Northpointe Bancshares (NYSE:NPB) Shares Gap Up After Better-Than-Expected Earnings

Key Points

• Northpointe Bancshares shares surged after reporting earnings of $0.57 per share, beating expectations by $0.01, alongside revenues of $64.36 million.
• The company declared a quarterly dividend of $0.025 per share, set to be paid on November 3rd, representing an annualized dividend yield of 0.6%.
• Analysts remain mixed on Northpointe Bancshares, with one firm raising its price target to $19.50 and a majority rating the stock as a "Hold".

Northpointe Bancshares, Inc. (NYSE:NPB - Get Free Report) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $16.85, but opened at $17.58. Northpointe Bancshares shares last traded at $16.80, with a volume of 3,950 shares traded.

The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.01. The company had revenue of $64.36 million for the quarter, compared to the consensus estimate of $62.17 million.

Northpointe Bancshares Announces Dividend

The business 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 dividend of $0.025 per share. 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%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NPB. Janney Montgomery Scott began coverage on Northpointe Bancshares in a research note on Thursday, August 28th. They set a "neutral" rating and a $19.25 price objective for the company. Weiss Ratings reissued a "sell (e+)" rating on shares of Northpointe Bancshares in a research note on Wednesday, October 8th. Finally, Piper Sandler raised their price objective on Northpointe Bancshares from $17.50 to $19.50 and gave the stock an "overweight" rating in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $18.92.

Insider Activity

In other news, Director David Stevens Hooker sold 65,161 shares of the stock in a transaction on 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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 18.40% of the stock is owned by insiders.

Institutional Trading of Northpointe Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Northpointe Bancshares during the first quarter worth $26,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Northpointe Bancshares during the second quarter worth $33,000. State of Wyoming purchased a new stake in shares of Northpointe Bancshares during the second quarter worth $54,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Northpointe Bancshares during the second quarter worth $79,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of Northpointe Bancshares during the second quarter worth $97,000.

Northpointe Bancshares Stock Down 0.5%

The company has a current ratio of 1.39, a quick ratio of 1.32 and a debt-to-equity ratio of 2.16. The company has a fifty day moving average of $17.52 and a 200-day moving average of $15.11.

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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