Northpointe Bancshares, Inc. $NPB Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Northpointe Bancshares stake by 126.9% in the first quarter, ending with 215,544 shares worth approximately $3.72 million, or 0.62% of the company. Several other institutional investors also expanded their positions.
• Analyst sentiment remains mixed: ratings include two Buys, one Hold and two Sells, resulting in a consensus “Hold” rating and an average price target of $21.08. Zacks Research downgraded the stock to “strong sell,” while Piper Sandler maintained an overweight view.
• Northpointe shares opened at $17.05 after the company reported quarterly EPS of $0.60, missing the $0.68 consensus estimate. The company declared a $0.025 quarterly dividend, while CEO Charles Alan Williams purchased 48,312 shares at an average price of $16.95.

Bank of America Corp DE lifted its stake in shares of Northpointe Bancshares, Inc. (NYSE:NPB - Free Report) by 126.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 215,544 shares of the company's stock after acquiring an additional 120,554 shares during the period. Bank of America Corp DE owned 0.62% of Northpointe Bancshares worth $3,720,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NPB. Mendon Capital Advisors Corp boosted its position in Northpointe Bancshares by 86.4% during the first quarter. Mendon Capital Advisors Corp now owns 308,624 shares of the company's stock worth $5,327,000 after acquiring an additional 143,010 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in Northpointe Bancshares in the 4th quarter valued at $965,000. Hsbc Holdings PLC raised its holdings in Northpointe Bancshares by 156.8% in the 4th quarter. Hsbc Holdings PLC now owns 65,852 shares of the company's stock valued at $1,102,000 after acquiring an additional 40,207 shares during the last quarter. Sei Investments Co. raised its holdings in Northpointe Bancshares by 165.2% in the 1st quarter. Sei Investments Co. now owns 50,117 shares of the company's stock valued at $865,000 after acquiring an additional 31,220 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new position in shares of Northpointe Bancshares during the 4th quarter worth $176,000.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Zacks Research lowered shares of Northpointe Bancshares from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods decreased their price target on shares of Northpointe Bancshares from $22.00 to $21.00 and set an "outperform" rating on the stock in a report on Thursday, July 23rd. Weiss Ratings reissued a "sell (d)" rating on shares of Northpointe Bancshares in a research note on Wednesday. Finally, Piper Sandler upped their price objective on Northpointe Bancshares from $21.00 to $22.00 and gave the stock an "overweight" rating in a report on Thursday, July 2nd. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $21.08.

Northpointe Bancshares Trading Down 0.4%

Shares of NPB opened at $17.05 on Friday. Northpointe Bancshares, Inc. has a 12 month low of $15.42 and a 12 month high of $19.71. The stock's 50-day moving average is $17.85 and its two-hundred day moving average is $17.73. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.40 and a quick ratio of 1.34. The stock has a market cap of $589.59 million, a PE ratio of 7.38 and a beta of 0.07.

Northpointe Bancshares (NYSE:NPB - Get Free Report) last posted its earnings results on Tuesday, July 21st. The company reported $0.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.68 by ($0.08). The company had revenue of $64.32 million during the quarter. Northpointe Bancshares had a net margin of 17.72% and a return on equity of 14.99%. Equities analysts forecast that Northpointe Bancshares, Inc. will post 2.48 earnings per share for the current fiscal year.

Northpointe Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 4th. Stockholders of record on Wednesday, July 15th were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Wednesday, July 15th. Northpointe Bancshares's payout ratio is presently 4.33%.

Insiders Place Their Bets

In other news, Director David Stevens Hooker sold 7,500 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $19.30, for a total transaction of $144,750.00. Following the completion of the transaction, the director directly owned 10,500 shares in the company, valued at approximately $202,650. This represents a 41.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Charles Alan Williams bought 48,312 shares of Northpointe Bancshares stock in a transaction dated Wednesday, August 26th. The shares were acquired at an average price of $16.95 per share, with a total value of $818,888.40. Following the completion of the purchase, the chief executive officer owned 2,390,962 shares in the company, valued at approximately $40,526,805.90. The trade was a 2.06% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 15,772 shares of company stock worth $290,001 in the last quarter. 18.30% of the stock is currently owned by company insiders.

Northpointe Bancshares Profile

Northpointe Bancshares, Inc is the bank holding company for Northpointe Bank, an FDIC-insured community bank based in Michigan. The company offers a full range of commercial and consumer banking solutions, serving retail, small business and corporate clients through both a physical branch network and digital platforms.

Northpointe Bank’s product suite includes interest-bearing checking and savings accounts, money market and certificate of deposit offerings, as well as residential mortgage lending, home equity financing and unsecured consumer loans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.