In a recent transaction, Sherilyn G. Anderson, a director at First Northwest Bancorp (NASDAQ:FNWB), purchased 150 shares of the company's common stock at a price of $10.75 per share, amounting to a total investment of $1,612. This transaction, dated July 30, 2024, was disclosed in a filing with the Securities and Exchange Commission.
With this latest purchase, Anderson's stake in First Northwest Bancorp has increased to a total of 10,192 shares. The disclosure also noted that this amount includes 1,476 unvested shares of restricted stock, which are part of the issuer's 2020 Plan and are scheduled to vest on March 7, 2025.
Investors often monitor insider buying and selling as it can provide insights into how executives perceive the company's future prospects. The purchase by Anderson may be seen as a sign of confidence in the financial institution, which is classified under savings institutions, not federally chartered, and is based in Port Angeles, Washington.
The transaction was signed off by Allison R. Mahaney, Attorney-in-Fact for Sherilyn G. Anderson, as indicated in the SEC filing dated July 31, 2024.
In other recent news, First Northwest Bancorp has seen several developments. Piper Sandler has adjusted its price target for the company, increasing it to $11.50 from $11.00, following a review of the company's second-quarter performance. However, the firm has maintained a neutral stance on the company's stock, citing challenges in core earnings and softer core fee income. Despite these challenges, First Northwest Bancorp has taken positive steps to enhance profitability, including a branch sale-leaseback and a recently announced 9% Reduction in Force.
Moreover, the company has promoted Kyle Henderson to Chief Credit Officer, a move that has been met with confidence from the company's management. In another development, Piper Sandler revised its 2024 earnings estimate for First Northwest Bancorp to $0.00, a decrease of $0.50, following the second-quarter core earnings shortfall. On the other hand, the 2025 earnings estimate was increased to $1.20 from the previous $1.10, reflecting improved Net Interest Margin and operating expense outlooks.
These recent developments highlight the ongoing adjustments and strategic moves within First Northwest Bancorp as it navigates through its financial challenges and aims for future growth.
InvestingPro Insights
The recent insider purchase by Sherilyn G. Anderson at First Northwest Bancorp (NASDAQ:FNWB) may signal confidence to some investors, as insiders tend to buy shares based on their belief in the company's future performance. This aligns with the InvestingPro Tip that analysts predict the company will be profitable this year, which could be a driving factor behind Anderson's decision to increase her stake.
However, InvestingPro data paints a more nuanced picture of First Northwest Bancorp's performance. With a market capitalization of $91.92 million, the company's P/E ratio stands at a negative 76.13, reflecting its lack of profitability over the last twelve months. Additionally, the company has experienced a revenue decline of 23.27% over the same period, which may be a cause for concern among some investors.
Despite these challenges, the company offers a high shareholder yield, as highlighted by another InvestingPro Tip, which could be attractive to investors looking for income in addition to potential capital gains. Moreover, the company's stock price is currently at 64.7% of its 52-week high, which could suggest a value opportunity for those who believe in the company's capacity to rebound.
For investors seeking more comprehensive analysis, there are additional InvestingPro Tips available, providing deeper insights into First Northwest Bancorp's financials and performance metrics. To explore these further, visit https://www.investing.com/pro/FNWB.
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