Northpointe Bancshares (NYSE:NPB) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Northpointe Bancshares reported a quarterly earnings per share of $0.57, surpassing expectations by $0.01.
• The company announced a quarterly dividend of $0.025 per share, with payment scheduled for November 3rd.
• Analysts have varied opinions on the stock, with a consensus rating of "Hold" and new price targets ranging from $17.50 to $19.50.

Northpointe Bancshares (NYSE:NPB - Get Free Report) posted its earnings results on Tuesday. The company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01, Zacks reports.

Northpointe Bancshares Stock Performance

Shares of NYSE NPB traded down $0.02 during midday trading on Tuesday, hitting $16.85. The company's stock had a trading volume of 143,595 shares, compared to its average volume of 145,162. The business's fifty day simple moving average is $17.49 and its two-hundred day simple moving average is $15.10. The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.16. Northpointe Bancshares has a 1 year low of $11.43 and a 1 year high of $18.85.

Northpointe Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be paid a $0.025 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $0.10 annualized dividend and a dividend yield of 0.6%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Weiss Ratings restated a "sell (e+)" rating on shares of Northpointe Bancshares in a research note on Wednesday, October 8th. Piper Sandler upped their price target on Northpointe Bancshares from $17.50 to $19.50 and gave the stock an "overweight" rating in a research note on Wednesday, October 8th. Finally, Janney Montgomery Scott assumed coverage on Northpointe Bancshares in a research note on Thursday, August 28th. They set a "neutral" rating and a $19.25 price target on the stock. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $18.92.

Insider Activity at Northpointe Bancshares

In other news, Director David Stevens Hooker sold 65,161 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $18.21, for a total value of $1,186,581.81. Following the completion of the transaction, the director owned 834,879 shares of the company's stock, valued at approximately $15,203,146.59. This trade represents a 7.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 18.40% of the company's stock.

Institutional Trading of Northpointe Bancshares

Hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in Northpointe Bancshares by 138.9% in the second quarter. Geode Capital Management LLC now owns 234,789 shares of the company's stock valued at $3,220,000 after acquiring an additional 136,490 shares in the last quarter. Mendon Capital Advisors Corp raised its holdings in Northpointe Bancshares by 5.2% in the second quarter. Mendon Capital Advisors Corp now owns 224,050 shares of the company's stock valued at $3,072,000 after acquiring an additional 10,980 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in Northpointe Bancshares in the second quarter valued at approximately $776,000. Bank of America Corp DE raised its holdings in Northpointe Bancshares by 51.4% in the second quarter. Bank of America Corp DE now owns 38,543 shares of the company's stock valued at $528,000 after acquiring an additional 13,093 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in Northpointe Bancshares in the second quarter valued at approximately $370,000.

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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