FY2024 EPS Estimates for Northwest Bancshares, Inc. Reduced by DA Davidson (NASDAQ:NWBI)

Northwest Bancshares, Inc. (NASDAQ:NWBI) – Equities researchers at DA Davidson lowered their FY2024 earnings estimates for shares of Northwest Bancshares in a report issued on Tuesday, April 23rd. DA Davidson analyst M. Navas now forecasts that the savings and loans company will earn $0.91 per share for the year, down from their prior forecast of $1.00. The consensus estimate for Northwest Bancshares’ current full-year earnings is $0.95 per share.

A number of other equities research analysts have also weighed in on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $12.00 price objective (down from $13.00) on shares of Northwest Bancshares in a report on Tuesday. Piper Sandler reduced their price objective on shares of Northwest Bancshares from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Tuesday.

Northwest Bancshares Price Performance

Shares of NWBI opened at $10.94 on Thursday. Northwest Bancshares has a twelve month low of $9.80 and a twelve month high of $13.07. The firm’s fifty day simple moving average is $11.29 and its 200-day simple moving average is $11.50. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 10.62 and a beta of 0.60. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.42.

Northwest Bancshares (NASDAQ:NWBI) last released its earnings results on Monday, April 22nd. The savings and loans company reported $0.23 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.23. Northwest Bancshares had a net margin of 17.84% and a return on equity of 8.77%. The company had revenue of $188.20 million for the quarter, compared to analyst estimates of $132.80 million.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Northwest Bancshares by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 14,959,190 shares of the savings and loans company’s stock valued at $186,691,000 after buying an additional 54,526 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Northwest Bancshares by 1.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,712,088 shares of the savings and loans company’s stock valued at $108,729,000 after buying an additional 90,425 shares during the last quarter. Invesco Ltd. grew its position in shares of Northwest Bancshares by 4.9% in the 3rd quarter. Invesco Ltd. now owns 4,917,212 shares of the savings and loans company’s stock valued at $50,303,000 after buying an additional 230,058 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Northwest Bancshares by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,581,520 shares of the savings and loans company’s stock valued at $44,697,000 after buying an additional 78,513 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Northwest Bancshares by 1.8% in the 4th quarter. Victory Capital Management Inc. now owns 3,001,622 shares of the savings and loans company’s stock valued at $37,460,000 after buying an additional 53,518 shares during the last quarter. 66.32% of the stock is owned by hedge funds and other institutional investors.

Northwest Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Thursday, May 2nd will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 7.31%. The ex-dividend date is Wednesday, May 1st. Northwest Bancshares’s dividend payout ratio (DPR) is 77.67%.

About Northwest Bancshares

Northwest Bancshares, Inc operates as the bank 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.