Janney Montgomery Scott Begins Coverage on Northpointe Bancshares (NYSE:NPB)

Key Points

• Janney Montgomery Scott initiated coverage on Northpointe Bancshares (NYSE:NPB) with a neutral rating and a price target of $19.25, indicating an expected upside of 8.45%.
• Piper Sandler recently increased its price objective for the company from $16.50 to $17.50, assigning it an overweight rating.
• Northpointe Bancshares reported $0.51 EPS for the quarter, meeting consensus estimates, alongside revenue of $58.96 million, exceeding analyst projections.

Analysts at Janney Montgomery Scott initiated coverage on shares of Northpointe Bancshares (NYSE:NPB - Get Free Report) in a research note issued to investors on Thursday. The firm set a "neutral" rating and a $19.25 price target on the stock. Janney Montgomery Scott's price objective points to a potential upside of 8.45% from the company's current price.

Separately, Piper Sandler raised their price objective on Northpointe Bancshares from $16.50 to $17.50 and gave the company an "overweight" rating in a research note on Monday, July 28th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $18.25.

Northpointe Bancshares Trading Up 0.2%

Shares of NPB opened at $17.75 on Thursday. Northpointe Bancshares has a 52-week low of $11.43 and a 52-week high of $17.85. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.39 and a quick ratio of 1.32. The company has a 50 day simple moving average of $15.04.

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

Institutional Investors Weigh In On Northpointe Bancshares

Several institutional investors have recently bought and sold shares of NPB. Wellington Management Group LLP bought a new position in Northpointe Bancshares during the 1st quarter valued at approximately $47,534,000. Adage Capital Partners GP L.L.C. increased its position in Northpointe Bancshares by 122.0% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 1,694,728 shares of the company's stock valued at $23,235,000 after buying an additional 931,240 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in Northpointe Bancshares during the 1st quarter valued at approximately $9,908,000. Jacobs Asset Management LLC bought a new position in Northpointe Bancshares during the 1st quarter valued at approximately $8,998,000. Finally, American Century Companies Inc. bought a new stake in shares of Northpointe Bancshares in the 1st quarter worth $7,081,000.

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.

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