Adage Capital Partners GP L.L.C. Acquires Shares of 763,488 Northpointe Bancshares, Inc. $NPB

Key Points

• Adage Capital Partners GP L.L.C. acquired 763,488 shares of Northpointe Bancshares, valued at approximately $11,025,000, representing about 2.52% ownership of the company.
• Northpointe Bancshares recently reported an EPS of $0.51 and a revenue of $58.96 million for the last quarter, meeting analyst expectations.
• The company announced a $0.025 quarterly dividend with a yield of 0.5%, paid to shareholders on August 4th.

Adage Capital Partners GP L.L.C. acquired a new position in shares of Northpointe Bancshares, Inc. (NYSE:NPB - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 763,488 shares of the company's stock, valued at approximately $11,025,000. Adage Capital Partners GP L.L.C. owned 2.52% of Northpointe Bancshares at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. FJ Capital Management LLC acquired a new stake in shares of Northpointe Bancshares during the first quarter worth $2,238,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Northpointe Bancshares during the first quarter worth $26,000. Jacobs Asset Management LLC acquired a new stake in shares of Northpointe Bancshares during the first quarter worth $8,998,000. Wellington Management Group LLP acquired a new stake in shares of Northpointe Bancshares during the first quarter worth $47,534,000. Finally, American Century Companies Inc. acquired a new stake in shares of Northpointe Bancshares during the first quarter worth $7,081,000.

Northpointe Bancshares Stock Down 1.6%

Shares of Northpointe Bancshares stock traded down $0.29 during trading on Friday, hitting $18.16. 186,499 shares of the company's stock were exchanged, compared to its average volume of 174,872. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.16. The business has a 50-day simple moving average of $16.06 and a 200-day simple moving average of $14.49. Northpointe Bancshares, Inc. has a 52-week low of $11.43 and a 52-week high of $18.78.

Northpointe Bancshares (NYSE:NPB - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The company reported $0.51 earnings per share for the quarter, meeting analysts' consensus estimates of $0.51. The firm had revenue of $58.96 million during the quarter, compared to analysts' expectations of $56.92 million.

Northpointe Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 4th. Shareholders of record on Tuesday, July 15th were issued a $0.025 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $0.10 dividend on an annualized basis and a yield of 0.6%.

Analyst Upgrades and Downgrades

NPB has been the subject of several research reports. Janney Montgomery Scott initiated coverage on shares of Northpointe Bancshares in a research note on Thursday, August 28th. They set a "neutral" rating and a $19.25 price objective for the company. Piper Sandler raised their target price on shares of Northpointe Bancshares from $16.50 to $17.50 and gave the stock an "overweight" rating in a report on Monday, July 28th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, Northpointe Bancshares presently has a consensus rating of "Moderate Buy" and an average target price of $18.25.

About Northpointe Bancshares

Northpointe Bancshares, Inc operates as a bank holding company. It offers a nationwide mortgage purchase program, residential mortgage loans, digital deposit banking to retail customers and custodial deposit services. The company was founded by Charles A. Williams in 1998 and is headquartered in Grand Rapids, MI.