Northpointe Bancshares (NYSE:NPB) Shares Gap Up - Here's What Happened

Key Points

• Northpointe Bancshares shares rose 3.9%, opening at $16.03 versus the prior close of $15.23, before trading near $15.71.
• Analyst sentiment remains mixed, with an average rating of “Hold” and a consensus price target of $20.25; recent firms lowered price targets despite maintaining positive ratings.
• The company reported quarterly EPS of $0.39, below the $0.60 consensus estimate, but increased its quarterly dividend to $0.03 per share from $0.025.

Northpointe Bancshares, Inc. (NYSE:NPB - Get Free Report) shares gapped up prior to trading on Tuesday. The stock had previously closed at $15.23, but opened at $16.03. Northpointe Bancshares shares last traded at $15.7140, with a volume of 29,756 shares traded.

Wall Street Analyst Weigh In

NPB has been the subject of a number of recent analyst reports. Weiss Ratings upgraded shares of Northpointe Bancshares from a "sell (d)" rating to a "sell (d+)" rating in a research report on Wednesday, September 9th. Piper Sandler reduced their price target on shares of Northpointe Bancshares from $20.00 to $19.50 and set an "overweight" rating on the stock in a research report on Thursday, October 22nd. Keefe, Bruyette & Woods decreased their price objective on shares of Northpointe Bancshares from $22.00 to $21.00 and set an "outperform" rating on the stock in a research note on Thursday, July 23rd. Finally, Zacks Research raised shares of Northpointe Bancshares from a "strong sell" rating to a "hold" rating in a research note on Monday, October 5th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $20.25.

Northpointe Bancshares Trading Up 3.9%

The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.34 and a current ratio of 1.40. The stock has a market cap of $547.40 million, a P/E ratio of 7.45 and a beta of 0.16. The company has a 50-day simple moving average of $16.26 and a 200-day simple moving average of $17.39.

Northpointe Bancshares (NYSE:NPB - Get Free Report) last released its quarterly earnings results on Tuesday, October 20th. The company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.21). The company had revenue of $55.92 million for the quarter. Northpointe Bancshares had a net margin of 16.27% and a return on equity of 13.88%. On average, sell-side analysts forecast that Northpointe Bancshares, Inc. will post 1.80 EPS for the current fiscal year.

Northpointe Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 4th. Shareholders of record on Thursday, October 15th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This is a positive change from Northpointe Bancshares's previous quarterly dividend of $0.0250. This represents a $0.12 annualized dividend and a yield of 0.8%. Northpointe Bancshares's payout ratio is currently 5.63%.

Insider Transactions at Northpointe Bancshares

In related news, CEO Charles Williams bought 48,312 shares of Northpointe Bancshares stock in a transaction on Wednesday, August 26th. The shares were purchased at an average price of $16.95 per share, for a total transaction of $818,888.40. Following the completion of the acquisition, the chief executive officer owned 2,390,962 shares in the company, valued at approximately $40,526,805.90. This represents a 2.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 18.30% of the company's stock.

Institutional Trading of Northpointe Bancshares

A number of hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its stake in Northpointe Bancshares by 126.9% during the 1st quarter. Bank of America Corp DE now owns 215,544 shares of the company's stock worth $3,720,000 after acquiring an additional 120,554 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Northpointe Bancshares during the second quarter valued at approximately $1,756,000. Mendon Capital Advisors Corp increased its stake in Northpointe Bancshares by 86.4% in the first quarter. Mendon Capital Advisors Corp now owns 308,624 shares of the company's stock valued at $5,327,000 after purchasing an additional 143,010 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in Northpointe Bancshares in the fourth quarter valued at approximately $965,000. Finally, Segall Bryant & Hamill LLC bought a new stake in Northpointe Bancshares in the first quarter valued at approximately $1,515,000.

About Northpointe Bancshares

Northpointe Bancshares, Inc is a bank holding company headquartered in Grand Rapids, Michigan. It operates through Northpointe Bank, a financial institution focused on providing banking products and lending services to individuals, families, and businesses.

Northpointe Bank offers residential mortgage loans, including home purchase and refinancing products, as well as consumer deposit accounts such as checking, savings, and certificates of deposit. The bank also provides commercial banking services and business loans, serving customers through a combination of digital banking capabilities and banking offices.

Founded in 1999, Northpointe Bank serves customers across the United States, with a particular emphasis on mortgage lending and relationship-based banking.

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