PNC Financial Services Group Inc. Sells 1,105 Shares of Northwest Bancshares, Inc. (NASDAQ:NWBI)

PNC Financial Services Group Inc. cut its holdings in Northwest Bancshares, Inc. (NASDAQ:NWBI) by 1.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,027 shares of the savings and loans company’s stock after selling 1,105 shares during the period. PNC Financial Services Group Inc. owned about 0.06% of Northwest Bancshares worth $974,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Northwest Bancshares by 2.2% in the fourth 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 acquiring an additional 78,513 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of Northwest Bancshares by 3,568.5% in the fourth quarter. Hsbc Holdings PLC now owns 580,655 shares of the savings and loans company’s stock valued at $7,298,000 after acquiring an additional 564,827 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Northwest Bancshares by 4.9% in the third quarter. Invesco Ltd. now owns 4,917,212 shares of the savings and loans company’s stock valued at $50,303,000 after acquiring an additional 230,058 shares in the last quarter. Rafferty Asset Management LLC grew its holdings in shares of Northwest Bancshares by 63.8% in the fourth quarter. Rafferty Asset Management LLC now owns 146,317 shares of the savings and loans company’s stock valued at $1,826,000 after acquiring an additional 57,015 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Northwest Bancshares by 1.0% in the fourth 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 acquiring an additional 90,425 shares in the last quarter. 66.32% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Devin T. Cygnar sold 3,843 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $11.08, for a total value of $42,580.44. Following the sale, the executive vice president now owns 11,823 shares in the company, valued at $130,998.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Devin T. Cygnar sold 3,843 shares of the stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $11.08, for a total value of $42,580.44. Following the transaction, the executive vice president now owns 11,823 shares of the company’s stock, valued at $130,998.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Timothy M. Hunter bought 10,000 shares of Northwest Bancshares stock in a transaction that occurred on Thursday, May 16th. The stock was purchased at an average cost of $11.30 per share, for a total transaction of $113,000.00. Following the purchase, the director now owns 161,474 shares of the company’s stock, valued at $1,824,656.20. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 5,433 shares of company stock worth $59,858. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on NWBI shares. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $12.00 price objective (down previously from $13.00) on shares of Northwest Bancshares in a research note on Tuesday, April 23rd. Piper Sandler dropped their price objective on Northwest Bancshares from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 23rd.

Northwest Bancshares Trading Down 0.1 %

NASDAQ:NWBI opened at $10.89 on Monday. The company has a market cap of $1.39 billion, a P/E ratio of 10.57 and a beta of 0.64. The stock’s fifty day moving average price is $10.95 and its two-hundred day moving average price is $11.55. Northwest Bancshares, Inc. has a 1 year low of $9.80 and a 1 year high of $13.07. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.96 and a quick ratio of 0.95.

Northwest Bancshares (NASDAQ:NWBI) last posted its earnings results on Monday, April 22nd. The savings and loans company reported $0.23 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.23. The firm had revenue of $188.20 million for the quarter, compared to the consensus estimate of $132.80 million. Northwest Bancshares had a return on equity of 8.77% and a net margin of 17.84%. As a group, analysts expect that Northwest Bancshares, Inc. will post 0.92 EPS for the current year.

Northwest Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Thursday, May 2nd were given a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, May 1st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 7.35%. Northwest Bancshares’s dividend payout ratio (DPR) is presently 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.