83. 706,666 shares of the company’s stock were exchanged, compared to its average volume of 966,292. Northwest Bancshares has a one year low of $12.04 and a one year high of $15.15. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.91 and a quick ratio of 0.91. The business has a fifty day moving average price of $13.00 and a 200 day moving average price of $13.71. The company has a market cap of $1.63 billion, a PE ratio of 11.56 and a beta of 0.56.

The company also recently announced a quarterly dividend, which was paid on Monday, May 16th. Stockholders of record on Thursday, May 5th were paid a $0.20 dividend. The ex-dividend date was Wednesday, May 4th. This represents a $0.80 annualized dividend and a dividend yield of 6.24%. Northwest Bancshares’s dividend payout ratio is presently 72.07%.

In other news, EVP Ronald B. Andzelik sold 7,590 shares of the stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $12.58, for a total value of $95,482.20. Following the completion of the sale, the executive vice president now directly owns 57,102 shares of the company’s stock, valued at $718,343.16. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Deborah J. Esq. Chadsey sold 7,200 shares of the stock in a transaction on Thursday, May 19th. The stock was sold at an average price of $12.50, for a total transaction of $90,000.00. Following the completion of the sale, the director now directly owns 30,746 shares of the company’s stock, valued at $384,325. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,916 shares of company stock worth $187,061. Insiders own 1.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in NWBI. State Street Corp increased its stake in shares of Northwest Bancshares by 59.4% in the first quarter. State Street Corp now owns 8,048,444 shares of the savings and loans company’s stock worth $108,734,000 after purchasing an additional 2,999,249 shares in the last quarter. Norges Bank purchased a new position in Northwest Bancshares during the fourth quarter valued at $16,574,000. Invesco Ltd. grew its stake in Northwest Bancshares by 30.5% during the third quarter. Invesco Ltd. now owns 3,945,871 shares of the savings and loans company’s stock valued at $52,401,000 after acquiring an additional 921,659 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Northwest Bancshares by 167.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,311,166 shares of the savings and loans company’s stock valued at $18,566,000 after acquiring an additional 820,919 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in Northwest Bancshares by 84.5% during the first quarter. Victory Capital Management Inc. now owns 1,341,413 shares of the savings and loans company’s stock valued at $17,009,000 after acquiring an additional 614,164 shares in the last quarter. 61.18% of the stock is owned by hedge funds and other institutional investors.

About Northwest Bancshares (Get Rating)

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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Earnings History and Estimates for Northwest Bancshares (NASDAQ:NWBI)

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