Northpointe Bancshares (NYSE:NPB) Price Target Lowered to $21.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut Northpointe Bancshares’ price target from $22 to $21 while keeping an outperform rating, implying about 23.9% upside from the prior close.
• The company’s latest quarterly results missed expectations, with EPS of $0.60 versus the $0.68 consensus, even as revenue came in at $64.32 million and net margin remained 17.72%.
• NPB stock was down 9.4% and opened at $16.95, while analysts overall currently rate the stock a Hold with an average price target of $20.62.

Northpointe Bancshares (NYSE:NPB - Get Free Report) had its price target dropped by equities research analysts at Keefe, Bruyette & Woods from $22.00 to $21.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Keefe, Bruyette & Woods' price target would indicate a potential upside of 23.93% from the stock's previous close.

A number of other research firms have also recently issued reports on NPB. Brean Capital started coverage on shares of Northpointe Bancshares in a research note on Wednesday, April 22nd. They issued a "neutral" rating and a $20.25 target price for the company. Piper Sandler increased their price target on shares of Northpointe Bancshares from $21.00 to $22.00 and gave the stock an "overweight" rating in a research note on Thursday, July 2nd. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Northpointe Bancshares in a report on Friday, May 29th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $20.62.

Northpointe Bancshares Stock Down 9.4%

NPB opened at $16.95 on Thursday. The company has a market capitalization of $585.96 million and a PE ratio of 7.34. The company has a debt-to-equity ratio of 2.96, a current ratio of 1.44 and a quick ratio of 1.38. Northpointe Bancshares has a fifty-two week low of $14.11 and a fifty-two week high of $19.71. The business has a 50-day moving average of $18.02 and a 200-day moving average of $17.82.

Northpointe Bancshares (NYSE:NPB - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.08). Northpointe Bancshares had a net margin of 17.72% and a return on equity of 15.10%. The firm had revenue of $64.32 million during the quarter. Equities research analysts forecast that Northpointe Bancshares will post 2.72 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Charles Alan Williams bought 25,000 shares of the firm's stock in a transaction on Tuesday, May 12th. The stock was purchased at an average price of $17.21 per share, with a total value of $430,250.00. Following the completion of the transaction, the chief executive officer directly owned 2,312,650 shares of the company's stock, valued at $39,800,706.50. This trade represents a 1.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David Stevens Hooker sold 7,500 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $17.82, for a total value of $133,650.00. Following the sale, the director directly owned 11,500 shares of the company's stock, valued at $204,930. The trade was a 39.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,500 shares of company stock worth $410,141 over the last three months. 18.30% of the stock is owned by company insiders.

Institutional Trading of Northpointe Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of NPB. Cubist Systematic Strategies LLC acquired a new position in Northpointe Bancshares in the 1st quarter valued at $26,000. State of Alaska Department of Revenue acquired a new position in Northpointe Bancshares during the 4th quarter worth $40,000. State of Wyoming bought a new stake in Northpointe Bancshares during the second quarter valued at about $54,000. Police & Firemen s Retirement System of New Jersey boosted its holdings in Northpointe Bancshares by 131.2% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 5,524 shares of the company's stock valued at $93,000 after acquiring an additional 3,135 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Northpointe Bancshares in the second quarter valued at about $79,000.

About Northpointe Bancshares

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.

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