Northpointe Bancshares (NYSE:NPB) Price Target Raised to $19.50 at Piper Sandler

Key Points

• Equities research firm Piper Sandler raised the price target for Northpointe Bancshares from $17.50 to $19.50, indicating a potential upside of 11.33% based on its previous close.
• Several analysts have differing ratings on the stock, with two Analysts recommending a Buy, one a Hold, and another a Sell, resulting in a consensus target price of $18.92.
• Insider trading showed Director David Stevens Hooker sold over 65,000 shares of the company, reducing their ownership by 7.24% amid recent institutional interest in Northpointe Bancshares.

Northpointe Bancshares (NYSE:NPB - Get Free Report) had its price objective lifted by equities research analysts at Piper Sandler from $17.50 to $19.50 in a report issued on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Piper Sandler's target price would indicate a potential upside of 11.33% from the stock's previous close.

Several other research analysts have also issued reports on NPB. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Northpointe Bancshares in a research report on Saturday, September 27th. Janney Montgomery Scott started coverage on Northpointe Bancshares in a research report on Thursday, August 28th. They set a "neutral" rating and a $19.25 target price on the stock. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $18.92.

Northpointe Bancshares Trading Down 1.9%

Shares of NPB stock opened at $17.52 on Wednesday. The stock's 50-day moving average is $17.08 and its 200 day moving average is $14.92. Northpointe Bancshares has a 1-year low of $11.43 and a 1-year high of $18.85. The company has a quick ratio of 1.32, a current ratio of 1.39 and a debt-to-equity ratio of 2.16.

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

Insider Activity at Northpointe Bancshares

In other news, Director David Stevens Hooker sold 65,161 shares of the company's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $18.21, for a total value of $1,186,581.81. Following the sale, the director owned 834,879 shares in the company, valued at $15,203,146.59. This represents a 7.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 18.40% of the stock is owned by insiders.

Institutional Trading of Northpointe Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP purchased a new position in shares of Northpointe Bancshares during the 1st quarter valued at approximately $47,534,000. Adage Capital Partners GP L.L.C. lifted its position in shares of 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. purchased a new position in shares of Northpointe Bancshares during the 1st quarter valued at approximately $9,908,000. Jacobs Asset Management LLC purchased a new position in shares of Northpointe Bancshares during the 1st quarter valued at approximately $8,998,000. Finally, American Century Companies Inc. purchased a new position in shares of Northpointe Bancshares during the 1st quarter valued at approximately $7,081,000.

Northpointe Bancshares Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.